For startups, growing one’s business is a significant step for them to become still relevant and increase profits. Before you expand, you will need to determine first the status of your business and how you are going to reach your desired outcome. There are a couple of things you need to ponder here: what are your present resources, how much you are going to invest, and where to go, among many things.
Of course, that is not to say that execution is as easy as planning all that. Yes, it will be harder than what you could ever imagine. Diego Orjuela, CEO of Cables and Sensors, actually took 16 years with blood, sweat, and tears to find real success. Now you might be wondering, how do you start growing your own business?
Focus on established sources of revenue
Your business could never take off to where it is now without your customers. Now, since you are trying to grow your business, it is actually a wise idea to build it around your loyal customers first.
Instead of getting new customers, it is highly encouraged to get repeat customers for your business. You can start offering referral programs or customer loyalty systems that would encourage this behavior.
Your core customers are your established revenue sources. Focus on them and what your company does best, and the increase in your revenues will eventually follow.
Enhance your customer experience
The way you treat your clients can make or break your business. Your customers, both current and potential ones, can easily help in the growth of your company. With the age of social media, one can immediately provide their feedback through your social networking pages, and that makes up a lot.
Dig deeper and know your customers better. Provide them with a quality experience and products that will surely garner good feedback from them. Listen to what they want and deliver. Innovate products and have diverse offerings to customers who have various preferences.
It is of particular importance to engage well with your clients on a personalized level to strengthen your relationship with them.
Innovate yourself and continuously improve
Because the world is revolving in a fast-paced manner with technology, it makes constant changes as well. You do not want to be in a business wherein people could no longer relate to – or in other words, irrelevant.
Think of something new that could wheel you further away to becoming an irrelevant space in people’s minds. You could either enhance your old products and services or improve your customer experience.
Expand to other markets
Have you tried exploring to other markets? Sure, your current market suits you and serves you well right now. But how about the potential in the others?
Do not be afraid to explore other markets where you think your products or services could be needed. Can schools or specific clubs benefit from your product? How about other people like young professionals, young moms, or work-at-home parents? Be imaginative and just see where it goes. Then, you can decide if it will be worth pursuing or not.
