If you’re running a small business you always need to have an eye on growth. You don’t just need to run to keep up – if you stand still you fall behind. Falling behind the competition means less revenue and less revenue means less resources you can put towards pulling ahead of the pack again.
Today we’re suggesting a few different ways you can help your business grow – sustainably and successfully.
Do Your Research
When you’re looking to grow you need to be sure the market exists for you to expand into. This is true whether you’re a local hairdresser thinking about opening a new bricks and mortar branch in the next town over or an online consultancy firm thinking about targeting a new industry for their clients. If there’s not a market where you’re expecting one the resources you’ve committed will go to waste.
Market research is vital for finding the next consumers you’re going to target are ready and receptive to your offer. If your new market requires subtly different advertising to fully engage them, market research firms can tell you just how to speak to these people and make sure your branding is optimised for this new market. Click here to start your market research…research.
Consider Other Kinds of Growth
Before you leap to opening a new branch or office, consider growing in a different way, that requires less resources and leaves you less open to overextension and collapse. Finding different ways to mine your existing market is a good way to increase revenue, and diversify so you’re less dependent on a single product.
Finding a related, complimentary niche you can begin to explore isn’t always easy but it is often rewarding. For example, if you’re running a small dog grooming business you could broaden your sources of revenue without having to look further afield geographically by beginning to stock some pet accessories like leads, bowls and coats. You also have the advantage of having a close, direct relationship with your clients so can assess if this would be a welcome move.
Before you make a dramatic move to expand you should make sure you’re ready. Expanding before your business can support the investment needed to make this work means risking the whole organisation, so reflect on the level of security you need before you strike out and impose some tests to ensure you’re in healthy shape. Whether that’s hitting a certain degree of turnover for a set number of months in a row or measuring your footfall or simply having a certain amount of money in the bank, this ensures that when you grow you’ll do so with everything you need to succeed.