A Step by Step Guide to Growing Your Small Business

Taking a small business from roots to sustainability is a difficult process; there are many obstacles to overcome, and an iron will and steadfast refusal to give up are absolutely essential. Beyond this unwavering level of commitment, there are many aspects to naturally and successfully growing a small business into an established position.

Whether you’re looking for investment or simply seeking to keep your small business afloat, growth is very important. Ensuring you scale up your operations sufficiently will help you avoid the pitfalls of rapid expansion that many businesses face.

Step 1: Review Your Business Plan

As you grow, you’ll initially want to ensure your business model is still sustainable in both a changing internal environment and changing external market. Regularly assessing your business plan will give you a better perspective of which aspects need to be developed further, as well as providing an adequate benchmark from which to assess your progress.

Reviewing your business plan on a regular basis can also provide a better insight into how your business can grow. The information can highlight which types of professional you should be hiring, which departments you should be expanding, or where your limited resources should be directed.

Step 2: Embrace Technology for Traditional Business Practices

Taking advantage of business-centric technologies will drive growth and innovation at your business. When you have such little time to dedicate to the various aspects of managing a company, technologies will help provide relief by offering more accessible, cost-effective, and collaborate means for completing internal work.

There are many useful solutions currently on the market. For accounting, cloud bookkeeping software offers a flexible and accessible way to manage accounts, as well as a cost-effective and time-efficient alternative to traditional accounting methods. Budgeting is also hugely important in the early stages of a small business, so business budgeting software can make sure you stay on track and help you upscale your budget as you grow.

Step 3: Get More Value From Existing Clients

It’s a well-known fact that it’s much more expensive to sign a new client, and whilst you should always be trying to attract new business, always aim to further maximise your profits by getting more from your current customers. What other services could you offer them? Could you extend your range of products and services, and perhaps offer a wider-encompassing package?

Your clients are using your services because they see the value in the work you do, so see if there’s any way to extend and explore further avenues of collaboration. If this proves to be difficult, see how you can refresh the line of products and services you offer; in these cases, listen to your customers and act on what you hear.

Step 4: Connect With Your Audiences

Maintaining communication between your audiences, customers, and users is also important to making your services stand out against the competition. Many companies’ use social media to further advertise their services and product range, but what audiences really want is an insight into your business; make it feel personal, create that emotional connection and you’ll have an advantage against those that don’t.

Essential social media platforms for connecting with your audiences include Facebook and Twitter, as well as various blogging platforms including Tumblr, WordPress and BlogSpot. These platforms for connectivity crucially allow for businesses to communicate with audiences and get a response. Building that relationship with customers early on can help facilitate healthy growth in a business.

Step 5: Expand Your Market

Whilst your current market may be lucrative, there’s no harm in expanding who your products and services are aimed at. A wider market means more people get to use your products and services, which generates more income and business for your company, which is a winning situation for all parties.

Once you’ve identified other opportunities in other markets, see how you can appeal to them. If you believe nothing in your range of products and services appeals to that audience, make something that does and establish yourself as soon as possible.