Do you want to grow your business to be big one day? If so check out these 5 top tips to grow your business.
1. Market segmentation/ Targeting
Market segmentation or targeting is simply picking a specific group of customers to focus your sales and marketing activity on. This also means you can develop your product or service offering so that it more closely matches the needs of your specific group. Most big businesses are good at carving out their corner of the market. Then they do whatever they can to own that space.
It may sound strange to grow your business by cutting out a big sector of the market, however you will be more successful if you are not trying to be everything to everyone. This allows you to really understand your customer and use language and USPs that are relevant and appealing to them.
2. Leveraging partnerships
You may not be able to offer a full suite of products or services to clients yourself but this does not mean that you can’t offer customers a full service i.e. you may sell bathrooms but not fit them for clients. By partnering up with other small businesses you can offer clients a seamless end to end service that adds value to them as it makes things simple and stress free, and may also mean that you secure more sales as customers want an end to end service and may not have purchased from you if you could not offer it.
So think about your product or service and think about complementary services customers may be interested in and speak to other businesses. This will allow you to refer business to each other as well as sell more.
3. Processes/ systemisation
Big businesses have established, documented processes and systems in place to get jobs done. If you want to grow your business you need to spend time creating and documenting processes and systems so that that others follow your processes and use your systems to achieve the same outcome as you. If your business is reliant on you it will have limited growth and value in the future. This also means when the time is right you can hire staff and get them to do some of the activity for you, allowing you to grow your business.. Also if you want to consider selling the business in the future you will need established systems and processes as this is part of the business you are selling.
4. IT and Automation
Setting your business up correctly right from the off will allow you to grow quickly and effectively. The development of Cloud technology means that there are lots of affordable systems and packages you can purchase to make running your business easier. This means you can automate some functions and get more done in a day without even thinking about it.
It could be as simple as setting up an automated sales funnel so people sign up on line to receive information and the follow up process is automated to send ongoing communication, nurture the lead and keep them warm until they are ready to buy. This can make you seem bigger that you are and with a bit of careful planning you will be amazed at what you can automate and simplify in your business.
5. Become a leader in the industry
Big businesses often make their name by leading an industry. They make moves when other businesses sit by the wayside. Small businesses are far better placed to take advantage of opportunities caused by changes in demand. Unlike big companies you don’t have to hold endless meetings to get changes made to your business. Keep an eye out for opportunities caused by frustrated consumers and then see how you can solve their problems and promote it.
What’s the lesson for small businesses? Don’t be afraid to solve the hard problems that everyone else avoids. There is a lot of money to be made when you’re the first person to fix something.
If you are looking for ways to grow your business check out our free resources page where there are other useful guides and tips.
You may also be interested in attending our FREE upcoming workshop – The Growth Equation – the only 5 ways to grow your business. This is being held at our office 1 Alvan Street Subiaco, Tuesday 19th April, 1:30 to 4:30. Limited to 8 businesses, so booking is essential email firstname.lastname@example.org to book your place.