Last year in the United States there were more than 5.4 million new business applications! So if you are thinking of branching out and starting your own business, you’re in good company. However, this also means that the competition out there is fierce.
But did you know that only 50% of small businesses will survive past the 5-year mark? If your business is going to stand the test of time you need to understand how to grow a business.
In that case, you’ve come to the right place! Read on to find out our top tips for growing a small business.
- Do Your Market Research
If you are running a business then understanding the market is vital. Researching your competition and market trends will help you understand your target market and make informed choices for your business.
This insight will help you decide which directions to grow your business in.
- Increase Your Online Presence
Boosting your online presence helps you target a much wider range of customers and is key to small business success. Because of this, you should make sure that your business:
- Has a great, up-to-date website
- Uses multiple social media platforms
- Uses email marketing to reach existing customers
You can also use search engine optimization (SEO) to boost your Google search ranking. You can find out more SEO tips for businesses by checking out this post from the HOTH.
- Focus on Customer Retention
Your existing customers are a great resource for your business, so don’t just focus on bringing new customers in. Loyal customers will guarantee a regular income for your business and can recommend it to their friends.
To improve your customer retention make sure you:
- Prioritize customer service
- Use a customer relations management system
- Create customer loyalty programs
- Launch email campaigns
- Deliver on your promises
- Engage your customers on social media
Customer retention is essential if your business is going to expand. Otherwise, you are simply operating on a one-in-one-out system and your business won’t grow.
- Network With Other Businesses
Other businesses might be your competition but it is still important that they know who you are. Networking can help you boost brand awareness and find companies to collaborate with.
This is also a great opportunity to learn from other successful business owners and industry experts. So don’t be afraid to put yourself out there.
- Make Sure You Have a Great Infrastructure In Place
Expanding your business is one thing but you also need to be able to efficiently deliver on high sales figures and customer demands. Because of this, it is vital that you have a great business management team in place.
Focusing on your business’s infrastructure will make scaling up your business much easier in the future.
Start Growing a Small Business Today
As you can see, when it comes to growing a small business you need to be able to put yourself out there and deliver on your promises. This will keep your current customers happy and help you reach new customers at the same time!
So what are you waiting for? For more great tips on running your business, keep scrolling now.
Infographic created by Clover Network, a credit card processing company.