Business growth is essential to business survival. As economies progress, inflation follows and money buys less, which is why you must always strive to make more.
Here are the top 5 secrets to growing your business, in no particular order:
Business networking results in word-of-mouth advertising and yields excellent return on investment (ROI). You can network anywhere – at the gym, in line at the supermarket, at family gatherings and anywhere else you have an interested audience. Charitable organizations, public committees and boards spur great networking opportunities; as do business networking groups such as Chambers of Commerce, BNI, industry-related groups and many others. Don’t just show up and trade kid photos over a cup of coffee. Make sure everyone knows what you do and how they can help you (and don’t shy from helping them first).
You’ve got to spend money to make money, and the fastest way to grow your business is to advertise effectively. Make smart advertising investments that yield high ROIs, and understand your audience’s wishes, needs and budgets before launching any advertising campaign. Not sure where to get started? Try a direct-mail postcard-to-website campaign with the help of an online printing company such as PsPrint.
3. Fill new niches
Pay attention to your industry and your customers. Ask for reviews and critiques, send surveys and attend trade shows. Institute a customer board to advise you in new ways to fill their needs, and take advantage of the input to develop innovative products and services before your competitors do.
4. Delegate tasks
If you’re a business owner, your time is better spent learning new tools, developing marketing campaigns and finding other ways to grow your business than working on the day-to-day business operations (or making your product and/or providing your service yourself). Look for ways in which you can outsource work that you do not need to do so you can focus on making more money.
5. Build relationships
From your customers to your employees/staff, everyone involved with your organization should feel respected and rewarded for loyalty. Take the time to learn more about some of your customers and to compliment employees for a job well done, and you’ll build relationships based on trust and confidence that pay off huge dividends. Focus on customer service and make sure your staff follows through.
Most of these strategies are free or inexpensive to implement; and even advertising can be extremely affordable when money is invested wisely. After all, advertising yields the most direct ROI available. Innovation through filling new niches and customer and employee loyalty through recognition, appreciation and awards means long-term business. Networking expands your business horizons and delegating tasks frees you from the daily grind so you can focus on the most important aspect of all – turning a profit through business growth.
Take these five secrets to growing your business to heart, follow through with action and wise time, money and resource management; and you’ll be climbing the business ladder in no time.