Growing Your Small Business

Growing Your Small Business

Growing your business is a huge task and can take considerable effort to reach global success. Upon starting, running a new business is all about growing your customer base to ensure your business is a triumph. While businesses have certain growth strategies in mind, it can be difficult to know how to take your business to the next level and is usually a case of trial and error. In this guide, we’re going to take a look at some of the key strategies on how to grow your small business:

Build a sales funnel

build sales funnel

The first way to grow your business is to build a sales funnel, however, if you don’t have one already set up, you’re likely to lead on the road to failure. This tactic ultimately helps you attract new customers and grow at a quicker pace. There are several steps to a sales funnel including the top-middle-and-bottom; from building awareness through to garnering interest, deciding to purchase and finally, taking action. By determining how to build your business’ sales funnel, you’ll ensure that consumers have a smooth and enjoyable buyer journey.

Ask for referrals

Attracting your customers to your business is the most important aspect of growing your small business – after all, it’s all about relying on new and repeat customers to purchase your products and services. Gaining repeat customers means you have to make a worthwhile impression, therefore by asking whether your customers are satisfied with your service, you should go on to ask for referrals if their response is positive. In doing so, you’ll be gaining feedback and increasing your customer base in the process. You can run a successful referrals campaign with the following:

  • Ask customers if they are pleased with your service and would be happy to spread the word to their contacts.
  • Offer a discount code or free gift to encourage referrals.
  • Ask regular customers to share your company news on social media

Attend networking events

attend networking events

It would be a good idea to try and attend as many networking events as possible to build your brand. After all, it’s ‘not what you know, or who you know’ – and this is what makes events both exciting and unpredictable. While talking with other professionals, you may be able to create partnerships as well as talk with prospective customers who are interested in what you sell.

Research the competition

In the early days of starting in business, it’s important to browse the competition of other businesses in the same niche. Learning what you can do better in opposition to other established businesses will ensure that you’re already ahead of your competition and on the road to long-term growth.

Be financially savvy

Upon starting in the business world, it can be extremely difficult to know how to manage your finances effectively. It can be very easy to become easy-going with your cash, which isn’t an issue until you desperately need it to cover employee salaries, bills and equipment. Stick to a stringent monthly budget and track your incomings and expenses using specialised software to prevent falling into debt and having to shrink back your business due to financial difficulties.