No one dreams of starting a business only to remain at the same level, or even worse, fail. There is always that desire to grow to a huge authoritative brand. However, statistics show that a bigger percentage of startups don’t make it past 5 years. This is an indication that running and growing a business in today’s economy is no mean feat. There are pitfalls and hurdles that every entrepreneur meets along the way.
However, this should not scare you away. With well-planned and thought growth strategies, your business can reach any height. Ideally, a growth strategy will carve out a path that you need to follow, and define things that you need to do to take your business forward.
Here are 5 growth strategies that your SME needs to move to the next level.
- Define your ideal client
You can never be everything to everyone. If you try to please everyone, you most likely can miss pleasing even a single person. This can’t be good for a business as it could mean missing out on sales.
Rather than trying to target everyone, narrow down your focus to your ideal audience. To identify your ideal customer, start by looking at what you are offering. Which pain point does it satisfy? What is the age range of the people who can benefit from it? What are the must-haves for these people, a car, house, and the like?
Once you identify this category of people, seek to speak their language. Seek to find out what challenges they face, what makes them happy, their worries, goals, spending habits, lifestyle, and everything that is important to them.
The idea here is to tailor your message in a way that best speaks to them in order to grab their attention.
- Define your value proposition
Unless you are one lucky visionary to have been the first to solve a problem, you will have some sort of competition. Even if that were the case, those people had alternative ways that they were solving that need before you came into the picture. The most likely possibility is that your business will be grouped together with others in that niche.
If you are to stand out of the crowd and move to the next level, you need to define your value proposition. This is ideally, what sets you apart from the rest. Why would the customers choose to buy from you and not the rest? What is unique to only you that add value to the customers? It could be pricing, after-sale service, excellent customer service, or any other thing that only you provide. Whatever it is, define it and capitalize on it.
- Take care of your talents
Your employees act as the middlemen between you and your customers. In addition, they help you actualize your vision and achieve your goals. If you are to move to the next level, you can’t afford to ignore this aspect of your business.
Start by hiring people who align with your vision, company values, and culture. Next, take care of them so that they can feel valued and part of the organization. You can ensure that you offer them competitive perks, friendly work schedules, and other amenities. Third, equip them with everything they need to carry out their tasks optimally. That includes the right technology and know-how to operate. In addition, provide ways to pass information and knowledge seamlessly within the team. This is much easier now with advancement in technology. Through Zipping and unzipping files, for instance, large files can be compressed and decompressed and sent in a faster way than ever before.
- Have an online presence
The internet is one of the best things to happen in the business world. Almost every average person has access to the internet today. This means millions of prospects for businesses if they are able to leverage the opportunity.
Make use of this powerful tool by establishing a strong online presence. Create a website to document your business story and showcase what you offer. Make sure you are posting valuable content for your customers and enrich it with the most searched keywords in your niche. “ The overall well-being of your online presence is dependent on a strong foundation of quality content” – say experts from WebPerfex
In addition, create profiles in all relevant social media platforms where your customers frequent. Create a buzz around it by sharing valuable content and utilizing hashtags that direct people to your business. “When used effectively, social media can help to create tons of traffic to your website and increase your sales.” – say experts from Once Interactive
- Measure your performance
The truth is that you will never know how far you have gone or how far you still have to go to reach your goals if you are not evaluating your growth. Every strategy you employ in your business should be measurable. You need to define the key performance indicators that you can use to measure what you are doing. These should reveal valuable insights such as what you are doing correctly and what you need to change and adjust. Revisit this regularly and make changes whenever necessary as you go.
The journey to business growth is long, tough, and overwhelming. You need to be well prepared to walk the journey. The secret is to be consistent in what you are doing. Sometimes it will feel like trial and error in some of your strategies. However, you will get the hang of what works for you as you progress.