How to Transform Your Small Business Into a Big Business
I’ve been reading articles about how to transform your small business into a big business. Here are a few good points that I wanted to share:
Learning how to grow your business isn’t just a worthy goal; growing your business is often a necessity for your business’s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? Try one or more of these growth strategies. All have been successfully used by other businesses and, with some planning and investment, will work for you.
1. Penetrate Your Existing Market
When you think about how to grow your business, the first thing that probably comes to mind is getting new customers, but the customers you already have are your best bet for increasing your sales. It’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. So focus on ways to get customers coming back.
2. Ask for Referrals
Of course, attracting new customers to your business is never a bad approach. One of the easiest ways to do it is to ask your current customers for referrals. But notice the verb. Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask the satisfied customer if they know anyone else who would be interested in your products or services.
3. Innovate Your Product or Service
Discovering and promoting new uses for your products or services is a great way to attract existing customers to buy more and attract new customers. Think petroleum jelly and duct tape—and how few of these would actually be sold if they only had one use!
4. Extend Your Market Reach
There are several ways of growing your business by making your product or service available to a new pool of customers. The most obvious is to open stores in new locations. New locations can also be virtual, such as a website with an online store. Another approach is to extend your reach through advertising. Once you’ve identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, you may want to use social media for advertising.
If you want to keep reading click the link here for the full article. Please feel free to contact me on 0467 749 378 or email at [email protected] for any thoughts and perspectives.
Thanks,
Robert