You’ve launched your small company and it’s doing well; now it’s time to transfer your attention to business expansion.
Your development plan does not have to be sophisticated; there are basic and low-cost things you can start doing right now.
We’ve compiled a list of 16 simple steps to help you expand your small company, from incorporating a legal organisation to creating a website and more.
Table of Contents
16 Simple Steps to Growing Your Business
1. Reduce your risk by forming an LLC.
If you haven’t created an LLC yet, now is the time.
Starting a limited liability corporation (LLC) gives your firm immediate legitimacy and protects your personal assets from creditors and litigation. LLCs are also relatively simple to set up and manage.
2. Make a Company Website
Every firm, large or little, requires a business website to seem reputable and genuine in today’s market.
Aside from establishing credibility and trust, there is a chance for:
Branding
Marketing
Ecommerce
Natural web traffic
Customer care
The good news is that small company owners can easily and affordably develop and manage a website. Setting up a website using a contemporary website builder may take as little as 5 minutes.
3. Establish and Expand Your Business Credit
Business credit provides a company’s owner with access to capital that may be used to expand the company.
According to a National Small Business Association poll, one-quarter of small business owners said a shortage of finance kept them from developing their company. Not surprisingly, 20% of small company loans are refused owing to poor business credit.
4. Obtain a Business Bank Account and an EIN.
To expand your firm, you’ll need a specialised business bank account and an EIN.
A business bank account assists company owners in obtaining loan approval, protecting their corporate veil, accepting credit card payments, and increasing trust with consumers.
The good news is that creating a business bank account is the most basic thing you can do to help your company flourish.
5. Purchase a Business Phone Line
It might be said that “nothing shouts professional like a business phone line.”
Calling a company owner’s personal mobile phone, on the other hand, seems unprofessional and unsettling.
6. For existing customers, use simple marketing strategies.
You don’t have to make a dent in your cash flow to get good marketing. Marketing to satisfied customers is free—ask for a review in return for a 10% off coupon and launch a customer loyalty programme.
A customer loyalty programme is a simple and mutually advantageous strategy to engage your current client base while also attracting new consumers.
You have the option of developing your own client loyalty programme. The easiest and least costly method to get started is to punch a rewards card.
Another straightforward approach is a value-based loyalty programme. In this case, the company promises to contribute a particular amount of profits or other items to charity after each transaction.
7. Always strive to improve customer retention.
Keeping your current clients should be an ongoing, devoted endeavour.
One of the simplest strategies to boost sales is to enhance client retention. Fundamental practises may include, but are not limited to:
Every day, make customer service your first priority.
To develop trust and customer pleasure, always under-promise and over-deliver.
Using email campaigns to stay in contact with and reward loyal consumers
8. Put Your Best (and Longest-Lasting) Foot Forward
Practice corporate social responsibility and environmentally friendly practises, and let your customers know. Make it a point to inform your consumers whether you utilise or offer sustainable items.
If you aren’t already utilising or selling sustainable goods, look into the advantages of doing so in your target market.
9. Increase your connections and partnerships.
There is strength in numbers, particularly when it comes to company development. Increasing your relationships and alliances may assist you in attracting new clients and appealing to a larger market.
Attending local networking events may and can help you expand your company. Maintain your emphasis on possibilities to form strategic alliances in your market. You’ll discover new techniques to network with other companies and build partnerships that will benefit both you and other company owners.
When you’re ready to begin creating business ties, seek for partners that share your company’s values, share your mission, and complement your company’s strengths. This should be a mutually beneficial partnership that provides possibilities for both parties to improve.
10. Conduct Extensive Market Research
If you already manage a profitable firm, you most certainly have a good understanding of the sector. However, regardless of your degree of understanding, completing extensive market research is critical to healthy company development.
What is trending in your business and how has it changed?
How your target audience has evolved since your company’s beginning
How the target audience of your rival has changed over time
Interviews, focus groups, price research, product research, and competition analysis are all examples of market research methods. Consider adopting as many approaches as possible to acquire a well-rounded viewpoint while doing research.
11. Improve Your Online Presence
Today, the internet is the most effective marketing tool accessible to small company owners. Small companies may flourish in two locations on the internet: their social media and their website.
Optimizing your company’s social media channels requires an emphasis on both consumer connection and branding. These channels should be used by your company to communicate with clients on a regular basis. Furthermore, the activities made on these channels, including colour, content, and tone of voice, should be consistent with your brand.
Consider employing or assigning the function of “social media manager” since, because social media is such a strong marketing tool, a team member committed to the success of your online platforms is frequently a wise use of dollars.
12. Build Your Team
As your company expands, you’ll need to extend your crew. Hiring can be a difficult and exciting process that results in new ideas and a fresh new voice for your company. Smooth onboarding requires balancing the recruiting process and maintaining a productive, happy environment. Here are a few pointers to keep in mind when you begin to grow your team:
Determine how much growth your company need.
Get recommendations from your finest workers.
Improve your corporate culture to attract new employees and create a more productive environment.
First and foremost, create a training system. Employees are more likely to remain in a job and be happy in it if they get enough training. As a result, creating a solid training programme is critical to the success of your organisation.
13. Build a Stable Company Culture
It’s no secret that happy workers are critical to a company’s success. Developing a strong business culture may lead to increased productivity and decreased turnover rates, both of which are necessary for your firm’s success. Determine what makes your organisation special and enjoyable to work for. The cornerstone of your corporate culture is its basic principles.
A good workplace is characterised by clear communication, respect, and encouragement. Create methods to increase engagement and encourage excellent performance by concentrating on these three values and linking them with the objective of your firm.
14. Investigate Additional Funding Options
Expansion takes money, and even if business is excellent, keeping to a budget is essential, especially for successful small firms. Exploring other finance alternatives may broaden the possibilities for your company, augmenting the funds required for expansion. First, develop a company development strategy and estimate the amount of money required.
There are several methods for attracting more interested investors. Potential financing sources include venture capitalists, loans from friends and family, crowdsourcing, and angel investors. However, before approaching finance sources, you must produce a business strategy or blueprint outlining how the cash will be used.
15. Maintain Your Analytics
Every organisation may benefit greatly from business analytics. This application aggregates statistics and data about every aspect of your small company to assist business owners in identifying trends, increasing sales, and reorganising their business plan to reach their objectives. Analytics are particularly useful in the context of growth.
Using this data may help you reach new consumers or fine-tune your company plan by providing you with the knowledge you need to make more calculated, educated business choices. You may, for example, utilise analytics to review your target market and run more successful marketing efforts. Using analytics is a wonderful tool for making more focused and productive business choices that will help your company flourish.
16. Simplify Your Business Model
Examine how your company is presently operating and where it may be improved. Consider how you might simplify your company in particular. Efficiency not only allows team members to be more productive, but it also enhances customer experience, resulting in more loyal consumers.
Some areas to concentrate on streamlining include your company’s day-to-day operations, order processing timeframes, and the schedule to fulfil your business objectives. Consider enlisting the assistance of your staff to come up with novel approaches to improve efficiency and simplify your present operations.