It is estimated that around 90% of startup businesses fail in their first year. If you are attempting to start and grow a new business, you need to make sure you are in the 10% that succeed. But is that as easy as it sounds?
With only a few helpful hints, you can be on your way. Below, we give our tips on how to grow a small business.
Know Your Customers
Your first step is to know your customers, or at least have an idea of who you are aiming your business at. Understanding their needs lets you build a bigger and better idea of how you can solve them. The solution to that should be your products and services.
This will also help you market and advertise the company better. In your early days, try to conduct some market research to determine your demographic. As you start to get customers, ask them questions and build a bigger picture of their needs, adapting your strategy as you go.
How to Grow a Small Business on Social Media
Social media is essential for your small business growth. Firstly, it has the power to get you in front of people who already have an interest or enthusiasm in your product. This can be done through the creation of business profiles and using highly effective PPC advertising.
Secondly, it can be an excellent marketing insight. Once you begin engaging and talking to people online, you can find out what they want and need. This can inform your future decisions and direction.
Offer Exceptional Customer Service
When deciding how to grow a startup, you should always think long-term. Part of this is providing great customer service, often going beyond that which would normally be considered good. While this may be extra work at the start of the business, it will pay dividends in the future.
Good customer service brings loyalty to customers. This ensures people return and also refer others to your service.
Hire Wisely
One of the most important small business growth tips is to take great consideration when staffing. In the early days, the money will be tight. If you are making full-time appointments, you should ensure the person is the right fit and will grow with your business.
For other tasks, you may not need full-time recruits. You can bridge this gap using temporary staff on by-appointment contracts. These can be found easily online.
Get the Right Loans
Don’t be afraid of taking out business loans for your endeavor. Getting the right funding is one of the most important small business growth strategies. All you need to do is ensure you have the right terms and conditions.
Ensure your credit is good long before you make the move for the loan. Once you have the credit, get some advice on the best ways to use it. For more information click here to speak with a dedicated business advisor.
Get Advice
Once you know how to grow a small business, do not be afraid of getting professionals to look over your plan. There are a number of professional services that can give advice and help you grow.
If you enjoyed our handy blog then visit the rest of our articles. We can help your business grow in the coming year with everything from finance to technology!
