Tips for business growth

It’s one thing to start a business—it’s another to know how to expand a business. But, knowing how to expand a business is extremely important if you want to sustain your business’s success and your own financial well-being. If you fail to grow and adapt your business, you risk being left behind as the market changes or having a competitor cannibalize your business.

However, expanding your business can feel just as scary. It means putting in even more work than you already do, possibly hiring additional employees, and maybe even getting a business expansion loan or other form of funding to cover the increased cost. That’s why we created this guide—to explain everything you need to know to expand your business in a way that is both thoughtful and in the best interest of your business.

Business Growth Strategy:Use Smart Marketing Tactics to Boost Sales.

Add a sense of urgency.

“When it comes to Black Friday and other key eCommerce dates, add urgency with a countdown timer under the buy now button. Also, depending on the eCommerce platform you are using, consider the use of a plugin that shows social proof of others who have made a recent purchase on the site”. Steve Hutt (Founder of eCommerce Fastlane)

eCommerce marketing is often looked at as a costly effort, when in actual fact there are plenty of low-cost, and relatively simple, things you can do to drive traffic to your site and boost your sales.

Create data-driven campaigns.

When your business grows, so does your inventory and the inevitable spelling mistakes and incorrect categorization of products. Your product data links to your product feed, which feeds information into your google shopping campaigns that are core to your e-commerce stores revenue generation.

That dreaded product excel file holds the keys to rapid growth, and poor data management could be wasting precious PPC budgets. Set aside one day every month to review and cleanse product data. By making this a regular activity as you purchase new products, you will quickly identify and fix errors whilst optimizing and creating new product types for new shopping campaigns. Once your data is fully cleansed and you’re 100% confident with your product information, you can get adventurous and start segmenting shopping campaigns by product”. Christopher Perry (Website & Marketing Manager at Rinkit)

Have a physical presence.

“My main tip would be to ‘get physical’. Online and digital marketing is great, however I find that nothing beats being in front of potential customers and showing them your products in person. I think this is even more important if you are an unknown brand.

You could do this by attending fairs (i.e. Christmas fairs), trade shows or even having a pop-up shop. In my experience, customers want to see the person/company behind the brand and to also touch and feel the product. Once they’ve met you in person, they are more likely to order from you online”. Katarina Stetz (Founder of Ninni.co.uk)

Spend Time Attending Networking Events

If given the chance to join these events, take it. This is the opportunity to extend your networks. This is highly important – but it is something many entrepreneurs neglect. You must build relationships with other people.

Your business must have something it is passionate about. This helps in improving the image of your business. People will patronize you because they know that the money they are spending goes to the right causes.

It is important that you ensure your business exists for more than just making money. Nowadays, people want to feel emotionally connected to the companies with whom they do business. This is why it’s important to craft a unique brand perspective for your company. Is there are cause you wish to support? Is there something in the world you want to change? Let that be one of your company’s missions.

Don’t Hesitate to Get Loans

If you are starting out as an entrepreneur, you need money to help fund it. The same thing is true for those who have been around for some time and have decided to take things to another level. If you need small business loans to make your plans happen, get them.

Make sure you partner with the right banks or lending firms. You need to fill out the application forms and provide all the requirements. It is also important to ensure that your credit is in good standing so your application is easily approved.

There are other ways to get loans if you are denied. One of them is to look for another party to serve as your guarantor. This is how SBA loan program works. The SBA will guarantee the loan you take from a bank. If you default, the SBA will reduce the risk of the lender. Of course, they won’t just do it without anything in return. You need to understand their requirements. You should also read the terms and conditions before getting started.

Sources:

https://www.fundera.com/blog/10-indicators-time-to-expand-your-business
https://www.linnworks.com/blog/ecommerce-growth-tips
https://smallbiztrends.com/2018/04/how-to-grow-your-small-business.html