Starting your small business was a task all on its own, but you made it past the first few difficulties! The continued success of your business depends on growth, but how do you go about this as a small business owner when you have less people, less money, and less time? Developing a growth strategy does not have to take focus away from running your business, it could even make the daily concerns easier to maintain.
Today’s blog will discuss how to develop business strategies and provide a list of some growth strategies that can be implemented today to start building up your small business.
Strategies that Handle the Business
No one business can do everything, it’s impossible. Trying to could lead to a loss of customer satisfaction, a loss of repeat purchases, or a loss of profits. Developing a business strategy avoids this; it can help you as the business owner focus on your customers and their needs. A business strategy does this by tailoring your product or service to solve a problem for a specific group, by focusing on the goals, strengths, and what differentiates your business from the competitors. It also guides your business in reaching out to the market that your product or service will serve.
Creating a plan for ‘the who’, ‘the what’, and ‘the what for’. As your business gets busier, you can return to your plan and strategies, adjusting as different areas change. Having a business strategy in place keeps a focus on your business’s goals, breaks down who your target market is, and establishes a foundation to build a loyal customer base.
Strategies that Build Growth
Many of the strategies on this list seem pretty simple, but if you take the time to review these and their questions you might find ones that fit your business model. Areas that you did not think to research or fully understand. Growth starts with change and change starts with looking at what the purpose of the business is and who benefits from that purpose. Look through the list, pick one or more, and start today!
What’s Your Value Proposition
What is it that sets your business apart from the competition? What makes your business credible, valuable, and different? Understand why your customers should come to your business.
Check Out the Competition
What are they doing well? What are they doing badly? What makes them seem unique? Don’t run with the same ideas, but notice how they go about things differently.
Know Your Ideal Customer
Who is your business selling to? Why should they buy from you? What problem does your business cater to? Who needs that problem solved?
Deliver Consistent Value
Don’t allow the day-to-day stressors to hinder the business’s job performance. Hire employees that know and understand the business’s goals, employees that want the business to succeed.
Create Strong Branding
How do your customers view your business? What attachment do they associate with the business, the employees, the logo, and the locations? Is your brand strong, meaningful, and consistent throughout?
Become Familiar with Market Trends
Watch the market trends. Track how these trends affect your customers, their mindset and buying potential. Prepare for expected demand increases and decreases.
Price It Right
Modify product or service prices to meet the needs and preferences of the target market. Understand how demand affects price.
Now Go Grow, Small Business
A small business that is successful keeps solving problems for their customers. Profitable small businesses know their customers, what they need and how to give it to them. Growing your small business will be hard work, but having a strategy that keeps your business, your team, and you on track can make growth possible. As the business does expand, revisit your business’s strategy and modify it to keep with the core goals of the business and its customers. Don’t wait to get started! This is just the beginning!
About the Author
Allyson obtained her Bachelors of Science in Business Administration in 2009 with an emphasis in marketing management. She holds art degrees in both Graphic Design and Web Development, and is certified in both disciplines. Areas of special knowledge include: typography, illustrating, photo-editing, page layout, and creative problem solving.