10 Ways to Grow Your Small Business Quickly and Easily

10 Ways to Grow Your Small Business Quickly and Easily

In order to grow your small business quickly and easily, you need to take advantage of every opportunity that comes your way. If you’re working on growing your small business, here are 10 ways you can use to get it moving in the right direction as quickly as possible.

Do Your Research
There’s a lot of money in starting a business, but you still need to know how to start one that is, exactly what your idea is, who’s going to pay for it, and how you’re going to make money from it. When you’re researching your idea, be sure you know whether there are competitors (and if they have more financial backing than you do). Learn as much as possible about their marketing tactics and look at their successes—and failures. Now that you’ve done your research, take a deep breath. You’re ready for step two.

Build a Sales Funnel
If you’re trying to grow your small business quickly, it’s important to have a plan for acquiring customers. Once you’ve figured out what type of product or service you want to offer, make sure you have a sales funnel set up. A sales funnel helps ensure that leads are able to take a specific path in order from consideration, through interest, and on through purchase. Sales funnels can be simple email campaigns with additional interactions at each step or more elaborate landing pages that walk customers through every step of their conversion process.

Increase Customer Retention
A great way to grow your business is by retaining more customers. Many small businesses focus on getting new customers, but there’s just as much value in keeping customers you already have. Improving your customer retention strategies will help you keep customers who are already coming back again and again, reducing marketing costs while helping your bottom line. The following strategies will increase customer retention in no time: _

Participate in Networking Events
Attending business networking events can be an invaluable way of growing your small business. Whether you’re talking with other business owners, pitching your services, or just listening in on what others are doing well, these events present a great opportunity for making professional connections as well as finding potential sources of new clients or employees. So get out there! Even if you don’t end up closing any deals at first, you’ll likely meet some people who could prove useful down the road.

Practice Corporate Social Responsibility
Doing good doesn’t just make you feel good—it also makes your company more profitable. Research shows that spending as little as 1% of sales on philanthropy can lead to a 9% increase in revenue, while a study by Boston Consulting Group showed that building trust is cited by clients as an important factor in determining which company they want to work with. Making a positive impact benefits all stakeholders: employees, customers, shareholders, and society at large. Promoting CSR builds consumer loyalty, generates new business opportunities and attracts investors. If you have been hesitant about pursuing CSR activities because you think it will cost too much or take too much time, here are 10 proven ways for small businesses like yours can get started

Form Strategic Partnerships
A good way to get your business in front of more people is by forming strategic partnerships with other companies that are related or complementary to your brand. For example, if you sell sneakers, a partnership with a local athletic store might be a good idea. If you run an events company, partnering with a local creative agency would make sense. By joining forces with another organization that has its own network, you can grow your client base. This technique is especially effective when it comes time for scaling you’ll be able to offer more services or products than if you were running solo.

Consider Franchising Your Small Business
Franchise agreements are legally binding contracts between you and a franchise owner, but they can be less risky than starting your own business. Franchising is often an attractive option for those who want to start a business but don’t want to risk losing money or control over their company. Read up on everything you need to know about franchising before deciding if it’s right for you; some questions you might ask include: Is franchising legal in my state? What are other franchisees saying about their experience? Can I control how much help I get from corporate headquarters? And does corporate HQ really provide that kind of support? If so, how long will it take them to respond when I need them?

Diversify Your Product or Service Offerings
If you’re a small business, it can be risky trying to do everything yourself. Hiring new employees is certainly an option, but it may not always be possible depending on your company’s size or finances. There are alternatives for adding services or products with little investment of capital or personnel that could expand your capabilities without increasing risk. Ask yourself if there are any other products or services you could offer? For example, if you own a restaurant, could you provide customers with take-out containers? If so, they might order more food as they don’t have to worry about how they will transport it home once their meal is complete.

Extend to New Markets
When you’re first starting out, it can be tempting to focus on your current market. You know your product or service works; what’s not to love? But don’t let your early successes lead you astray: it pays to look for new opportunities. An expansion into a completely new market—or even a new angle on an existing one could make your business that much more successful. Remember, saying no is just as important as saying yes. As you begin expanding, keep in mind that expansion is never risk-free; there will always be downsides, things to watch out for, and mistakes that could have been avoided with more time and experience.

Measure What Works and Refine as You Go
Don’t be afraid to focus on one channel for a while, then expand once you have data. Don’t be shy about prioritizing measurable goals (like X new customers in Y days). Then build experiments that move you toward those goals. For example, if your goal is three new customers a day, experiment with: 1) Facebook ads; 2) LinkedIn ads; 3) direct mail postcards. Run each experiment for two weeks and see which is most effective, adjusting the budget accordingly. Use your intuition and make it up as you go along. That’s how Google started!

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