Categories: LeadershipStartups

How to Make Your Business Grow: 10 Methods for Business Success

Do you have big dreams for your small business? Maybe you want to turn it into an international or billion-dollar company one day.

Of course, that’s easier said than done. Learning how to make your business grow takes a lot of patience and commitment.

But don’t worry – I’m here to help.

Keep reading to learn my tips and tricks for making your business grow.

1. Delegate

Are you running yourself ragged? If your working on basic tasks from dawn to dusk, you’ll never have time for any creative thinking.

No creative thinking means no business growth.

Many small business owners struggle with delegating. It can be hard to relinquish tasks to someone else, especially when they don’t have as much riding on the company’s success as you do.

You’ll need to free up some time in your schedule for the important things, so do your business a favor now and start delegating.

2. Know Your Finances

If you’re not the best at math, hiring someone to handle the finances and bookkeeping may be your first move.

While hiring a professional to handle this is a great idea, you shouldn’t be completely lost when it comes to your company’s financial health.

Make sure you look over the books regularly so you know where your money is going. This will help you make important decisions relating to your budget and spending in the future.

3. Get Return Customers

Let’s face it – getting customers is hard. And it can be even harder to keep them coming back for more.

But those return customers are key if you want to grow your business. They’ll give your company and a nice stream of steady income and are likely to tell their friends about your business if they’ve purchased from you several times.

Start by setting up an email list by asking customers for their email when they make a purchase. You can then email them coupons and notify them of upcoming sales or promotions.

Rewards programs are another great way to get repeat business.

4. Go Virtual

Americans are now making over half of their purchases online, so it’s vital that you jump on this trend.

Opening an online store is a great way to reach new customers and give your existing customers a convenient way to buy your goods.

Of course, you should also have a strong online presence. This means maintaining active social media pages and developing a good content marketing plan. This will get your business noticed by more customers and will increase your bottom line.

5. Sell Related Goods

Do you specialize in one specific product? If you’re not selling anything related to it, you’re losing out big time.

Let’s say you sell smartwatches. People come into your shop because they’re looking for a way to track their activity and receive notifications from their phone when they’re out for a run. This also means those same customers will want accessories, like smartwatch screen protectors.

If you don’t provide these extra things, your customers may feel inconvenienced and end up shopping at a competitors’ store. Even if your customers don’t intend on buying anything other than a phone case, they may change their mind when something in your store catches their eye.

6. Cut Costs

Growing your business means having to make some tough decisions. But, your business won’t get anywhere if you’re spending too much money on non-essentials.

Perhaps the biggest waste of money is hiring too many employees. If you have employees that aren’t busy all day, lay some off and restructure how you’re delegating your tasks. Consider hiring interns or part-time workers to fill in any gaps.

Make sure you’re evaluating your products and advertising techniques. Any products that don’t sell and any advertising techniques that aren’t working should also get cut.

7. Be Flexible

One of the first things you did when you decided to start a business was to create a budget and business plan.

Don’t be afraid to tweak them if you notice something isn’t working. Forcing yourself to stick to an ineffective budget or plan will only hold you back in the long run.

8. Partner with Other Companies

Forming business relationships with other local companies is a great way to get ahead. Consider forming partnerships with complementary companies to extend your reach in the community.

If you sell smartwatches, look for health food stores or yoga studios in the area. You can set up a mutually-beneficial agreement where you refer customers to each other or place advertisements on your front desk.

You could even offer coupons to each other’s business with a purchase at your store.

This way, each company will get extra exposure and build their customer base.

9. Look at Your Competitors

When you’re learning how to grow your business, the best thing you can do is take note of how your competitors did it.

Research them and find out as much as you can. See what they’re doing right and figure out how you can incorporate that into your business. Look for negative customer comments, and think of ways you could make these customers happy if they shopped with you.

10. Focus on Future Growth

When growing your business, it can be all too easy to only focus on things that will get you immediate results. However, it takes a lot of time to grow a business.

Take advantage of new technologies, investments, or opportunities that can help your business grow in the future. You’ll be thanking yourself five or ten years down the road.