Every business, small or large, has growth on their agenda. The type of growth varies from revenue generation, store location, physical space and number of employees to any other metric that the specific company views as critical.
There are many small businesses that choose to avoid aggressive growth, and instead prefer to remain at micro or small size. Fortunately, there are various ways to take your small business to new heights without sacrificing your company’s profitability or losing peace of mind.
As micro and small businesses are the lifeblood of most countries’ economies, this week we focus our attention on ways to help such firms thrive and grow.
Here are nine simple tips to help you navigate through this:
Focus on a single product or service, and then market it, sell it, promote it. Do everything you can to increase sales of that one product or service.
Expand your product line to offer complementary products or services.
Find ways to increase sales to your existing customers.
Hire someone to help you out, whether they are an employee, a freelancer, an intern, an independent contractor or even your children or trusted relatives.
Create a website to advertise your company or sell products online. Even a single page website helps with this.
Join forces with another business to promote your company.
Engage new generations through social media platforms. Choose two or three, and engage well on each of them.
Find new and different ways to market your business through e-mail newsletters, or by doing guest-speaking gigs or by teaching a class.
Expand to another location. Know when it is time to open the store front and find the most cost-effective and brand-effective way to do it.
Think about turning your business into a franchise or business opportunity.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
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