When it comes to starting a small business, any successful small business owner will tell you that it takes time, preparation, commitment, and a lot of help and support from others.
Transforming an initial idea into a profitable reality (and keeping it afloat) takes a lot of hard work and know-how.
Here are some recommendations on how to grow your business and to help prepare it for long-term success.
1. Develop a Marketing Strategy and Stick to It
Effective marketing is a critical component of any successful small business plan; without it, you risk failing to attract the regular stream of clients you need to succeed.
A strong marketing plan uses a mix of your website, social media, and other online business channels to help spread the word about your company and attract clients. To secure your company’s long-term success and growth, your marketing plan should also assist you to raise brand recognition, engage customers, and increase sales.
Small business marketing is more than meets the eye. Suppose you’re not familiar with social media for business, search engine and content marketing, public relations, or pay-per-click advertising. In that case, it’s important that you get the right people to help your business manage this side of your marketing.
If you don’t have the funds for an internal marketing resource, outsourcing your marketing to a marketing agency or freelancer is an efficient method to assist your company with a solid marketing strategy and plan.
Forming business-to-business ties also aids in the development of your reputation and the expansion of the reach of your marketing efforts in recruiting new consumers.
Another common marketing approach is word-of-mouth, so be sure to tell your friends and family about your new venture and ask them to help you promote it to their personal and professional networks.
2. Increase consumer loyalty
According to HubSpot, a customer relationship management (CRM) software firm, acquiring new clients costs five to twenty-five times more than keeping existing customers. So, even if your marketing efforts are paying off and you’re attracting the ideal clients, you need to be working just as hard to keep them coming back.
Any small business relies on strong, personal client connections established on trust. That’s because if you consistently satisfy your consumers’ demands over time, you’ll gain customer loyalty, repeat purchases, and referrals. But what can you do to maintain this high level of loyalty? The solution is all in how you handle customer service.
According to HubSpot1, 93 percent of customers are more inclined to buy from a company that provides exceptional customer service. There are various ways to learn how to improve customer service and keep consumers coming back for more, whether you distribute feedback questionnaires, solicit verbal input, or conduct a social media poll.
Many organisations make the mistake of forgetting about their loyal existing clients when they focus on gaining new consumers as part of their development plan. As a result, make sure you devote equal emphasis to attracting new clients and maintaining existing customers.
3. Get the help you need with business banking so you can expand
There are a variety of fixed and variable costs connected with running a small business, and you should factor these into your business plan estimates. If you’re starting a business, including in all projected expenditures can help you build a business case and guarantee you have a realistic sense of what it’ll take to stay afloat once you’re up and running.
The fact is that not every small business has the financial resources to handle the expenditures of expanding its operations. Having the business financing and equipment to support your development ambitions is critical, whether you want to expand your premises, acquire a new business car or equipment, or launch a franchised firm.
Speaking with a small business banking professional may also help you figure out what kind of financial aid you’ll need to support your company’s development, such as a business loan, equipment financing, or government assistance for small business owners.
Another aspect of your business you need to consider for long term success is protecting it with the right business insurances. BizCover offers a range of business insurance options for a variety of businesses from tradies to professionals and everything in between. Get a quote today and experience insurance without the drama.
1 https://blog.hubspot.com/service/customer-service-stats (Accessed: 2022 May)