Overcoming the challenges of starting a business and getting on an even footing is a great achievement, but it is only the beginning. The next step is to focus on continuous improvement and aim for growth. The best businesses are always on the lookout for ways they can improve, whether by offering better products, improving the customer experience or implementing more efficient processes in operations.
Here are some tips on how you can grow your business and take it to the next level.
1. Invest in the Right Technology and Software
Focusing on the last sentence from the previous tip, you need tools that will help you better understand your customers, among other things. Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software can bring a wealth of new data analytics and automation tools into your organisation. These can help with optimising operations and boosting efficiency throughout your organisation, and also give you valuable insights into the things that are working and the areas for improvement.
The key is having the right technology at your disposal. One of the biggest obstacles to growth faced by many businesses is inefficient, disparate systems for the various arms of their business. Data silos for finance, the supply chain, customer relations, marketing and human resources, for example, block you from seeing how different aspects of your business impact one another. Seek out solutions that unify these things to give you full visibility and control over your organisation.
2. Emphasise Established Revenue Sources
The focus doesn’t always have to be on winning new customers. Instead, you can shift your attention to the customers you already have to develop strategies for gaining ongoing revenue from them. Useful suggestions include implementing a referral or customer loyalty programme. You could also try different marketing techniques based on their previous purchasing behaviours to bring about repeat business.
3. Bring In the Right People
Growth trajectory cannot be mapped out until you know you have a staff you can depend on to achieve your goals. People with the right skill sets, mentalities and experience can give you a strong, effective team to set you on course for fast growth.
Hardworking and skilled employees who are committed to your company’s success are the foundation of continued growth. You need to feel confident in delegating tasks in order to free up your own time and energy so that you can perform at your best and cultivate a culture of collaboration within the organisation.
4. Be Adaptable
A common trait of successful businesses is the ability to respond to change and swiftly adapt. With agility in your approach to the development of products and the company at large, you’re set up for faster growth. Being adaptable enables you to test different approaches and discover the things that work best. Some things may not work, but you will have the resilience to pick yourself up and try again.
Current trends in popular culture are a good source of opportunities to become part of a movement. We live in the era of internet fame and there are lots of ways to leverage the online audience for growth, but it is an ever-changing environment. ERP technology, by providing a real-time view of your operations, can also help you make informed decisions to adapt when the need arises.
5. Keep Risks at a Minimum
Risk is inevitable in business, but you need to be in control as much as possible. There are lots of ways to keep internal and external risk to a minimum, and your business insurance provider is an important part of this.
Certain disruptions can bring business to a grinding halt. Things like data theft can be absolutely devastating to a business, so you should have comprehensive insurance policies in place that will help you recover in the event that something like this happens. Equipment and liability insurance should also offer robust protection against unforeseen problems so that, when they happen, their impact is not catastrophic to you.
6. Always Plan Ahead
We have talked about the importance of agility and adaptability, but your entire business should not be winging it at all times. There should always be a plan in place for the next steps, accounting for a range of possible scenarios. This will help keep you grounded as the business evolves and adapts.
This is broad advice – more specific tips involving planning ahead could include things like reviewing ongoing contracts to make comparisons and looking for better deals where possible. Certain things are not a good fit for flying by the seat of your pants and you should keep on top of them.
7. Focus on Customer Experience
The perceptions of customers are make-or-break for your business. If you deliver high-quality products and experiences, they will share that with friends and family, across social media and in reviews. If you fail to meet expectations, they will report that even faster. Your growth depends on the happiness of your customers.
The good news for smaller businesses is that it’s often easier to see, anticipate and respond to the needs of customers. This is an opportunity to bring innovative products and services to market at speed and nurture positive customer relationships. Be aware of changing tastes among your audience and be ready to diversify to meet them, and look for opportunities to deliver a personalised experience where possible (again, your technology can help with this).
8. Social Media is Important
You should have active profiles on all the major social media platforms like Instagram, Facebook, Twitter and even TikTok if it suits your business. Being active means creating high-quality, relevant content tailored to each platform and posting regularly to connect and interact with customers effectively.
An active social media posting quality content attracts interactions and followers. This will enable consumers to find your business easily and perhaps share it with friends. You will also make your audience feel more engaged, cultivating your brand and winning trust by telling the world about what you do. An abandoned social media account with little to no content doesn’t reflect well on your business, and could be off-putting to potential customers.
9. Practice Social Responsibility
Consumers like to see businesses that are passionate about making the world a better place. This could include supporting charities or reducing your carbon footprint. Don’t just do it because it positively affects the perception of your business either. Do it because it’s the right thing to do.
There are many ways to practice social responsibility as a business, and it can be an extremely rewarding thing to do. What’s more, it will increase your standing in the perceptions of your audience.
There are plenty of networking events and opportunities for every industry, and attending them enables you to connect with like-minded people. Many of them will bring unique perspectives and insights that could be instrumental in growing your business. You may experience the benefits of attending networking events for many years and cultivate relationships that open doors for your business.
This is just a snapshot of the things you can do to grow your business. There are many others, but at the core of everything, you will find a need for the right technology in your operations. There are such powerful tools available now for managing everything about your business, and the capabilities of big data and artificial intelligence mean so many repetitive tasks can be completed on autopilot and invaluable insights can be gleaned from your operations.
Get your business systems in order and start taking advantage of the opportunities it provides to better carry out the tips in this article.
Why choose Eventura to help grow your business?
Eventura have been helping businesses in their digital transformation journey for two decades. From the implementation of industry-leading ERP solutions such as Sage 200 and NetSuite, to helping them move their entire operations to the cloud and away from costly and restrictive on-premise solutions.
As well as being NetSuite Solution Providers, Sage 200 Partners and Microsoft Gold Partners, we also offer a wide range of managed IT services, meaning we can take your business as a whole and help it achieve digital transformation.
If you would like to speak to one of our experts, you can request a free call back here.