In order to create lasting success for your small business, it’s important to create both short-term and long-term growth plans. Whether your company is barely keeping its head above water or has simply become stagnant, you need to be constantly thinking ahead. Check out these strategies that can help take your business to the next level.
1. Define Your Sales Pipeline
The easiest way to initiate business growth is to define each level of your sales pipeline—then start delivering. You need to define each level of your sales funnel in order to create touchpoints that appeal to those audiences. That likely includes both existing customers, and a variety of leads.
Research what’s most important to them. Is it saving money? Purchasing quality goods? Accessing a strong support team? Understand those values then create a plan to deliver.
2. Identify Potential New Revenue Streams
Introducing a new revenue stream can be done in a number of ways depending on your business model. You may consider up-selling your existing customers. Think about their existing problems and how you can help solve them.
Alternatively, you may consider adding a new service or product that attracts an entirely different audience. For example, if you run a popular downtown restaurant, you could consider adding catering services for surrounding offices.
3. Perform a Market Analysis
Business growth through expansion is key—when it’s the right time. Do your research to determine new markets that might be available. You could open a second location in your city’s up-and-coming hip neighborhood or even decide to beef up your online sales initiatives. If you already sell online, look for partnership opportunities with other sales platforms or social media influencers.
4. Engage Your Audience
Creating an ongoing conversation with both your leads and existing customers is an important growth strategy. Within every industry, people want their experiences to be both positive and personalized. Growing your customer loyalty to keep them coming back is vital. You can engage with them through social media, send surveys, and find other ways to keep them involved, regardless of what kind of small business you run.
5. Finance Growth With Working Capital
Once you’ve decided on one or more growth strategies for your company, it’s time to figure out the financing. Look at your company balance sheet to determine how much working capital is available and whether or not you need financing. A smart growth strategy paired with the right amount of working capital can easily become a recipe for success.