Five Top Ways to Grow Your Small Business
When running a small business, you’ll most likely be searching for ways to enhance and expand your company. Fortunately, there are several worthy paths to pursue, each with exciting potential. In this article, we’ll take a look at five of the best.
Introduce a new location
If you have a popular bricks-and-mortar business, there may be good reason to open new locations. Before committing to a new location, it’s worth taking some time to research possible areas of expansion, as well as the profile and preferences of your average customer.
For example, if you run a sports bar that’s often overcrowded on weekends, you might look to open a new location nearby. If the majority of your customers are young people living in an urban centre, it doesn’t make sense to open a second location in a sleepy town with a majority of retirees. Instead, pick a place that will secure a steady stream of new business, as well as ‘tourists’ from your original location.
You’ll also want to be sure that all services your business needs are available in the new location. If you’re going to expand into London, for example, you’ll need a courier in London. Delivery of your products is just as important as selling it!
Take your business online
One of the most straightforward and fruitful ways to grow a business is to take it online. You may have only operated in physical locations during the infancy of your business, but as it strengthens, there’s a strong case for tapping into the online market.
It needn’t be difficult to develop an online presence. Utilise the talents of your existing team, or enlist the help of a freelancer to get things up and running. Shop around for courier firms to support your new endeavour, and don’t forget to strike a balance between economical charges and customer satisfaction. A cheap courier with poor service will cause reputational damage in the long run!
Diversify within your current sector
Is there scope for making a move within your current market? Perhaps an innovative product to introduce, or a new service to roll out? If your business is not ready for drastic growth at this stage, solidifying its position within the current sector is the perfect way to achieve organic growth without disruption to current resources.
Expand into other markets
Ready for a bigger jump? It’s not as scary as it looks! Once your business is established within its own market, there’s usually scope to diversify into a new one. Think about the markets that align with that of your current business, and consider whether there’s room for you to make a dent.
For example, if you are currently running a bakery that’s renowned for its magnificent cakes, there’s scope for your business to move into the lucrative wedding sector. Try to build your portfolio as your business develops, and take any good opportunity to branch out.
Are your products flying off the shelves? For some firms, supply simply cannot keep pace with demand, which impedes the growth of a business.
To remedy this, an increase in capacity can be a sensible and profitable endeavour. If you do not have the space at your current premises, it might be time to move on. To help finance a change of location, your business may require a temporary injection of cash. Lend Genius are experts at connecting small businesses with the best lenders!
However you grow your business, we wish you the greatest success!