Starting up a brand-new company is the very start of a thrilling but daunting journey into the world of business. Unfortunately, 60% of small businesses fail in the first three years due to a lack of knowledge or education on how to continuously expand and ensure a stable future. However, if you have the passion, determination, and skill set to become a successful entrepreneur, you have the potential to transform your small business into a global brand.
All businesses start from very humble beginnings – it’s all based on the tactics you used to your business to the next level. In this guide, we’re going to discuss just a few ways as to how you can achieve this:
1. Connect with customers
As an absolute basis, you must be able to connect with customers to expand your small business. It’s essential to understand who your target market is and how your products or services fulfill their requirements. In this day and age, waiting for customers to find you isn’t the most realistic attitude to take. There are a vast amount of businesses online competing for the same customers, and ultimately, it’s your responsibility to put the relevant strategies in place to seek the attention of your customers and build strong relationships.
The aim of any business is to secure new customers but also build on customer loyalty, so you’re able to achieve repeat custom and keep your business profits ticking. Thanks to the developments of technology, it is now easier than ever for businesses to get in contact with customers on a 24-hour basis in a timely fashion through the likes of social media, live chatbots, and emails.
2. Network
As the saying goes, ‘it’s not what you know, but who you know’ and keeping this phrase in mind will serve you well when it comes to expanding your business. It would be in your best interest to attend networking events to meet other professionals and other small businesses that you may be able to collaborate with. There is a high likelihood that you’ll require the services of other small businesses, and in turn, they may be able to send further custom your way from their own networks.
Many business owners simply believe that networking is solely for meeting new customers and tend to overlook building business-to-business relationships; however, this is a tactic to consider in the early days to grow your business.
3. Set goals
Unless you know exactly what your goals are, it can be challenging to expand your business. Setting goals will allow you to focus on what you are looking to achieve, allow you to track your progress, and potentially even take calculated risks that could help push your business forwards. Your business plan should detail both your short and long-term objectives; however, continually evaluating these goals regularly will ensure you remain on the right track, dependent on how the business is progressing.
4. Keep learning
Regardless of how much you may believe you know about business; you will never stop learning. Strategies and methods continuously evolve; therefore, you must take time out of your schedule to stay up to date with the latest trends in the business world. If you simply don’t have the time or the ambition to learn, you’ll find you’ll start falling behind your competitors who are always keeping in the loop with trends.
Learning doesn’t necessarily mean having to gain a formal education – you can advance your knowledge by taking part in online courses, mentoring, collaborations, and even workshops.
5. Hire translators
If you have the ambition of building partnerships with businesses abroad or even transferring your firm to another country in the near future, you could consider learning a new language to communicate with individuals overseas. However, as a business manager, this can be both time-consuming and extra stress on your shoulders when you have so many tasks on the agenda, so another option would be to hire translation companies UK to manage your business dealings abroad. Regardless of what option is best for you, you’ll have the opportunity to explore new markets and advertise your brand to a global audience without facing communication issues.
6. Learn how to assign tasks
Running a small business can be extremely stressful, and you may find that you’re trying to juggle so many tasks that you’re running the risk of burn out. If you have worked out a financial plan and believe you have enough money to hire employees, it would be highly advised to do so at the earliest opportunity, so you’re able to concentrate on essential tasks that have an impact on your business growth. Categorize tasks that don’t necessarily need to be completed yourself and hire employees with the relevant skills to accomplish them on your behalf.
7. Manage cash flow well
Many small businesses fall into financial difficulty in the early days due to poor cash flow management. Making a note of outgoings and incomings will give you a good indication as to whether your business is operating at a loss or making a substantial profit. There are many ways you can manage your cash flow, including the likes of:
- Renting equipment rather than purchasing it
- Creating a spreadsheet of weekly cash flow
- Keeping up to date with invoices
- Putting money aside for unforeseen expenses
- Purchasing accounting software
8. Keep up to date with marketing strategies
In the current climate, it is incredibly important to understand how online marketing opens doors for your business when it comes to marketing goods and services. Getting your business name out there as a small business can be a challenge; however, those who are most successful are continually researching the latest online marketing channels, while retaining traditional forms of marketing to suit their different target audiences. It might be a case of trial and error to determine which forms of marketing are best suited to your business and offer the best return on investment.
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