Establishing a startup company is quite the challenge in itself. But now that you’ve gone past that initial hurdle, and perhaps you are experiencing a steady pace in operations and revenue, it’s time to think about the next big step-growth. Expanding your business is not something you can accomplish overnight. Still, with proper planning and good insight, you can manage a successful growth path, and for this you must take advice from experts of ThinkSME.
There are many ways and strategies you can implement to make sure your company grows fruitfully. Here are some points you can consider to give you an idea of where to start.
The People You Hire Are Important
Growing out of solo entrepreneurship and hiring people to work with you can be daunting. But look into successful entrepreneurs who have grown their businesses. You will see that employing the right people can play an essential role in the success of your business expansion. And as with any significant staff increase, there will be a lot of adjustment and hard work needed from everyone. This is why establishing a strong company culture can help shape how people will be willing to work and stay longer in your company.
Suppose you plan a considerable expansion and want to hire many people in a short period. In that case, it might work against you if you haven’t figured out your entire hiring process yet. On the upside, you can also rely on a separate HR company to hire people and outsource payroll services. That way, you won’t have to think about it and focus on your core business.
Reward Loyal Customers
It can save you some costs if you try to increase sales to your existing customers by rewarding them. Say you don’t have the opportunity to add new products just yet. You can still increase revenue by selling more of what you already produce to your existing clients. For example, you can offer volume discounts, where your customers can buy two for the price of one or get more significant discounts for bulk orders. This is effective, especially if your items don’t cost as much to make. Another example is to give your loyal customers a rewards card or a punch card that entitles them to perks and freebies after a set number of purchases. Many businesses practice this, like cafes, salons, other shops, and some home-based businesses.
Network and Partner with Other Businesses
Collaborating with businesses in a related industry is an effective and inexpensive way to increase your reach. Notice how some cafes offer coffee beans and equipment from other companies at a discount or special price. If you are in any business, think of who will use your product and where they might look for it. If you sell artisanal candles, you can partner with spas where they can use your candles and offer them to their clients at a special price. You can also market the spa by giving your customers a one-day pass.
Getting on Social Media Is a Must
Getting on social media can be pretty intimidating. Still, the truth is, you don’t have to be an expert to utilize social media platforms. You can start with something basic, like setting up your company profile and building a customer base.
Daily posts aren’t essential. But you don’t have to publish stunning pictures and videos. Still, you must be consistent and on time when posting so you can update your followers regularly. Your next step is to make sure you engage with your followers. Read their comments, respond to their messages, and ultimately develop your social brand.
The bottom line is that leveraging social media is good for you to generate leads and get updated on trends and insights about your clients. You can even try to run social ads based on the insights you gain. Once you get the hang of it, you’ll find that it’s not as hard as you initially thought. In addition, it’s also an economical way to determine the interest of your current customers.
Finally, Develop a Strong Brand
A common challenge that many startups go through is establishing their image as a company that thrives and can grow and back it up with results. That is the idea behind branding-communicating your company’s abilities, standing, and worth to investors and customers. In turn, this gives them confidence in you and your brand if done successfully.
The goal is to learn and develop your business acumen and apply it to marketing, networking, management, and design. This is a cost-effective approach to building your brand, which will help you in your growth.
