With the right support, small and medium-sized enterprises could significantly, reduce unemployment and boost economic growth both for individuals and the country.
The success of your small business depends on your efforts to grow profits using various methods. It would be good to note that rapid growth doesn’t happen overnight. It takes time and effort. But there are several steps you must take to keep your business moving forward. Here are some tips to consider if you wish to see your business grow.
Invest in systems:
We know it would be cool to be the boss of the business but if you’re trying to do everything on your own, you might be limiting yourself from potential growth. A business powered by systems is one that can handle the multi-layered demands of expansion. Review your current operations to see what aspects are repetitive or monotonous and make it your goal to automate or outsource as much as possible, so you can remain focused on small business growth.
Improve your homepage:
First of all, get online – Website and on social media platforms. In addition to doing things like improving SEO and making signing up or purchasing easy, make sure your homepage looks as perfect as possible. Havard Business Review’s Study shows that 96 per cent of visitors to your website aren’t ready to buy something but your homepage is most likely where they’ll land. If it’s cluttered or hard to navigate, they’ll go elsewhere. If the web copy is bad or doesn’t show the value of your product, these potential customers might be turned off. Sometimes, a simple change can boost revenue tremendously.
Focus on scalability:
When money, time, and expertise are in short supply, it can be tempting to go with the quick or cheap fix, and investing in basic solutions that don’t require a huge financial investment or learning curve can seem wise. But things are not always what they seem. Yes, that dream solution may be a stretch and have an intimidating learning curve. But ending up in a patchwork maze of multiple inexpensive and inefficient systems that only appear economical will end up costing more money in the long run.
Take calculated risks:
A small business expansion is not without risks. To make the right decisions it will sometimes be necessary to move outside your comfort zone. By focusing on the end goal and proactively identifying potential roadblocks, you’ll set yourself up for success, even when your next move feels like a risk.
Stay focused on your core strengths:
What is the one thing you bring to the table that others do not? Keep your focus on that. If you make the most amazing pancakes on the planet, then do just that. As many things as you may feel like you should/could/would do in a perfect world, what you need to do is keep making your pancakes better and better and better. Hire or purchase other solutions, staff, and expertise to take care of the rest.
Be financially savvy:
Even the most successful business needs to watch the bottom line. Always leave extra padding in your budget for things that you overlooked or didn’t account for in your expansion. Even small things can derail your budget. Keep your eyes on the bigger picture and the bottom line. Ensure your investments make sense for your dreams and your bank account, and always overestimate the projected costs to ensure you don’t end up in a tight spot later on.
Focus on your branding:
One of the biggest struggles small businesses face is maintaining the image that they can stay afloat and demonstrate growth, and be able to support that image with actual results. Having a brand that represents this is crucial for any to cement trust in their investors and customers alike.
Never forget to trust yourself because all the advice in the world is no substitute for your finely-honed instincts. This is your small business, your small dreams which can get way bigger than you imagined. Remember also, that there will be times when opportunities come along that fall outside of your plans and projections. You’ll be in a position to listen to your gut and make that leap of faith in a way that feels secure and sensible – not risky and rash.
Growth is scary. Sometimes it may feel easier to stick with the status quo and not take the risk. But you’re ready for this. You’ve done the groundwork and your foundation is steady and strong. You’re set to meet your growth objectives.
Cheers to seeing you grow and glow.
Do you have any question or comment? Do share with us in the comment section.