If you own a small business, it's likely that you're doing the work of several different people. You might be responsible for customer service, quality assurance, assembly, shipping, finances, and more. So how are you supposed to focus on growing your business when you're barely managing to run it? Growth isn't always easy, but it is doable, and increased cash flow means a bigger budget for employees, meaning your daily tasks can get more manageable as you progress. If you're ready to see some changes in your small business, here's how you can get started.
Once you've started your company's growth trajectory, you'll start to see all sorts of opportunities for your small business, like franchises and enterprise sales. Don't get too far ahead of yourself just yet, though. You need to take a step back and evaluate your company with a critical eye, starting with your branding. If your branding isn't clear, any message you try to send will fall short. Make sure you have a clear, professional logo that is instantly recognizable. Pick a consistent color scheme and imagery you're comfortable with seeing and using often. Find a way to incorporate your values to better connect with customers. For example, if you're committed to protecting the environment, make environmentally friendly packaging a part of your brand.
Whatever your target market may be, chances are you can find a good number of them on social media. Social media may be constantly evolving, but it's pretty clear that it's here to stay. Keep tabs on which demographics are hanging out where, and concentrate your efforts on those platforms. Many platforms have advertising programs with immensely helpful tools that can help you get more eyes on your business. Make sure you're not just posting links or photos with no plan! No one is inspired to click a random link, and a poorly edited photo will not convince anyone of your professionalism. Do some tests to see what gains more traction, and spend some time learning how to create engaging content. You can also hire social media experts who will gladly handle this aspect of marketing for you, and they'll do it in far less time.
For some industries, you need to spend money to make money. Most small business owners finance their business ventures personally, so you may run into some problems if there's no cash left after the grand opening. If you've got a stellar business plan, a quality product or service, and can afford to take on debt, seeking more funding could be the fastest way to see the growth you want. An injection of cash could pay for a marketing campaign, a new product line, more employees, or a new office space. You can use credit cards or loans, but you can also look into programs for small business owners for more competitive rates. If you have a decent social media following already, you may find some significant success with a crowdfunding campaign.
This may not be the best tactic for you if you can't find any spare time in your day, but learning new skills can help your business grow by leaps and bounds. Maybe an accounting class would help you better manage your cash flow, or you could take a class focused on your industry to keep up with current trends to help you stand out from the competition. When you find a weak spot in your company but can't afford to pay anyone, it may be cheaper to learn how to fix some problems yourself.
Networking is another great way to keep up with industry news and connect with other business owners. It's easy to feel competitive in a crowded market, but your peers could actually be one of your best assets. Only other small business owners are going to understand the woes of owning a small business. You may be able to collaborate on a project launch or teach one another new techniques. You can avoid your competition and grind within a bubble, or you can utilize the free resource of friendship. Besides, who else are you going to whine to about crappy customers?
Growing a small business can be scary and even risky at times. There's just as much room for failure as there is for success, and it may take some time to see the results you're looking for. However, when you feel confident in your company's purpose and are open to experimenting and learning from your mistakes, there's no reason why you can't push towards consistent growth.
Publish Date: April 20, 2021 2:40 PM