We all have a vision – a passion, for which we live. The excitement of planning your business can bring an overwhelming buzz to your life, but of course, it doesn’t come without its difficulties either!
Surviving the start-up phase does not mean there are no final hurdles to face. Most business owners possess a shed load of ambition, which means the next phase for your business is achieving growth.
Unfortunately, there is no simple path to follow for scaling up your business successfully, but there are numerous things you can do to achieve the growth you desire. If you’re willing to put in the time, money and effort, you will certainly be able to grow your business and see improvement in your books.
You have invested a lot of time, money and sweat whilst building a strong base for your business. So, it makes sense to concentrate on how to grow it now, doesn’t it?
You need to really think about where your business is at currently and how you intend to grow it moving forward. What are the essential steps that you must take now?
These are the questions that should be running through your mind regularly, but you may find yourself getting frustrated because you don’t have all the answers you need yet.
We at Northants Accounting have outlined ways in which you can grow your business from this point onwards. Take into consideration your business structure, resources, time and of course, the money that you have available, then start putting together a plan.
Aside from doing your research and asking for advice from whoever is willing to dispense it, here is everything you need to know about growing your small business.
Open an Office at A New Location
Many entrepreneurs consider opening an office in a different location once things really start to take off and one of the best times to do that is when there are expansion plans.
However, you must approach this with care. Physical expansion is a risk if it is not executed properly and it can even be the downfall of your business growth if you don’t take the time to do the proper research and planning. Things to consider when planning an expansion are:
- Ask yourself whether you have had a consistent profit line with steady growth over the past year.
- Are you regularly keeping up with updates regarding your industry. Knowing what is happening in your market is extremely important as the trends you spot may be the blueprint needed during your expansion.
- Your management and administrative team must be outstanding to handle the process of opening a new office.
- Make sure you prepare a proper business plan.
- Determine your financial status and who can invest in your new location.
- Think about location according to your business and not your wallet.
Trademark Your Product
This is the low-cost growth and effective method, especially if you are dealing with service or branded products. If your business is successful then you can claim upfront levy and payment from its persistent sales or software use.
Getting a licence will also minimise business risk and doesn’t cost much when compared to the price invested while starting your company or selling your product.
You need to make sure that you are opting for a genuine license partner. You can do market research on companies that are dealing with similar products to yours.
Once you are done gathering the information and have a perfect licence partner, you must contact a solicitor which specialises in intellectual property rights. They can guide you further with this process and after this, you can make an appointment with a potential licence partner. This will minimise your risk of losing your service or product to another person.
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Broaden Your Horizon
It is important to get out of your comfort zone if you want to grow your business. Here are a few ideas that you can use for diversifying what you have to offer:
Sell paired products
Import and export your or another company’s products
Become a motivational speaker
The last point is an excellent strategy as you can have multiple sources of income that increase your profit margin and it will fill seasonal voids. Simply put, once you have a loyal customer base and brand recognition, you can start reaching audiences you might not have previously.
This will allow your product to reach a bigger audience and increase your market presence. Also by doing this, you get the integrity to approach larger retailers that can double your company’s growth.
Build A Sales Funnel
Building a sales funnel is one of the quickest ways to see growth in your business. Not having a sales funnel is probably one of the biggest mistakes you can make in regard to your business. Everyone knows that failing to prepare means you are, in fact, preparing to fail.
Having a well-thought-out sales funnel will mean that you can scale and grow whenever you feel it’s appropriate.
Do Your Due Diligence, Check Out Your Competitors
Failing to regularly check out what your competitors are doing is a huge mistake – and quite possibly one you’ll come to regret.
You need to ensure that what you’re offering, whether it’s a product or service, is just as good, if not better, than what you’re competing with. Having prices that are way off the mark will only damage your brand as no one wants to pay over the odds for something they can get much cheaper elsewhere.
Start Utilising The Various Platforms Available To You
Speaking of checking in on your competitors, did you know that there are platforms out there which allow you to track exactly what your competitors are doing?
Platforms, such as Adbeat, allow you to essentially spy on what your competitors are doing with their online strategy, meaning you can imitate it but then do even more so that you come out on top.
As Steve Jobs put it: “Good artists copy, great artists steal.” Now, you can do just that, but don’t stop there. Adapt your own strategy so that it’s bulletproof and better than everyone else’s!
Make Building An Email list A Priority
This is one of the most effective marketing strategies to use when trying to grow your small business. But in order to have the email list you require, you will need to work on getting a decent lead magnet as no one will want to subscribe to your email list otherwise.
Email lists can be one hell of a marketing tool if they are utilised properly. There really is no excuse to use in defence of not having an email list now that automation has been introduced to the picture. Check out this helpful post if you’re keen to understand the benefits of an email list.
There are so many things you can do to convert your small business into the big enterprise you’ve been dreaming of. Every entrepreneur knows exactly where they want their business to be eventually and whilst that varies from person to person, it is safe to say that most small businesses want to achieve at least some growth in the future.
If you want to scale up your business and see outstanding results, Northants Accounting are happy to help you with your journey of growth. Get in touch with us today!