Financing your small firm may be complicated especially if you have received different stories on how businesses failed from those who have experienced or heard about it. It is not deniable that most of the businesses that failed today suffer economic problems. However, there are countless numbers of small businesses that did not crumble despite not having adequate finance.
If you are thinking of growing your business, but have been wondering what simple ideas you can leverage on, you need not look further, below are quick and rewarding actions you can take on for your business if you desire long-term growth.
#1. Involve In Profitable Business
In the beginning of your business, avoid unnecessary dealings. Weed out products giving you a tough-time since you do not have time and money to tie a product down. When you notice that a product is not selling fast or is witnessing a decreased price in the market, this may be due to the problems coming from competitors. If you entrust your capital into such business, it may not grow very fast.
Some businesses can increase your profits in a very short while, why some can destroy your capital. When you notice this, remove useless businesses and focus on the yielding ones.
#2. Leverage the Internet
The internet is dependable. Some businesses have improved their sales using the internet. You need to optimise your website for search engines so that potential customers can find you with just a single search on the internet. In fact, you can get a mobile app to make transactions easy.
Use social platforms like Facebook, Twitter, and other social mediums to get more customers. Many users are available on these platforms. You can get connections and entice them with your goods and services.
However, be careful of internet fraud. What this means is that you should protect your platform from hijackers and fraudsters. This would give your customers the advantage to have fraud-free transactions. If you can make your social media dealings very fast, customers will patronise you.
#3. Do Not Give Up On Your Existing Market
Relying on your customers who already trust you with your goods is a great way of increasing sales and growing your business. It is not easy to convince people who are not your customers to buy your goods and service, but those who have tested what you offer, your customers, are ready and willing to buy again.
Through existing customers, you can get more customers because some of them will become your loyalists and tell those around them about your business and how customer-friendly you are.
#4. Invest In Your Business First
No matter how small your profit is, invest it in your business first. Very soon, your business will grow and pay you more in return. When you get little funds, invest it on how to expand your business first.
Expanding your business involves creating more shops and offices where your services could be easily received. It also translates into you moving your business to environments where your services are needed.
#5. Have A Particular Niche
Moving from one niche to another won’t make you maintain your market. Be careful of not having a niche, it may affect your business. Maintain your market, but think of expansion every time.
Those who do not maintain their niche by misunderstanding expansion for moving into many niches, lost ground of what they can do best. Do not fall into such pit by dropping your niche continuously for another.
#6. Think Of Exporting
If your products are exportable, think of doing so as soon as you are capable. Different people need your services in different places of the world, how to reach them is the problem. Find a means of reaching them by learning about exporting.
Through exporting, you may have a chance of becoming an international distributor or getting recognition wordwide. This will definitely have an effect on your products and services.
#7. Fast Delivery Is Key
Delivering your service and goods quickly is important. If you are able to satisfy your customers with fast delivery, be rest assured that you are the first thing they will remember when they need your service. Get a means of delivering work faster. This is a joker you can use to outperform your competitors. You can use courier services to get your goods delivered to customers in a twinkle of an eye.
Let advertisement be your aim. Companies like Coca Cola, Cadbury and many other popular companies advertise their products, so who are you to give up on advertising? There are cheap advertisement protocols you can employ to get more customers. Remember that advertisements make people buy what they do not really need. So, you need adverts no matter what.
If your business needs funds, get small business financing like loans or crowd funding. You can get interest free loans, and some small interest loans that can protrude your business. Be careful of getting loans with stiff policies, they may affect your business in the future.
Although, small loans do not come with hard policies, if you sense anything that may have a bad future effect on your business, do not take out such a loan.
#10. Employ Good Hands
In managing your business, you need good hands. If you want a speedy growth, you need to employ people who will move your business forward. Employees have an effect on your business growth, so that makes it important to employ the right workers.
#11. Introduce Discount
Discounting is a means of appreciating those who trust your services. When someone purchases your products, introduce a discount that will make them come back to buy more. It is a known fact that discounts make customers patronise you. It gives them the belief that you have more to offer because you place them in high esteem. Prioritise customers who buy more products than those who buy little, but do not make the latter customers realise they are not worth your discount. Give them a little, no matter what.