Nowadays, it is relatively easy to establish a business. The challenge for small businesses in the UK, however is to grow and thrive. The Telegraph claims that one of the reasons why small businesses are struggling to grow is because owners find it hard to identify the right type of finance that will propel their business. The article went on to state that 27% of small firms cancelled their growth plans when they didn’t get the financing that they wanted. Aside from being more mindful about finances, here are some more ways you can grow your small business:
Learning how to grow your business through the directives and advice of experts is extremely helpful, and the same can be said about your customers. Forbes suggests that the feedback coming from your customers will provide you with an exact direction to take your business in, and at the same time, help you determine which specific aspects of your company to grow and work on. Customer feedback will also help you distinguish what products and services customers really want.
With how effective social media platforms are, it’s no surprise that there are enterprises that are able to grow by solely relying on networking sites for marketing and many more. Small Biz Trends wrote that you can use social media as a small business owner to engage with customers, gain insights into the behaviour of costumers and attract new ones without spending a lot of money. Consider setting up a profile in some of the most popular platforms such as Facebook, Instagram and LinkedIn.
If you’re just starting out, it’s understandable if you only accept cash for your products or services. However, expanding your horizons and investing in credit card machines will make it easier and more convenient for your customers to pay for their goods. The mobile card machine page on FIS Global explains that these machines are a great solution if your business involves going from door to door, and reduces human error that usually happens when employees manually enter data during a payment transaction.
While new customers are never be bad for business, Entrepreneur details that it takes three times more money to acquire new clients compared to selling products and services to existing customers. That being said, it’s important to think about investing in programs that will encourage and establish customer loyalty. To increase the number of loyal customers, try providing loyalty points to them and make sure that they are the first ones to know whenever there are discounts and promos.
Big businesses tend to appeal to wide and general customer bases, leaving out customers with more specific needs because there is not enough profit potential for them to cater to their needs. These customers are perfect for small businesses because they provide opportunities for entrepreneurs to work on their strengths, and develop market expertise and loyalty. Business News Daily also underscored that the key to having a clear path to growth is focusing on core customers that will be easier to maintain and provide quality services and products to.
Even with how hard growing a business can be, giving up should never be an option. Fortunately, with dedication, hard work, perseverance and the right guidance, you can ensure that your company flourishes and thrives. To bring your brand to greater heights, you should also consider other efforts such as blogging which will help build your online presence and help you sell, as highlighted in our post ‘7 Great Reasons Why You Should Blog for Business’