How to Grow a Small Business: 8 Routes to Success

Growing a business is a key goal for anyone starting a new company, especially during the first few years of operation.

But with plenty of competition out there this can be much easier said than done. While dreaming big is a great attitude to have, there are plenty of other things you need to consider.

Whether you’re completely new to the world of entrepreneurs or are an old hand exploring a brand-new venture, our tips on how to grow a business can help. Check out our tried and tested strategies to help you get things moving.

Start with a Business Plan

Your business plan should set out both the short term and long term objectives of your company. It should also include financial information, insights into your target audience and sales targets that you wish to achieve. It’s worth planning in time to review this information regularly, checking in to see if you’re on track.

Why it works

Setting out all your business goals is essential to ensure you know where your company is heading. It gives you some direction, rather than simply ‘going with the flow’. This can be a great attitude to have in life, but it’s not always a good idea when it comes to growing a small business.

Keep Your Employees Happy

Never underestimate the importance of your employees. Keep them engaged and positive by offering benefits: healthcare, vacation days, not to mention free coffee and snacks are good places to start!

You should always listen to any issues that they raise as a matter of importance. Anonymous surveys or one on one check-ins are a great way of working out how people are feeling. You want the environment to be an enjoyable place to work, both in terms of atmosphere and comfort. For example, if your staff are on their feet all day, it’s a good idea to provide a comfortable staff area for them to relax on their break.

Why it works

Statistics show that finding talent is a problem for 56% of business owners¹, so holding on to valuable staff is vital. Treat them well and they’ll help the business thrive. Treat them badly and they’ll find somewhere else that appreciates their skills.

You don’t want to waste time and resources scouting for new employees to replace old ones who are already fully trained. The costs add up, and this is money you could be putting into your business to help it grow.

Watch Out for New Competitors

Keep an eye on your industry to spot any new competitors making waves. If you notice a similar business opening nearby or online, check out what they’re doing, how they differ from you and if they are offering anything that you aren’t.

Why it works

By keeping an eye on competitors, you can see where you need to up your game to retain and acquire customers. If they are offering any increasingly trendy treatments or services that you aren’t, for example, consider doing some training so you can keep curious customers on board.

You don’t want to lose customers because a competitor is offering more than you, and it always pays to be on top of the latest trends.

Keep Evolving 

Speaking of which, one of the most important ways to grow a small business is to ensure you aren’t staying stagnant. What works for the first year may become ’old-hat’, as they say, so hop on any great innovations you can adopt to keep your business fresh.

Why it works

It’s vital that businesses keep up with ever-changing industries to stay fresh and relevant. Sticking to what you know may be tempting, but adaptation, innovation and expansion are all necessary for growth.

Understand your Customers

If you don’t look at online reviews or listen to feedback, then it’s time to start. You need to learn about the expectations of your customers, as well as what you’re doing right – and where you can improve. If you aren’t receiving many reviews, send out a questionnaire or ask clients to fill one in at the end of their treatment or purchase.

Why it works

Where better to learn about your customers than straight from the horse’s mouth? Learn how to keep your target audience happy and coming back for more, as well as acquiring new customers to help grow your business.

Encourage Loyalty 

Keeping customers on board is just as important as acquiring new ones. With plenty of competition, it’s not good enough to just provide excellent service – you should be encouraging loyalty, too. This could be via loyalty rewards, such as discounts and promotions for returning customers who sign up.

Why it works

You don’t want your customers turning to a competitor. Returning clientele keeps the cash flowing in – and loyalty programs are a great way of retaining customers, while giving something back and showing them that you care.

Network

Business networking is a popular, low-cost way of growing a small business, whether you attend in person or online. The latter has become increasingly popular due to the pandemic, so you may not even have to leave the comfort of your home to reach out.

Why it works

Networking events can help get your brand name out there, lead to solid relationships with important industry contacts, and gain you insider knowledge that’ll take your business to the next level. These events can also increase brand visibility and recognition among market leaders. Investors often attend as well.

Use Social Media

With so many seemingly important areas to focus on when trying to grow a business, it can be  easy to let social media slip through the cracks. But you’ll be missing out on improved customer service, brand recognition and reaching new customers if you neglect it.

Why it works

Never underestimate the power of social platforms! Facebook alone has 2.74 billion monthly active users² and offers a plethora of tools to advertise to your specific target audience. Social media can also improve relationships with your customers, as you can respond to their queries directly and share important business news.

1. https://www.indeed.com/lead/small-business-survey
2. https://www.facebook.com/iq/insights-to-go/2740m-facebook-monthly-active-users-were-2740m-as-of-september-30/