Did you know that just under half of all small business owners say that they have good access to loans and capital?
If this is you, you may think it’s time to take your business to the next level. Even if you don’t have the access to the capital you’d like, there are many ways you can work toward expanding your business’s reach without necessarily spending money.
Keep reading to learn some strategies for how to grow a small business.
Table of Contents
Start With Market Research
If you’re struggling to grow your small business, revisit your market research. Ask yourself the following questions:
- Is there a need for my product or service in my current location?
- Who is my ideal customer?
- Where does my ideal customer find their news and information?
- Who are my current competitors?
- Are my products and services comparably priced to those of a similar quality offered by my competitors?
The answers to these questions may have changed since you first opened your business. If you don’t collect your customer data again before attempting to grow your business, you could move in the wrong direction. Take the time to research now to save yourself from headaches later.
Marketing, Marketing, Marketing
Once the foundations of your business are straightened out, it’s time to start reaching out to new customers.
Ensure that the types of advertising you’re investing in are actually reaching your desired audience. Using visitor tracking software benefits you in this regard because it can show you basic demographic data about your website visitors and where the traffic is coming from.
Collecting data on your customers gives you the information you need to adjust your advertising strategy, your product and service offerings, or both.
Prioritize Existing Customers
In addition to finding new customers, it’s important to deepen the relationships you have with your existing customer base. After all, 13% of all business revenue comes from personal, word-of-mouth recommendations. If you show your current customers that you value them, they’ll help spread the word about your business and bring new clients to you.
Offer discounts to returning customers. Hold events for your community and invite previous customers to join you. Provide an unparalleled customer service experience to everyone who walks through your doors.
Network With Your Peers
When you’re ready to scale, your current operations may not be able to handle your projected increases in order volume. Plan ahead by finding new partners for fulfillment, technical assistance, administrative support, and more.
A great place to find such partners is at local networking events for your industry. Happy hour mixers, lunchtime seminars, and weekend retreats are all opportunities to learn about your field, spread the word about your business, and meet future collaborators.
Automate What You Can
While it can add a personal touch to manually respond to every customer’s email, this may no longer be logistically feasible during a period of high business growth.
Keep yourself from being overwhelmed later by automating as many operations as you can now. Build standard email replies for basic inquiries and use email marketing software to send out regular newsletters. Utilize a CRM to integrate your sales, order fulfillment, and shipping tracking data.
How to Grow a Small Business: Five Easy Steps
Now you know some key steps to take for how to grow a small business. Marketing, networking, and automation all play key roles in helping you size up your business and expand to new customers and markets.
Looking for more content about entrepreneurship? Read the other articles in the business section of our site!
