If you’re setting your sights on business growth in 2017, then you’ll need an effective plan. With the right planning and research, small businesses can expand rapidly. However it takes a lot of hard work and dedication, and you need a supportive team to grow your business. If your goal this year is expansion, then we’ve got some tricks for fast growth that you’ll want to read.
Firstly, you’ll want to consider physical expansion if the industry allows it. This could be opening a new location, such as a shop or office, or simply expanding the current space you occupy. However if you’re planning on tapping into new markets in a new location, domestic or international, you’ll need to undertake careful research. Just because you’ve achieved success in your current location doesn’t mean it will be automatic in your next endeavour.
Many business owners think of a physical expansion as the first and only way to grow, which isn’t true. It is not always the right path and there are other opportunities to explore, such as franchising the business.
A new location calls for a brand new business plan and financing. Where will you obtain the cash for a brand new store? You’ll need to pay more staff, buy more stock and make up any losses from the new site, so it really does require careful financial planning. Research which kind of loan would suit the business best, including alternative finance solutions in addition to the offerings of high street banks.
One of the fastest ways to grow your company, which many business owners neglect, is through the HR department. And if you haven’t set one up yet, then you can’t even be thinking about new locations! HR can help your workforce become engaged and more productive, helping businesses tap into extra revenue. A good HR strategy can also keep good workers at your company, attract talent and lower recruitment spending.
The fundamental driving force behind business growth is sales. More sales amounts to more revenue, which allows the business to develop. With this in mind, you should focus foremost on sales and marketing. Make sure all your staff are trained well in sales and customer service, and they are encouraging repeat custom. To find new custom you’ll also need a good marketing strategy, including digital methods such as SEO and social media.
Once your sales increase and you have more clients, then you can focus on making sure you have enough resources to deliver the service – then growth naturally occurs.