No matter what kind of small business you run, you’re going to want to increase your sales and grow your revenue. That’s why so many people are interested in how to grow a small business.
There isn’t an easy one-size-fits-all business growth strategy for small business owners. But, there are key strategies you can use to give your business the best chance at growing.
10 Ways to Grow Your Small Business
Scaling your small business effectively and efficiently can be difficult. It requires a smart approach and effort from various parts of your company, including:
And because you’re still a startup, you may find yourself wearing many hats until you can hire expert employees. Although growing your small business will take time and energy, there are 10 strategies you can use to help accelerate business growth.
- Do Your Research
When you’re looking into how to grow your small business, you need to do market research. This not only lets you better understand your existing customers, but also your potential customers. It’s important to gain insight into your target market and know what their needs are. That way, you can see how your business can grow and change to meet those needs.
Don’t forget to research your competitors, too. Knowing what their strengths and weaknesses are can help drive your decisions on how to appropriately scale your small business.
- Build a Sales Funnel
Your sales funnel can help take business to the next level. Think of a sales funnel as a customer’s journey. When they enter your business or visit your website, they’re at the top of the funnel. When they buy something or sign up for a service, they’ve successfully gone through the funnel. You should try to come up with ways to move people through the funnel to make a sale. This can include offering a discount or getting their contact information and sending them updates on your business.
- Increase Customer Retention
how to grow your small business It’s not enough to just get new customers for your business. You also need to keep your existing customers coming back. When you increase customer retention, you’re building customer loyalty, which can increase sales.1
Considering it costs five-times as much to get a new customer than it does to keep a current one, focusing on retaining customers means your business won’t spend money on something that isn’t a guaranteed investment.2
You can increase your customer retention by:
Prioritizing customer service: If you don’t treat your customers right, they won’t want to support your business. Making sure you address their concerns and give them the best experience possible shows you value them as a customer.
Using a customer relations management (CRM) system: CRM systems help your business manage relationships with existing and potential customers. They help you maintain customer information and identify sales opportunities. One of the biggest benefits is that the data gets stored in one place, so you and other employees who need it can access it.
Creating a customer loyalty program: These programs reward your existing customers for supporting your business. They can also help you attract new customers or get back those that left your business.
Launching an email campaign: Using an email campaign can help make sure your business stays on top of customers’ minds. It’s also a great way to move existing and potential customers through your sales funnel.
Engaging with customers on social media: Your customers may reach out to your business on social media with a question or to share feedback, pain points or complaints. Taking the time to respond and engage with them shows you value their thoughts and take their concerns seriously.
Keep your promises: No one likes feeling forgotten. If you tell a customer you’ll follow up with them with more information or contact them at a later date, do it. If you don’t, it can give your customers a bad impression of your business.
- Participate in Networking Events
Increasing your brand visibility can help you attract new customers and grow your business. A good way to do this is by attending networking events. Check local professional organizations and don’t be afraid to attend a few events to get the word out about your business.
You can participate in these events by:
Attending and meeting other business owners
Putting up a booth to promote your business
Speaking as an industry expert