Business Growth – Are You Choosing the Best Way?

One of the best and least expensive approaches to business growth is through your current customer base. It is far easier to sell more to customers who are already buying from you. You don’t have to spend a huge amount on marketing because the relationship is already established.

What you do need to do is to find creative ways to sell them more of what they are already purchasing from you or introduce them to other products or services in your range.

Study your existing customers’ profiles to gain insight into the type of customers you attract and use that information to find more of the same. Look for potentials whose needs are similar and who tend to make purchases in the same way. You should see quick and significant growth to your business with both of the above approaches.

Business growth could come through investigating new markets for your existing products or services. For example, you may manufacture a piece of technology that is sought after by the transport industry.

With research, you may find that it would be equally useful for the aerospace industry, albeit for a slightly different purpose.

Developing new products or services could be the key to business growth. They could be in addition to what you already offer or to replace existing ones that are becoming uncompetitive or obsolete. You should offer these to your existing customers first. In this way you can test and fine-tune your approach before going large-scale.

If your business is small, business growth through diversification is not really for you. It is a high risk approach. It should only be considered if:

o You cannot meet your goals for business growth through the other approaches

o You have the capital to invest and the resources to carry the work through

Find Career Opportunities by Enhancing Your Small Business Job Search

The recent U.S. unemployment rate has improved slightly as of December 2010. We’re still over 9% and this is a far cry from the 5-6% decade average before the recession. If you consider the unemployment rates by level of formal education, the rates drop drastically for those with some college education and recent rates (various sources) for 4 year college graduates are about half of the overall average.

As businesses return to growth, there is a need to bolster their top-line revenue generators (sales and marketing) as well as IT staff for desired system upgrades, website enhancements and integration between order-entry and shipping systems, for example. Small businesses traditionally have contributed the majority of new positions to the economy (companies with 50 or less employees). Small businesses look to marketing, sales and product development to establish their identity and create sustainable growth in their market. Cash flow is often more of a concern for small businesses than their larger counterparts.

If you’re looking for employment with a small business, do your research and have an understanding of typical small business challenges as well as the company’s growth vision. If you’re interviewing with a business that designs e-learning courses for local companies, think about how you can help the company extend their reach through sales resource allocation, technology support and marketing strategies. Businesses are in business to make a profit and if you can inspire the employer to hire you because you share that vision, your odds of working for that company will increase drastically.

Nobody is going to hire you because you need a job. They will hire you because you’ve branded yourself as an innovative resource who can bring value to their company. Pretend you are running the business with which you are interviewing, and bring that entrepreneurial spirit to the job interview.

Quick Tips For Growing Your Small Business

Most small businesses start with the grand ambition of quickly becoming a medium, then a big business. Here are some quick tips for setting your business up for growth.

1. Increase Your Customer Numbers

Customers are those people who buy from you at least once. Your job is to find more customers who will buy from you. There are a number of ways to do this, however, if you want to do it fast, you need to identify who your customers are, where they congregate in great numbers, and direct your sales activities towards those ‘places’ where your prospective clients gather.

2. Develop a Marketing Plan

Undertake market research to determine the context of the market you are in and use this, and primary information gathered from your clients, to help you develop an appropriate marketing plan for your business, products and services. A well thought out plan is much likely to be more cohesive and more successful, while a hit and miss approach is likely to be more miss and less hit.

3. Sell More Stuff

Use your existing customer database to sell more stuff. If your customer has already bought a product from you, try to sell your other products and services to them. It is not only easier, it is cheaper too. Research has shown that it can be up to five times cheaper than the cost of finding new customers. You could even ask your customers for referrals.

4. Add More Value

Research has also shown that customers buy based on perceived value and not on price. So look at ways to increase the value of your products or services. A quick way to find out what kind of value you should be offering is to ask your customers. Calling them or asking them to complete a survey about your products and services will help you to find out what your customers are wanting, demanding or wishing for. This information can help you to add value, improve or develop products to keep your customers happy and buying more.

5. Build More Capacity

Improve your customer service processes by making them cheaper, faster, easier, etc. Train your staff to be more competent, learn new skills and improve the customer experience. The more work you put the development of your business, the better able it will be to meet ever-changing demands of your customers and increase it’s ability to adapt to the prevailing business environment.

6. Extend Your Sales Opportunities

Look for ways to generate sales opportunities. This could be through co-operative marketing, new lead generation ideas, the addition of new products and services or greater networking, just to mention a few ideas.

This is just a few ideas to put your small business on the path to growth. With a bit of research, a bit of planning and a lot of focussed activity your small business can become a medium business in no time at all.