Whether speaking of a startup, or a well-established small business—identifying ways to successfully growing the business is essential. While there are many ways to grow a business, a lot of business owners are not sure where to begin. The 4 tips below are methods small business owners across all industries can turn to in their effort to maximize success.
Create A Growth Strategy
Every business owner wants to grow his or her business, but there must be a clear plan of action in place. The growth strategy must be far more detailed than determining the dollar amount or percentage of growth desired, but instead a measurable set of well-thought-out strategies and tactics. Huffington Post opines that only 20% of business owners achieve their goals—meaning that small business owners must push beyond what they are currently doing, and explore other opportunities to perfect and expand the products or services they offer.
Know Your Target Audience
Another thing all small businesses must invest time and energy in is market research, ensuring they fully understand both who their target audience is—as well as the most effective methods of reaching them, both online and “in person.” All businesses have a primary target audience, and a handful of secondary target consumers. Finding ways to successfully connect with both primary and secondary consumers is essential for growth. Even small businesses that operate primarily within their local area will benefit from performing market research on a consistent basis.
Hire The Right People
When a small business is launched, the owner and initial staff are likely to wear many hats and perform many job functions within the company. However, as a small business continues to grow, the positions within the company need to become more specific. This means that clear job descriptions need to be put in place, and that individual departments may need to be formed. While promoting from within is certainly of benefit, hiring individuals that embody the company culture—and have the skillset required for success must be a top priority. According to a Forbes Insights study, 81% of professionals agree that talent plays a vital role in any growth strategy—so the right person must be in the right place.
Secure A Small Business Loan
As the saying goes, “It takes money to make money”—meaning that small business owners may require additional capital in order to implement the strategies and tactics needed to grow their business. This capital could be used to improve marketing, fund a new product launch, or even on-board new talent required to take the business to the next level. A loan does not necessarily have to be substantial in order for it to be beneficial. For example, a loan of a couple thousand dollars could be enough to improve electronics or technology designed to drastically increase productivity and efficiency. Even small businesses who have been open for as few as 6 months can qualify for a small business loan from a loan specialist, like Imperial Advance, for as little as $1,000 or as much as $1 million.
The common theme is that there must be a specific plan of action put in place in order to achieve success. The 4 methods above will work for both small and midsize businesses, and can be implemented at any time throughout the calendar year