With the UK economy showing a strong recovery over the past year, confidence is up in the small business sector.
Business investment is starting to pick up which means it may be an ideal time to grow your business. No matter what industry you’re in, if you’re a start-up or an established firm, there are a number of steps you can take to develop your business
Here’s five tips for growing your small business.
1) Know what you are going to do
Make sure your business plan includes the potential for rapid growth and development. Work practices and objectives may need to adapt with the business, and it’s important that you and any staff members are aware of this. Making the processes as adaptable as possible will give you flexibility and resilience when coping with change. Identify any risks and make sure you have adequate business insurance cover.
2) Build a dream team
If you’re a sole trader, consider employing staff who can help drive the business forward while freeing up your own time. Learning to delegate will help to keep you focused on the details that matter. Having a mix of skills, talents and experience will strengthen your business and boost performance. Employ trusted individuals who believe in your mission and don’t mind getting their hands dirty.
3) Listen to the customer
Pay attention to the customer. They’re your bread and butter so remember that they’re always right! Listen to any frustrations or common issues and try to devise a plan to avoid these in the future. Always look after existing loyal clients while trying to win new ones. Provide the personal touch by remembering their names and any other information they may have told you. Doing a good job will often lead to repeat business.
Building a network of contacts is essential for business growth. With the growing popularity of social media, networking sites are a handy tool for many small businesses. Social media sites such as Facebook, Twitter and LinkedIn provide an online platform to market your business, promote products and share referrals and testimonials from clients. Reputation management is essential for business owners in all sectors
5) Stay motivated
Stay focused by referring to your business plan and identify your key original goals. Make sure all the basics have been checked off before you push for growth. Knowing that you are protected with commercial insurance will give you one less thing to worry about while you develop your business. Reassess your sales and marketing strategy, making sure it’s still relevant and effective.