Are you poised to be one of the 50 percent of small businesses still operating after five years? If you’re concerned about your business’s future, it’s time to plot a better strategy of business growth. With the right approach, you can gain new partnerships and customers.
Read on to learn the five keys to soaring business growth strategies!
1. Build Better Brand Visibility
To achieve business growth, potential customers need to know you exist. Hire a graphic designer to generate an original and memorable logo. Then make sure you apply it to all email signatures, product labels, and social media platforms.
Give your employees complimentary swag to broadcast your brand outside office walls. Develop a website rich in SEO to achieve higher search engine rankings. And take advantage of any local opportunities to publicize your business at news conferences or in regional papers.
2. Focus on Existing Customers to Gain New Ones
Business growth strategies should start with getting the most from what you already have. This includes reaching out to existing customers with exclusive promotions and deals. After all, happy customers are more likely to spread the word, and you’ll gain good referrals.
Assign a member of your marketing team to engage with your audience on social media platforms. In addition to using built-in metrics to capture impressions and conversion rates, you can do informal market research. With questions and quizzes, you’ll be able to gauge audience insight from posts and responses.
3. Develop Mutually Beneficial Partnerships
Make sure your business plan includes a goal of networking to develop new partnerships. You can increase your market share by tapping into the market shares of related industries.
For instance, partner with neighboring businesses. You can offer discounts on their services to customers who make purchases from you.
Or, if you operate a software company, contribute sponsorships to local charitable organizations. You can ask that your logo be featured at fundraising dinners or walks to build visibility and goodwill.
4. Be Adaptable to Weather the Unknown
What happens if there’s a glitch in the supply chain? Or what if your top account manager or marketing director suddenly leaves? You need contingency plans to weather the inevitable storms.
Make sure that more than one employee is trained on vital software or knows how to reach clients. And mitigate risk by having other suppliers you can contact in a pinch.
5. Commit to Upskilling Employees
Yes, your employees — and especially your sales reps — are critical to business growth strategies. That’s why it’s smart to give your sales team the training and software to improve the sales pipeline. When the sales infrastructure has clear benchmarks, you won’t waste your time on dead-end accounts.
And aim to hire employees with the right skills and potential for advancement. Use a recruitment agency to take this responsibility off your plate and weed out unqualified candidates. During the interview process, ensure that candidates can see a path to promotion and on-the-job training.
Create a Strong Strategy of Business Growth
A good strategy of business growth requires being visible and acknowledging weaknesses. Hire the right talent and continue to nurture it through upskilling opportunities. And focus on using market research and input to refine your efforts.
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