Did you know that about 50% of small businesses fail by their fifth year? The point here is not to be a bearer of bad news. It’s to emphasize that, in order for your business to succeed, it’s essential to have a growth strategy to get the customer base you need. The key is to build a brand and a loyal customer base that will keep your business thriving. Of course, this is easier said than done. Ready to see your business grow? Check out these tips to building a fail-proof growth strategy.
Create Growth Objectives
One of the first keys to achieving growth in your business is knowing what your objectives are. The only way to know if your growth strategy has worked is to determine what success looks like. It’s helpful to follow the SMART goals model: goals that are Specific, Measurable, Achievable, Relevant, and Time-Oriented. In other words, the goals for your business should have specific, measurable metrics, and you should set achievable time frames in which to meet them. Good goals for your business could relate to cash flow, sales numbers, individual customers, or profitability. As your business grows, your goals should grow as well.
Manage Your Money
For your business to grow, it is important to invest your resources well. Make sure to keep your finances well organized so you can clearly see what you are spending compared to what you are earning. If numbers are not your strong suit, you should consider outsourcing your bookkeeping services. This will help keep you accountable with your financial goals.
Grow Your Market
Ultimately, if you want to grow your business, you will need to grow your sales. There are two key ways to do this: get your customers to buy more of your product, and get more people to be your customers. There are a variety of methods to get your customers to increase their purchases. For instance, you can encourage brand loyalty through discount programs, subscriptions, and referral programs. You can also work to penetrate new markets. For example, if your business is currently based in a certain geographic area, you can work to expand the radius of people to whom your business caters.
Develop New Products
Another key to growing your business is to keep your customers interested. One way to do that is to launch new products. Launching new products will encourage loyal customers to come back to make new purchases. It will also pique the interest of new customers who may not have otherwise given your business a look.
Launch Your Growth Strategy Today
With these tips for building a growth strategy in hand, your business will soon be on its way to success. Looking for more helpful tips and tools to support your business? Check out our pricing page to see which of our membership options is best for your team.