Grow Big From Your Small Business

How Long Does It Take A Small Business To Be Profitable?

1. Small scale businesses are the only lucrative option left to many professionals who have either lost their jobs or want to switch their careers.
2. Especially the post-pandemic era has witnessed many professionals join the bandwagon of entrepreneurship.
3. According to a survey conducted by Statista and the Economic Times, Indian consumer markets will grow on a larger scale by mid of the 21st century.

• Opening up a venture or small scale business was never too difficult, but the most strenuous aspect of a business is maintaining it and growing it bigger.
• This article can help you understand some essential tips to stabilise the small business and grow it bigger and better with time.
• One must note that every tip or advice shall need constructive efforts and time to turn rewarding.
• Now let’s check out some dynamic yet easy set of strategies that shall shoot up your business from tiny to huge.

Nurture The Customer Base

1. Every business, small or big, needs this to grow and build a loyal clientele.
2. Whatever field of business you are into, interacting with clients and understanding their needs is a must.
3. If you own a product selling firm, you must provide customers with the right product that would best suit their wants.
4. Once you have closed the deal, you should concentrate on after-sale services as well.
5. If you have ventured into the service industry, you must maintain a good rapport with the clients.
6. This idea makes them feel friendly and satisfied as satisfied customers are the best brand ambassadors.

Establish An Emailing List

• It’s a tried and tested method for ages and works brilliantly too.
• But this means that your mailers or newsletters must have magnetic content to attract the customers and tempt them to subscribe to your mailers.
• You must establish a lead magnet and for which you would also need a sales to funnel.

Interacting With Customers

1. Personalising business strategies can help you get closer to the customers.
2. Noting their birthdays & anniversaries and sending wishes makes them feel connected.
3. Wishing your clients on occasion of major festivals like Diwali, Eid, Christmas, New Year, etc. makes them happy.
4. You can get in touch with customers through personalised emails or newsletters.
5. Continuously being in contact is what shall keep your brand in their minds and lead to business growth.

Setting Up Your Website

• A small business can do without a website, was a saying that has turned wrong now.
• Post-pandemic the scenario has dynamically reinforced the need to have your business’ presence online.
• The basic requirement for doing this is setting up a good website.
• According to your nature of the business, you can choose the type of your website.
• Slowly, you can make it more dynamic and add payment gateways to scale up your venture.

Networking Works

1. Spending quality time in building network reaps long term relations.
2. What one knows isn’t that important in business, but whom you know makes a huge difference.
3. Thus you must be attending workshops, conferences, training, etc. to build a strong network.
4. The business quickly grows when your quality spreads through word of mouth.

Hosting A Few Events

• Once you have attended a few socio-cultural or educational events, automatically your network increases.
• Utilise this network for hosting your event.
• Conduct a get-together or an educational workshop.
• Earn the limelight through hosting a range of events.
• This could be monetarily beneficial too.

Build Strategic Partnerships

1. Once your network is strong, building partnerships becomes easier.
2. Tie-up with the right company can make a huge difference.
3. This will allow you to reach a pool of customers quickly.
4. Keep an eye over companies that are a bit bigger than your own, complement your work field, partner with them, and grow together.
5. In this working style, you shall get good advice and also be able to learn a few experiences from your partners.

Franchising Your Model

• If your running business is successful, you can decide on growing it larger through franchising options.
• If you are looking for rapid growth, this idea could work for you.
• Although this feature works out well, it’s equally expensive and complicated.
• Thus one must study the market well before taking this decision.

Deploy Social Media On Duty

1. Social media and its platforms are so much in demand nowadays that you can efficiently market your brand by deploying their features.
2. A small venture can evolve and bloom up with the help of the right social media marketing.
3. Setting up social media handles, regularly posting interactive content, and generating leads through them shall fetch you profitable growth.
4. Paid promotions can be managed through social media handles by paying minimal charges.
5. The target audience can be quickly brought over these platforms to enhance the business.

Research Your Competitors

• Any small or big business has numerous competitors in the market.
• One must study all those thoroughly to create a healthy outcome through competition.
• Very few sectors have a monopoly, so while working, one needs to review the market competition’s pros and cons to increase sales.
• One must study the ads related to your product that has been running for too long in the market.
• This shall scale up your business efficiently.
• If it’s working for your competitors, it will work wonders for you also.

Get Vocal For Local

1. On your journey of enhancing your business, if you try and uplift the local vendors that support it becomes profitable for you.
2. Helping others grow and indirectly foster the goodwill of your firm and increase your sales too.
3. When you support the small vendors locally and purchase raw material or any other services from them, it motivates them to spread the good word about you.
4. Thus turning vocal for local markets can be helpful for your business too.

Embrace New Opportunities

• Being open to change and continually working with dynamic turbulences makes you and your business stronger.
• You must analyse new opportunities in your business by studying the demographics.
• Learning about the distribution channels and also about the international markets can generate better options for you.

Broaden Your Offerings

1. Diversifying what you offer shall increase your clientele base for sure.
2. You need to brainstorm on what complementary products or services you can offer with your existing range.
3. The growth of your business depends on this crucial factor.
4. You can vouch on opportunities in your niche and cater to your clientele with an expanded product range or services.
5. Try and focus on the pain points of the target audience.
6. What else can you sell?
7. What more can add value to your existing business?
8. Answering these questions will lead you to broaden your venture.

Take-Over Other Businesses

• At times acquiring other smaller businesses can make you grow bigger quickly.
• If you can rectify certain ventures that complement your own, acquiring them would be a good option.
• You can take a look at your industry and find the best firm to merge with.

Crossing Borders

1. If your venture is set in your country, it’s time to expand it globally.
2. A product that is in demand in one country can be exported to others as well.
3. Slight modifications are needed, and you can dive into international seas as well.
4. The export duties and charges are high, but your sales shall reap your higher margins and profits for sure.
5. Scaling up your business from a town or city to a national or international level can be tiring and expensive.
6. But hard work, proper strategies, professional advice or training, perfect networking, and novel ideas can set a booster to your business.

The Takeaway

• One must always keep in mind that any and every business small or medium has the power to grow big.
• One must strategise every move with the utmost care to avoid pitfalls, as every business has numerous loopholes that turn into losses if unattended.
• Thus, an entrepreneur must study all the strategies in detail to flourish as a brand in the market and increase profits and sales.
• The only aspect that is vital in the process is persistence and diligence.
• If you imbibe these qualities in you, the world shall embrace your ideas and venture with open arms.

Also Read:

1) How Small Businesses Afford Digital Marketing?
2) Does Commercial Solar Power Make Sense For Businesses?
3) 7 Different Types of Loans for Your Small Business
4) Hiring and Managing People Wisely: HR Mantras For Small Businesses