Starting a small business is not as difficult as growing it. According to statistics, 9 out of 10 businesses fail, and 50% of start-ups don’t make it to the fifth year.
It takes a lot to grow your business. With so much competition in the current marketplace, it is imperative to harness innovation and apply the best strategies for growth.
In this article, we look at some of the top innovative strategies you can adopt to grow your small business and achieve long-term success.
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1. Build a sales funnel
A sales funnel is the journey customers go through before they finally buy your product or service. Building a sales funnel is one of the fastest ways to grow your small business. If you still don’t have a sales funnel, you are one step away from collapsing your business.
With a sales funnel, you can easily automate your business and grow it quickly. There is some front work involved in building a sales funnel, but once you have scaled all of them up, you can achieve your business goals.
Before coming up with a sales funnel, you should conceptualise it and find out if it can work best for your business. Research all the different sales funnels available for your business and choose the one you believe can work best.
For instance, you can select a high-ticket coaching funnel or a free-plus-shipping offer. Develop a unique and automated sales funnel for your business that will scale it up fast.
You can use a tool like Finteza to prepare marketing conversion funnels and identify the sources that generate the highest profit. The tool helps you determine the channels with the highest conversion rates, user details such as device, location, and screen resolution, and traffic quality to filter out bot traffic. With optimized funnels, you can elevate your business profits and take the next leap in your growth strategy.
2. Redefine internal processes
As a business scales up, so does its internal dynamics. For instance, when your business is still small, you can function as one. That is, every customer can consult you directly. However, as your business grows, you need internal employees to take care of customers. You have to think of how the internal process of your business will be structured and organised.
Apart from the business structure, you also have to think of the technologies that you use, how your marketing and sales interact, and your manufacturing process.
Besides, you should leverage customer service skills for providing effective customer care. Businesses that offer excellent customer service are able to acquire loyal customers with a high customer lifetime value (CLV).
As your business grows, each facet of your internal business workings will always be under strain. Take an innovative approach as early as possible to change the processes and cling to the most effective one for your business.
3. Market your business
Marketing is one of the simplest ways to grow your customer base and establish a brand in a highly competitive market. Millions of customers are always online looking for brands that can solve their problems.
Therefore, you should position your business at the top of search results so that prospects can locate you quickly.
Start a Google Ads campaign and use the power of remarketing to reach ideal customers.
Invest in SEO and make your business visible online. Help your prospects to find your business and improve your sales outcome at the end.
You should invest in research to establish the best market for your product and formulate a growth strategy. Think of channels like guides, infographics, blogs, and emails. You can incorporate these into your marketing strategy for business growth by using top marketing and customer experience software.
4. Focus on workforce supply
Do you have skilled workers in your team? Do you have an HR team that can identify the right skills in people when hiring them for different job positions?
When recruiting workers to join your business or company, you should focus more on engaging with the right skill, expertise, and talent to join your team. Investing in a team with the same vision and passion as you can help your business to grow fast.
Most companies face a challenge when it comes to finding quality employees for different job positions. Discuss with your HR team what kind of employees you will need to ensure only the right people join your business.
5. Improve Communication
How do you communicate with your employees, suppliers, vendors, and customers? Does your team know what your brand stands for? Have you trained your team on how to communicate with customers and convince them to buy?
Communication is the number one factor you should consider when you want to take your business to the next level. You can improve communication in your team by training or educating your workers on communication. Ensure every worker is on the same page to streamline communication and improve service delivery to customers.
When you develop a growth strategy, you should ensure everyone is on the same page as you. Miscommunication in your business can slow down your growth strategy.
6. Track your business intelligence (BI)
Tracking business intelligence is all about identifying all the methods that your business can use to collect and conduct a detailed analysis of the data you collect from your organisation activities like sales and marketing.
When you match business intelligence with growth strategies, you can quickly grow your business fast.
If you look forward to attaining sustainable business outcomes, your business should adopt an innovative growth strategy relevant to what your brand stands for. The BI enables you to understand how to target customers, use your organisation’s data, and what you can do to convert prospects to loyal customers.
You can use business intelligence to measure how your business performs and focus on trends that may affect your future operations. It is possible to make the right performance decisions with your management team if you involve BI.
If you want to grow your business, you should be ready to do what the top companies in your market are doing. That is being proactive in setting a growth target.
Establish business intelligence, use tools for early-stage startups, build a customer base, have the right team, focus more on customer experience, build a sales funnel, and embark on being reliable.
There are different strategies you can employ to grow your business. Whichever strategy you choose, you should ensure it is relevant to your business, market, and in line with your goals. You can research to discover more ways to put your business at the top. Always think of how to maintain a strong competitive advantage and stand out from the crowd.