Growing a small business into a bigger, more powerful presence is a long process. It requires investments that are often risky. However, if you believe that this is the right time to expand and make your presence truly known, then it’s time. Take control of your growth and plan to:
Increase Production
As you become more popular with your buyers, you will soon have to provide more of your services to more clients. It’s not a bad idea to go partial or fully automated, especially if the demands are increasing in number and you don’t want to lose momentum. This can also include your delivery process, especially if you’re working with perishable goods. Consider an automatic truck loading machine, which cuts loading time as well as the risk of human accidents.
Create a Newsletter
If your business has many updates that it would like to share with the regular clients and investors, a newsletter would be a perfect expansion. People aren’t too keen on newspapers and pamphlets now, but they will value magazines and booklets that have great content, art, and photos in them. If you don’t want to invest in that type of upgrade, then put your money down on online newsletters. They take a bit of setting up, and they need to be managed by a professional. However, you don’t have to worry about monthly or quarterly printing costs.
Reward Your People
As you become bigger and more popular as a brand, it’s important to be grateful to the people that made it possible. Employees don’t ask for much. They need only their salaries to come on time and their vacation leaves be signed. They need to be given credit where it’s due, particularly if they’ve been your loyal staff for over three to five years. Promotions are good, but remember to look beyond credentials and more into attitude and resourcefulness.
Open a New Branch
If you’re providing food services, supplies, or some type of transportation, it can be a good idea to open a new branch. Look for a location that you don’t have access to and is in need of what you offer. Take time to survey the foot traffic, economic freedom, and social needs of your potential branch. Just because there are millionaires in this new area doesn’t mean that they would want what you’re selling. Just because a place feels middle class doesn’t mean that they can’t afford you.
Enter a New Market
When your business grows big enough that you don’t know how to use your newly earned capital, you might want to try branching out to a new market. Try selling a new product that’s still related to your business, such as with restaurants selling their unique sauces or making home deliveries an option.
Remember that growth takes time. Just because you have the means and enthusiasm doesn’t perfectly guarantee success in a few years. Keep connected to your clientele, update your technology, hire and reward the competent, and you can get a foothold in this brave new world.
