For every business owner, any opportunity to grow your business should be more than welcome. That is especially important when you consider that about half of all companies tend to run out of steam within their first five years of operation. Whether youâre a small business or a large company, your ability to demonstrate growth year in, year out is essential. And there is every reason to be concerned if you realize that your profit margins have stalled to a plateau, or worse, are dwindling.
Putting the right measures in place to grow your business is important to prevent your business from becoming another negative statistic.
So, are you looking for ways to grow your business? Here are a few tips you can use.
Extend your market reach
Expanding your current market reach is one of the simplest and yet most effective business growth strategies to have. The principle here is pretty simple; the more customers you can bring on board, the more likely your profit margin will rise. And although large businesses have the financial muscle to embark on expensive above-the-line marketing strategies, that should not be the standard for every business.
Fortunately, with the increasing popularity of social media and other online platforms, business owners can expand their market reach without investing too much money. The social media population for example, is expected to grow to over 4 billion in the next five years. That means if youâre able to give your business the visibility it needs online, you will have access to a broader pool of potential clients.
Maintain your business properties
This point might sound pretty obvious but is worth mentioning all the same. To drive good business, you also need to ensure that you keep your commercial properties and business environment in top working conditions at all times. That is not only important for your clients who visit your premises, but also for your working staff. If your business environment does not promote comfort, the chances are that your workers may not be able to give off their best, which in turn will affect your general output and profit. So, for example, always ensure that you conduct frequent HVAC repairs with the help of experts. Doing this will ensure that you continue to work under pleasant temperatures.
Invest in your systems
One of the quickest ways to limit potential business growth is trying to operate as a lone wolf or trying to do everything by hand – literally. There are so many online systems and software that you can use to ease your pressure and work faster. From basic accounting software to customer relations management systems, take the time to find out which of them is essential for your business. Also, do not hesitate to hire the right talent to support your efforts.
Talking of investments, itâs worth looking at acquiring additional funding for your business. Companies like Energy Innovation Capital are providing companies with funding but specifically, those who are making significant progress in the technology market. Having this additional funding can be very helpful to expand your business further. Â Then youâll be free to invest in the software you need to get the job done. Spending on the right systems could also see you doubling those investments, especially if your chosen systems speed up your processes and help you to look better from a client standpoint. Your best options in this sense will include things like automated email systems such as Zoho, document management systems like TextMine, and even in-house communications software like Slack. All of which can help you to look better, perform better, and grow your business overall.Â
Be adaptable
Adaptability is one common trait that many successful business owners have. The ability to recognize and adapt to new trends and changes can be the difference between remaining relevant or facing business extinction (ask Blackberry). Therefore, it is crucial to keep your eyes open to current trends in your field and find out how to use them to your advantage.
This involves attending industry events and keeping your finger on the pulse. Your employees can also help, especially as they may have direct links with clients who could ask about new trends. You can also work with an executive search company to help you find experts to help you manage the changes within your industry so youâre never at risk of being left behind.