Entrepreneur Resources Your source for small business information
It’s the dream of any small business entrepreneur – to see their business grow, develop, and take on more clients or customers. But growing a business can be a delicate operation, and requires careful handling. Otherwise, you may find that your business grows out of control, rather than in the direction you want it to!
Successful Marketing
No small business can grow without a great marketing campaign. And no matter how large or small a business is, the more targeted (read: personal) your marketing strategy is, the more likely it is to succeed. Start by identifying your target audience – their interests, demographics and geographical location – then design your marketing campaign to meet these parameters. If your audience is online, make sure you’re using social media to get your brand out there.
Controlling Your Assets
For a small business to be a financial success, it needs to have good control over its cash flow. This means knowing exactly how much revenue you have, keeping tight control over margins, and monitoring assets at all times. Wise money management will ensure that you have enough left over to re-invest in your company, to ensure that it continues to grow.
Training Your Employees
Employees are at the heart of every business, and many small businesses find that, if they want to grow, they have to grow the skills of their workforce. Not only will this increase the loyalty of your employees, it will provide them with the skills to make your business a resounding success.
Moving Premises
If your business has grown to the point where you’ve had to take on lots of extra staff – or you need more room for products, merchandise or equipment – you may find that you need to move to a new location. A business move of this sort will never be easy, but it can be made more straightforward and cost-effective.
The most important thing to consider is how your business will operate when the move is taking place. Some companies choose to shut up shop for a few days, or weeks, but for some the associated loss of revenue would be untenable. In this case, you may wish to consider utilising temporary modular buildings as a base until your new premises are ready.
Competing with Larger Businesses
The global business market is, for all intents and purposes, oversaturated. There are millions of businesses currently operating, and many of these will be in direct competition with each other. So for a small business to succeed – particularly if you are operating in an industry in which there are already many large players – you will need to find something that makes you special. This niche can be anything, from your products to your customer service. For a small business, customer service can often be the key. Customers prefer to deal with a business which they know and trust, so if you can prove yourself worthy of the trust of your customers, they will help to spread the word about how great your business is.
Have a Plan
So many business owners operate their companies on a day-to-day basis, without any real idea of what the future may hold. But this is dangerous and, ultimately, counterproductive. After all, if you don’t know where you’re going, how will you know how to get there? Having a good business plan is the cornerstone of running a good business, as it will allow you to operate in a way which furthers your goals of expansion. A business plan will also encourage you to conduct a thorough risk assessment of your business, which will help you to make provisos for any eventuality.
