Many brands and businesses have had survival at the forefront of their plan since the start of the global pandemic. Simply trying to maintain and move forward through some of the most trying times, all while making sure their businesses stay afloat.
One thing many business owners may have not had time to prioritize is simply increasing the growth of their overall business to not only increase the chances of their brand lasting, but to also increase their business into an even bigger one. What are you doing to take your small business to the next level in order to maintain economic growth for your brand’s future?
When it comes to running a business, there are several tactics and strategies you can implement to grow your business into a big one! Keep reading to find out the 5 strategies for transforming your small business into a big one!
5 Strategies for Transforming Your Small Business into a BIG Business
Focus on your existing target audience
Reaching out and finding ways to bring in new customers is not the only way to move your business from a small one to an even bigger one. Often times, your current and loyal existing customers are a great place to start. They are already familiar with your products and services and by improving and focusing on your current target audience, you are improving the overall value of your business.
Those who have already used your products and services are more than likely willing to do so again and again, especially if their experience was positive.
Don’t be afraid to ask for referrals (WOM)
Referrals and word of mouth play such a huge part in the expansion of any business. Asking your current customers to refer people they may know that may be interested in your business is key! Being that these current customers are already part of your target audience, they may associate with similar people as well.
One thing to keep in mind is the fact that you will have to actively seek out these referrals because you can’t assume every customer is passing word of mouth about your business. A couple of ways to go about this is creating incentive referrals that includes a discount code or encouraging your target audience to share your brand on their social media pages.
Manage your expenses
How you manage the expenses of your business is what will set you apart from expanding within your industry. If you’re constantly expanding your market, but increasing your costs as well, then when it’s all said and done, you won’t have enough money left to truly invest back into your business or let alone make any profit. Everyone knows that without money, your business won’t be able to expand to its fullest potential.
As you’re looking for ways to grow your brand, focus on managing costs that are required to sufficiently run your business and if need be—lower those costs to grow and stabilize your business.
Expand your market (target audience, products, services)
What are you doing right now to expand your market in order to create new products and services that will reach a new realm of customers? A few examples of this includes opening new store locations (these can also be virtual too such as a website or online store), targeting a completely new demographic audience or simply discovering new and innovative ways your products and services can be used. These are all approaches that will aid in expanding your market.
As you begin to implement these new changes, you will not only diversify your products and services among your audience, but you will also expand your market to new customers without overextending yourself.
Find the right growth strategy for your particular business
So you’re in the business of expanding your business right? Well of course you want to make sure you’re implementing the right growth strategy for your business! Finding the growth strategy that is just right for your business will depend on a few factors: the current state of your business, the resources that are readily available to you, what you will need to invest in, and your target audience’s interests.
Although every business will have a different growth strategy, you have to keep in mind that you may not experience immediate growth right away, but progress will be made if you continue to actively implement your growth strategy. In the words of Aaliyah, “if at first you don’t succeed, dust yourself off and try again!”
Implementing these 5 strategies for transforming your small business into a big business is key! Take into account this 5-step guide and with a little patience, persistence and consistency, watch your business flourish! For more insight into growing your business, check out Boss Connectors, a community of like-minded women with the same passion and drive to elevate their careers and take them to the next level!