As the owner of a small business, you have dreams of growth and prosperity. But what does business growth truly mean to you? Why do many business owners struggle to achieve it?
And, most importantly, what steps can you take today to ensure the business you desire in the future?
What does business growth mean to you?
As the owner of a small business, business growth represents a world of opportunities. It means expanding your customer base, increasing revenue, and creating a sustainable and thriving enterprise. Business growth brings the potential for higher profits, increased market share, and the ability to attract top talent. It's about achieving financial stability, gaining recognition, and making a positive impact on your community.
Reasons behind business failures:
While every entrepreneur hopes for success, the reality is that many businesses fail.
In the UK & Ireland only 1 out of 5 businesses, reach the 5 year mark
Understanding the reasons behind these failures can help you navigate the pitfalls and increase your chances of success. Some common reasons for business failures include inadequate planning, insufficient financial management, lack of market research, failure to adapt to changing customer needs, and poor marketing strategies.
Read our article "10 Reasons Why Small Businesses Fail"for more details.
So How Can You Accelerate Your Business Growth?
The most important action you can take today for achieving the business of your dreams is "to develop a solid business plan".
Apologies if you thought I'll give you a "how to become rich in 30 minutes" type of advice.
However, a well-crafted business plan serves as your roadmap to success. It outlines your goals, target market, competition, marketing strategies, financial projections, and more. A comprehensive business plan will guide your decision-making and keep you focused on your long-term vision.
We've written many articles about business planning, but here you will find the two more popular articles:
"5 Reasons Business Owners Don't Engage in Business Planning"
"Strategic Business Planning Made Easy"
Okay, but if you were looking for something you could implement today, here I listed 6 strategies.
- Identify and focus on your target market: Clearly define your ideal customer and understand their needs, preferences, and pain points. Tailor your products or services to meet their specific demands and develop targeted marketing campaigns to reach them effectively.
- Build a strong online presence: Establish a professional and user-friendly website that showcases your products or services. Utilise social media platforms where your target audience is present and engage with them regularly. Create valuable content, such as blog posts or videos, to position yourself as an expert in your industry. And track your results!!
- Leverage the power of online reviews and testimonials: Encourage satisfied customers to leave reviews and testimonials on platforms like Google, or LinkedIn. Positive reviews build trust and credibility, attracting new customers to your business.
- Develop strategic partnerships: Identify complementary businesses in your industry and explore opportunities for collaboration. This can include joint marketing campaigns, co-hosting events, or cross-promoting each other's products or services. Strategic partnerships can expand your reach and expose your business to new audiences.
- Implement referral programs: Encourage your satisfied customers to refer their friends, family, or colleagues to your business. Strategic referral marketing can be a powerful tool for generating new business.
- Follow up: This is one of the most overlooked strategies. 60% of customers say no 4 times before saying yes and 80% of sales happen after 6 to 10 follow ups. Unfortunately, 44% of people give up after one follow-up. This is as simple as to follow up an enquire or quotation, send a thank you note or even ask for feedback.
