5 Proven Ways to Grow Your Business

It’s most people’s dream: own your own small business and build it into something highly profitable. The reality is that it’s not impossible, but it’s also not as simple as hanging an ‘Open’ sign on the window. If you want to grow your business quickly, you need to implement the proper strategies. That’s why we’re here: to help you find some strategies which will work for your small business. Below, we’ve listed 5 of our favorites.

Grow Your Business
Photo Credit: John Foxx

Market to Grow Your Business!

It’s over the top, but it’s the kind of phrase we wanted to type in all capital letters, bold it, underline it, and italicize it. What happens to an unmarketed product? It gathers dust. All of your time and effort developing it is useless if you aren’t willing to put forth the effort to market it.

The good news? You can do the marketing yourself, or you can hire someone for a reasonable price. The benefit of keeping the marketing in-house is that it’s far less expensive and you have more control over the message. The downside? You might not know what you’re doing, which can cause more harm than benefit. Outsourcing to an individual or company allows you to focus on your company, with a trained professional marketer handling your online presence. It’s more costly, but the point of marketing is generating income. If they know what they’re doing, they’ll make you far more money than they cost.

In short, if you aren’t already, start marketing right away!

Provide Top-Notch Customer Service

Some companies (Zappos, Amazon, Nordstrom) offer legendary customer service. You’ve probably heard Nordstrom’s tire story, or Zappos’ flower story. These kinds of stories appeal to people. Not only is it ethical and moral to go out of your way for your customers, it’s also a great business practice! If you don’t believe us, look at Amazon.

New Products or Services

Diversify your product line either through developing a new product in your existing industry, or branching into a new industry altogether. The sailing company, Hobie, started off as a surfboard company. Over time, their product line has evolved into an array of fun, user-friendly products: kayaks, stand-up paddle boards, and catamarans. Within each line (kayaks, for instance), they have a variety of different products: kayaks you paddle, kayaks you pedal, kayaks built for fishing, inflatable kayaks, kayaks you sail, etc.

How can you diversify your product line within your current field? Look around. Research your customers (either by flat-out asking them, or by spying on them on social media/message boards). If no opportunities present themselves, find a related field – but be careful; you don’t want to invest in a new product which fails to gain traction. Do your research!

Use Your Customers To Your Advantage

Refer-a-friend programs can be hugely successful. Dropbox, the online file-hosting company, offers free storage for every friend their customers refer. Roku offers one, too — as does Vonage. Customers earn a small perk, and you earn an entirely new customer (who can then invite their own customers). It’s a win-win situation.

Study Your Statistics and Strive for Incremental Improvements

This applies across the board. It doesn’t matter if you’re talking about manufacturing time, email open rates, product purchases, etc. Find an area where you can conceivably improve, study it, innovate, and test your new method. Your system is perfectly designed to receive the results you’re currently receiving. Improving your system will improve your results and ultimately help grow your business!

If we can assist you in growing your business, let us know! Our website will tell you all About Us, Our Process, and Our Services. We look forward to hearing from you.