As an entrepreneur, building a business is never going to be enough in and of itself: we also need to see that business thrive. Our greatest wish when we put those initial plans into action is not to put our name to a venture but to watch the enterprise we’ve worked so long and hard to create turn into an ever-expanding and inarguably successful company.
If you’re like us, you’ve envisaged it so many times already: the ever-expanding profit margins, the multitude of stores or offices you’ll one day open, and the instantly recognizable brand it will eventually turn into.
But expansion doesn’t come easy. It’s something you have to imagine, strive for, and work incredibly hard to achieve, which is why we’ve written this article. Sharing our own insights into some of the most innovative and effective ways to grow your business, we think you’ll find it helpful…
Research your competition
It would be a big mistake to imagine that your business exists in a bubble. The reality is that you’re just one little cog in a very large machine and, in order to dominate your market, you must observe and emulate what the bigger cogs are doing. Yes, it sounds like a bit of a cheat but it’s anything but: you’re simply allowing someone else to use their resources to the benefit of your company – essentially, being entrepreneurial. Keep a close eye on what others are trying to do and what seems to work for them and, if their methods are a success, don’t hesitate to do the same.
Create a customer loyalty programme
The backbone of any business is its customers and the best way to keep hold of them is by rewarding loyalty. Although some are initially wary of offering discounts or money off to anyone, especially in the infancy of their business, bear in mind that it costs around three times more to acquire new buyers than it does to sell something to an existing purchaser. This means one of the best and most profitable ways to boost your sales and bolster your profits is by creating a loyalty programme to keep your consumers coming back for more. If you’re looking for inspiration, big businesses like Sainsbury’s, Tesco, Boots, and Superdrug all provide excellent examples of how successful these schemes can be.
Form strategic partnerships
Most entrepreneurs know to research their competition and reward loyalty but something that fewer businessmen and women are aware of is the power of strategic partnerships. Take Mr Green Co as an example, a company that has recently partnered with both NetEnt and Ve Global in an attempt to transform their marketing tactics. Showing us all the opportunities that can open up when complementary ventures pool their resources, the live casino leviathan is likely to benefit massively from the advanced acquisition and retention technology it now has access to. Ask yourself this: could you connect with another company to achieve something similar?
When it comes to creating a business with enough potential to improve and expand its reach, remember that success is not guaranteed at its inception, no matter how exceptional the idea. Rather, success is gained through hard work, forward thinking, and a sustained entrepreneurial attitude that will eventually get you exactly where you want to be. These three top tips should give you a great head start.