When you first started your business, you were most likely full of ambition,
adrenaline and the simple desire to get the thing off the ground. Now the
start-up hurdle is over and you're the owner of a fledgling enterprise, the
obvious question is: what's next?
Consultant and author Keith McFarland was struck
by the wealth of books available about running and developing
big businesses and the distinct lack
of advice about developing small ones.
In his book
The Breakthrough Company: How Everyday Companies Achieve Extraordinary Results
he states that
'99 percent of the business advice churned out... is written for people working
at a giant firm.'
'If you are like most business people, you live a very different life from the
ones lived by business celebrities described in the headlines of
Business Week and the
Wall St Journal.'
He highlights the fact that 'most small companies start small and
stay that way', stressing the importance of growth strategies.
In any small business it's vital to consider
your future, how you want to grow and in what direction. Here are 5 ways to
further develop your business:
1.
Ad-app-t
In order to develop your business you have to
adapt and stay up to date. An increasing number of small businesses are adopting
technology in order to innovate from within, gain a wider audience and increase
their opportunities.
The most recent marketing trend is the mobile
app and mobile optimised websites. In light of Google's new algorithm (dubbed 'Mobilegeddon') and with
the latest statistics showing that 60% of browsing is now done on a mobile -
it's never been a better time to get web-friendly.
Many companies spend what seems like forever
tackling the paper mountain, spending hours on admin when it could be done
online in a matter of minutes.
Reports from Intuit (2013) state that in the UK, '82% of small businesses have not
adopted anything new in the last 12 months and still spend an average of 11.4
hours per week on administrative tasks which could be more efficiently managed
using technology'.
To help you streamline and automate your
accounts and avoid time wasting, there are plenty of apps for you to choose
from:
Contact management - Focuses on customer
relations, the app imports and syncs all contact information to one place
(emails, social media posts, contact information) making it easier to search and
access.
Post scheduling - Simplifies social media
posts, it enables you to schedule when you want your posts to be published,
allowing you to see the most popular and tailor your times and content to
maximise views.
Real time media monitoring - Searches the internet,
sending reports of where and when your business has been mentioned.
Email tracking and analytics - Allows you to see if and when your emails have been opened, enabling you to
establish when the best time to send an email is and what is the best content.
2.
Promote
You might have an amazing product/service but
you are unlikely to develop if your potential customers don't know that you
exist.
More and more businesses are moving away from
traditional methods - due to higher costs, with many taking up residence online
and updating their marketing strategy with:
-
Websites (desktop and
mobile optimised),
-
Emails, newsletters,
subscriptions, promo codes, discounts,
-
Blogs,
-
Social media.
The internet is no longer just an optional
extra, it's a necessity and integral to business growth. Those with a strong web
presence are able to create a stronger brand awareness.
Perhaps the most popular marketing strategy at
the moment is social media, as people seem to spend most of their free time
scrolling through Facebook, twitter, Instagram and Pinterest.
Creating publicity through networking, posts and
friends' activity, it creates a subtle yet very powerful form of advertising.
With a different tone of voice to a traditional advert, these posts read more
like a conversation with pals.
Most businesses tend to have more than one
audience. In order to grow, you must discover who your customers are and adjust
your marketing strategy to cater to all of them.
3.
Outsource
Small businesses that use external help are more
likely grow. With well-connected networks of people, technology and service
outsourcing can prove to be a faster and more cost effective option.
The term outsourcing is daunting to many small
business owners; with its key associations being in 'big business'.
However, more and more small businesses are
adopting this growth strategy and it's having a powerful effect on their growth
and productivity levels. Today, almost anything can be outsourced
including financial
services, marketing and web design. This can not only save money, it saves you
from spending your evenings handling things like timesheets and payroll.
Indeed, one of the main problems in small
business is owners trying to do everything themselves. Laura Lee Sparks, owner
of legal marketing Mavern states in Entrepreneur:
'Most entrepreneurs have great talents but many times they think they can do it
all... [it] can really stall the growth of the business. By outsourcing the day
to day back-office tasks, the business owner has more time to focus on
generating income'.
This growth strategy goes hand in hand with technological developments in
business - as people are now able to work from everywhere and anywhere.
Through delegating the workload it saves small businesses money, as they no
longer have to pay the overheads (expenses, taxes and payroll).
4.
Diversify
Diversifying your business is an excellent growth strategy. It can increase
revenue streams, even during seasonal slumps and is a great way to boost sales
and those all-important profit margins. Diversification options
include:
Adapting your product -
Tweak your product line-up
so that it appeals to a new group of consumers - could you create a new product
to draw in a new type of customer? (For example some businesses have a
'professional' product and a lower cost 'hobbyist' product).
Sourcing alternative channels - If you're not online, create a website or consider using an e- commerce
platform or marketplace.
Offering complimentary products or services - Are there products/services you could sell that would do well next to your
existing offerings? By expanding your market to include these, you will save
consumers going to another retailer and increase your revenue at the same time.
Consider moving -
If you only have one
physical site, consider a second. And if you only sell online, think about
buying or renting a premises or a market stall. If you're brave enough, you can
always consider moving overseas - or, at least, trading internationally.
5.
Listen and learn
Finally, and perhaps the most logical answer to
developing your business is asking yourself if there are any areas of the
business you could improve on.
The first place to start for improvement is your
existing customer base. Look at your customer needs, speak to them and get
feedback. To identify what areas need improvement, ask questions like:
-
How much do they value the
product?
-
What would make them buy
more?
-
And what would make it more
useful to them?
Making changes based upon this feedback could
lead to a good brand reputation, repeat custom and new customers.
To avoid making unpopular changes that could
potentially be damaging to your business (if it's possible and financially
viable) trial prototype products before you commit.
To take the
next steps and develop your business further, there are numerous possibilities
and each will depend on the kind of operation you run, and the time, money and
resources you have available. Choose your development strategies carefully and
you'll be well on the road to success.
By Melanie Luff, staff writer for BusinessesForSale.com, the
market-leading directory of business opportunities from Dynamis. Melanie writes
for all titles in the Dynamis Stable including PropertySales.com and
FranchiseSales.com.