You’ve successfully got your small business up and running and are even starting to see a profit turn around. You’re ready to take your next step to grow your business, but aren’t quite sure what else to do. There’s a few strategies to scale up your business and they may even be something you did in the beginning, but need another look at. Here are our 9 best secrets on how to scale up your business.
1. Check out the competition.
Looking into your competitors is a great starting place to grow your business because there is so much to learn from them. How is your business similar or different and how can you leverage your specialties? What parts of the advertising landscape are they utilizing? What is their target market and where does your business fit in?
2. Do Your Research.
Run a few reports and assessments and analyze where your business is thriving and struggling. What brings in the most revenue? In what ways can you increase sales of products or services that are down? When you take the time to sit back and look at the bigger picture you can see if you should try a new strategy or if it would make more sense to cut certain aspects or products out of your business model all together.
3. Simplify where you can.
Which brings us to our second point. Simplifying your business can leave room to focus on what you do best. This includes not only your energy, but your money too. Are the desserts at your pizza shop really adding to the experience or are you constantly having to throw away wasted inventory? Take a look at what’s performing best and evaluate if it’s time to scale things down.
4.Treat your existing customers well.
While growing your customer or client base is never a bad goal to set for your business, a great way to do just that is by treating the customers you do have with extra care and consistently amazing customer service. Don’t underestimate the power of word of mouth recommendations among friends and colleagues. When you provide great service, the people you serve are much more likely to pass along your business to someone they know.
5. Build customer loyalty.
Aside from excellent service, build your customer loyalty by keeping them in the loop with social media, email newsletters, and exclusive promotions. People like to feel special and making them feel as if they’re a part of an exclusive program builds their loyalty to you. Remember that advertising to attract new customers is crucial, but targeting existing customers can be more just as effective in growing your business.
6. It’s 2020, you have to have to have a social media presence.
There are no ifs ands or buts about it. You have to have some kind of social media presence. Start small with posting once or twice a week on one platform and as time goes on and your following grows, branch out with more frequent creative content to draw in new customers or leads. Boosting your posts is also a fairly inexpensive way to advertise with little effort.
7. Network and involve yourself in your community.
Don’t underestimate the power of networking and surrounding yourself and your business with allies that can mutually benefit from a relationship with you. Embrace the local scene and let your colleagues serve as an example for you and your business.
8. Keep track of what ads work best to refine your marketing plan.
It’s important to set aside time to assess what aspects of your marketing plan are working best and to figure out why things are or aren’t working. Run analytics reports for your social media accounts, measure KPI, and collect data. You’ll thank yourself in the long run.
9. Invest in the right software to make your management easier.
Although some software is pricey, it can make your life easier in the long run. Using various software can also save you from having to hire employees or other outside help. Overall various programs from scheduling, accounting or simple spreadsheets can save time and money when utilized properly.
Use these strategies as a first step to scale up your business and before you know it, it’ll be time to expand your locations, clients or employees.