Are you planning for business growth? We ask this question because so many business owners are content to rest on their laurels. Provided there is a profit coming in, they are happy to continue as they are, with the hope that money will continue to roll in.
However, there is always more a business owner can do to grow their business. With forward thinking and a few positive steps in the right direction, it is possible to grow a business to both expand its reach and generate more income. And to survive in the business world, doing so should be considered a priority.
So, we ask again. Are you planning for business growth? You really should be!
The following are some of the steps you can take now.
1. Plan to Add More Revenue Streams
Growing a business is partly about expanding its portfolio. If you sell a particular product, could you expand your product range? If you offer a particular service, could you diversify it to give your consumer something extra?
Not every business is able to expand its product or service, but if you are able to think outside of the box a little, and/or if you can identify another type of consumer from within your business, then plan to offer that something extra to add another revenue stream to your business.
2. Plan to Connect with Others
It’s the old adage: It’s not what you know but who you know, so ask yourself the question. Who can help you grow your business?
There may be specific people who can support you, so seek them out, have conversations, listen to any advice given to you, and perhaps even partner up with them to extend your reach and service.
To meet people, you might join specific Facebook groups, attend conferences and other business events, and directly approach other businesses by picking up the phone or sending an email and arranging to meet in person to have those important conversations that could see your business grow in size and strength.
Start thinking about who those people might be, and where you might find them, and then plan your networking for the months ahead.
3. Plan to Invest in Talent
You don’t always need to hire a lot of employees to grow your business, but you do need to hire the best of the bunch. The more talented your employees, the more they can offer your business, and the more productive your venture will be. So, think. Where can you find the best employees?
You might take on interns, hiring those graduates fresh out of university. They should be both enthusiastic and full of new ideas after studying. Your current employees might have a few suggestions from their own social circles. Or you might advertise on specific job boards that are bound to attract the best people.
There is more advice on this and other hiring-related advice on this hiring blog, so have a read of the articles within, and then start to formulate a plan to invest in the most talented employees within your reach.
4. Plan to Spend More Time in Research
To succeed in business, research is key. Plan to set time aside, and then add the following to your research schedule. Research other businesses, and find out what they are doing well. Directly speak to these business owners, and look at their website for more information. Research the consumer market and build relationships with your readers. And understand what are today’s consumers looking for?
Keep an eye on social media and industry magazines for common trends, and send out feedback surveys to past and current customers to find out what they want from businesses like yours. And research more into your product or service. Could improvements be made?
Consider other business owners, and how they may be using methods that you haven’t utilised. Read industry journals to find out about future trends, and how you might expand your business into these areas to remain future-proof.
Research anything else that is applicable to what you are doing, as the more knowledgeable you are, the better placed you are to put into action the steps needed to grow your business.
5. Plan to Put More Effort into Your Marketing
You should be marketing your business already, but if you want to attract more customers to what you do, then you need to take steps to extend your efforts.
You might want to hire a marketing team, ensuring a concentrated effort is made while you get on with the other facets of your business. Or you might want to use your current employees to market your business, perhaps giving them an incentive to bring in more customers.
There may be marketing strategies you haven’t fully utilised, so rather than sticking to what you currently do, expand your reach by doing something new, as there may be value potential in spreading your wings with some of the methods that are present within this article. Make a plan that is relevant to your business, and hopefully, your customer base and your business will grow.
No matter how well your business is doing, never rest on your laurels. There is always more you can do, so if you do want your business to grow and have a better chance of success today and in the future, use the suggestions we have presented to you within our article.
Have fun in growing your business!