4 Tips to Grow Your New Business
Today’s post comes from guest blogger, Jason Lewis of StrongWell. You can check out more of his small business here.
4 Tips to Grow Your New Business
New business owners want their businesses to grow as quickly as possible to ensure stability and start turning a profit. Of course, patience and hard work must be part of the business plan, but up-and-coming business owners also feel like they need to work around the clock to grow their customer base and their revenue. Fortunately, there are some steps new business owners can take to grow their businesses that don’t require never-ending work.
1) Spend More Time on Sales and Connecting with Customers
New business owners need to be visible and directly involved in the sales process and getting face-to-face with prospective customers, according to entrepreneur, author, and business leader mentor Simon Reynolds. New business owners should devote at least 80% of their day to sales.
As Reynolds explains, “when you spend most of your time selling, opportunities quickly arise. Doors open. Checks get written. Good things happen. When you stay in your office talking to your staff, pontificating over product details, admin, and minutiae, you may progress your business, but you won’t greatly increase your revenue. Only going out there and asking more people to buy your stuff will make a real difference in the long run. All else is tinkering in the peripheries of success.”
2) Extend Your Market Reach
One way to grow your business is to extend your market reach and make your product or service available to new customers. Some new business owners look at opening stores in new locations or small kiosks in a neighboring town. But, if you are trying to make ends meet, a much more affordable way to extend your market reach is creating a business website.
Websites have become a requirement for just about any business today, especially because people discover new businesses and verify their authenticity online more now than ever before. Even if you don’t have any web design experience, you can create a website for your new business that looks professional and communicates your brand to prospective customers. If you don’t have the time to make a website or don’t feel confident in your abilities, you can rely on the help of a website builder. These tools are easy to use and are designed specifically for small businesses. Or, you can choose a design service to enable a professional to build your business website for an affordable flat fee.
3) Keep Your Costs in Check
When you want to grow your business, you need to keep in mind that the growth you want to see is in your business’ bottom line. By keeping your costs in check, you will save money and be more cognizant of how you spend. For example, extending your market reach with a new business website is much more lucrative than spending money to advertise in a local newspaper or on local radio stations. The reach is much wider with a website, and the website goes far beyond advertising to establish your business’ credibility. Other ways to contain your costs include liquidating products that don’t sell well and improving your inventory turnover.
One quick caveat regarding keeping costs in check: Be careful not to scrimp in ways that could end up costing you. For example, buying the cheapest office equipment or saving by not purchasing virus protection on your business computers could end up costing you in the long run. Similarly, investing in software to help you at tax time or getting a CPA on retainer can help you avoid very costly run-ins with Uncle Sam. While you should absolutely keep an eye on your bottom line and avoid overspending, know that there are certain areas where an investment now can save you big time later on.
4) Transform Customers into Salespeople
If you want to grow your business quickly, you need the help of your existing customer base. Keep in mind that it is less expensive to retain customers than it is to acquire new ones, but if you use your existing customers to recruit new ones, you will be ahead of the game. You can go about transforming your customers into salespeople by first exceeding their expectations and delivering an exceptional customer experience. New businesses are small enough to cater to customers and personalize their experience, and you need to do both to make your loyal customers want to become brand ambassadors for you.
If you please your existing customers well, they will share their experiences with your company and your products or services on social media. They will become the powerful word-of-mouth advertisers that you need. Moreover, if you offer a reward or incentive to customers who successfully refer a friend to your company, you will keep customers engaged and grow your business.
Growing your business is possible, even if you don’t have much cash to assist in your efforts. Begin by spending more time on sales and connecting with customers, extending your market reach by building a business website, keeping your costs in check, and transforming customers into salespeople.