As an entrepreneur, there is nothing more fulfilling than seeing your business grow over time. It implies that you can sustain your small or mid-size enterprise (SME) for the long term. It also means that you can boost your profits and earn a high return on investment (ROI). But most importantly, it’s about being able to cater to consumer needs and serve your immediate community.
Business growth doesn’t happen overnight, however. It takes time, which requires critical decisions, deliberate actions, and conscious efforts. And before taking the plunge into growing your business, you must consider some crucial factors. These variables will determine the overall success of your business.
That said, here’s what to consider for growing your business:
1. The Industry
The first thing to consider for your business growth is your industry. First off, ask yourself is if it is a thriving sector. A perfect example is the impact of the COVID-19 crisis on businesses of all sizes. The US Chambers of Commerce came up with a list of thriving industries during this pandemic. These include cleaning, delivery, home construction, landscaping, and telehealth services. If your business belongs to one of these industries, you have the right reasons to grow your business.
There’s more to your brand than meets the eye. It doesn’t only pertain to your business image and identity. It also covers your business core values, ideals, and philosophies. If your brand alone resonates with your target market, you’ll have no problem growing your business. The name itself will already communicate with your consumers, thus convincing them to patronize your business. Hence, boosting your brand can stir your business growth.
3. Target Market
The customers are the vital actors in a business setting. They are the ones who will buy your products or hire your services. Your business will cease to exist if you’ll have no customers in time. Sure, your business might have penetrated particular markets. However, it’s crucial to see how you can keep them while expanding your customer base. Therefore, study your market first before growing your business.
4. Customer Support
In line with market penetration and expansion, you should also consider your current and existing customers. They are the ones who will be instrumental to your business growth and success. The more they are, the better. That’s why you have to build your loyal customer base before you plan to grow and expand your business. Ultimately, your customer support will make your business growth successful.
5. Business Stakeholders
There are various stakeholders involved in your business. Not only do you have to cater to your consumer needs, but you also have to consider your employees, suppliers, partners, and other third-party vendors. Make sure to take care of your employees, build good relationships with your vendors, and help build your community. That’s when you create business value that will secure your business growth and success!
6. Budget and Finances
Business growth and expansion can be costly at the onset. Even if you’ve done your market research with the assurance of business success, you must shell out a certain amount of money. You’ll have to spend on opening a new branch, obtaining new materials, hiring new employees, marketing your products or services, and other miscellaneous expenses. Hence, check your finances and set your overall budget for your business growth strategies. You can also go as far as setting your investment portfolio management in place to grow your business finances.
Your workforce should be a part of the overall equation. Why? They are on the front line, ensuring your day-to-day business operations. Without them, your business will get crippled. Take care of your employees; they will take care of your business. And if you’re looking to grow your business, consider expanding your team and hiring new people. However, be highly critical and selective in getting employees for your business. After all, your workforce is your most valuable asset.
Lastly, marketing should be a part of your business growth strategy. Not only does it entail promoting your products or services, but it also involves reaching out to your customers and building meaningful relationships with them. When it comes to this, digital marketing is the key. Consider the following online campaign strategies:
- Search engine optimization for online visibility
- Pay-per-click advertising for website traffic
- Email marketing for customer outreach
- Content marketing for customer engagement and brand authority
- Social media marketing for customer engagement, lead generation, and customer acquisition
At this point, you now know what to consider for your business growth. As an entrepreneur, take those crucial factors above into account, from your industry to your business stakeholders to marketing. With all these in mind, you won’t leave any stone unturned. Ultimately, you’ll see your business grow, flourish, and succeed in time!