Are you an entrepreneur who has started your own business in the last few years? Then you are part of a massive group of millions of small business owners in the United States. Record numbers for new business applications have been filed in the last several years as a result of the pandemic, with ambitious individuals deciding to leave the workforce to strike out on their own. Whether you have been in business for five years or five weeks, growing the brand is a difficult task.
Most industries that business owners enter can be highly competitive. There are startup costs to consider, customer bases to build, products/services to perfect, and other obstacles that must be overcome. To have a chance of success, you need to know the best strategies for growing your business.
There are two main categories of methods that will contribute to growth; increasing sales and maximizing your business. Let’s take a look at a few strategies that fall under these categories.
Increasing Sales
This might seem like the most obvious way to grow a business. If you sell more of your product, then the company will make more money. But there are several ways to increase sales for your business.
Execute Improved Lead Generation
Building your customer base can take time. The process of finding new potential customers is known as lead generation, and there are many ways to accomplish this task. A content marketing campaign can position your brand as an expert in the field with helpful blogs, compelling website copy, and other content pieces that speak directly to the pain points that your ideal customers experience.
Pay-per-click ads can target specific audiences on Google and social media platforms with your message. Search engine optimization for your website can increase organic traffic by raising your position on search result pages. You can also generate leads by connecting with audiences on social media or through emails. Each of these strategies can increase your lead generation and grow your customer base.
Add a New Service or Product
You can also increase sales for your business by offering new products or services. More offerings mean you can meet more customer needs. This gives you another avenue of approach when communicating with your target audience. If you are going to include a new product or service, make sure that it does not come at the behest of your original offerings.
Maximizing Your Business
The other category for strategies that can grow your business is maximizing the resources that you have. Focusing on business operations can turn your company into a well-oiled machine that can provide higher-quality products, customer service, marketing, and other important processes.
Develop Your Tech Stack
Technology can create more freedom for business owners and their teams. Instead of doing everything manually, you can rely on applications and other software programs to help expedite many logistical processes. For example, if you run a medical spa business, you can improve the customer experience and onboarding process with medical spa practice management software.
This tool will maximize how you do business and make it easier to track customer interactions. If you need assistance with accounting, programs like Quickbooks can lessen the burden on your shoulders. A business that provides creative services can use appointment booking programs so that they do not have to email back and forth with every potential client to schedule an appointment. Building a tech stack that works for your business can free up time and energy that can be spent on other initiatives.
Outsourcing Busy Work
Similar to the reasoning behind building a tech stack, outsourcing busy work is meant to give your internal team members more freedom to focus on the most important business tasks. There are multiple business processes that you can outsource to a third party, including customer service, accounting, technical support, product manufacturing, and other administrative tasks.
Virtual assistants are a popular topic for solopreneurs who are overwhelmed by busy work and are struggling to grow their businesses. If you can remove some of these operational responsibilities from the shoulders of your in-house team, then your small company can become more efficient and focus on the tasks that matter. Consider outsourcing processes for your small business to maximize growth.
Growth Requires a Plan
Success does not happen by accident. Whether you want to focus on increasing sales, maximizing your current business operations, or both, you will need to strategize and determine goals for your growth. If you need a guiding hand, consider working with a business coach who knows how to find the gaps in your brand’s operations that are holding you back. Work with them to set specific and attainable goals that will propel your business to the next level. If you spend no time planning for growth in the future, then your chances of thriving within your industry will be limited.
