Given below are some tips that will help your fledgling small business to weather any storm and grow like gangbusters!
Hold Your Flock of Clients Close To Your Heart
You should make every move to hold on to your existing clients, even as you scout around for new ones.
This means listening to your clients, acting on their feedback, offering them various loyalty discounts and using any other means to ensure that your competitors do not lure them away.
Watch every move that your competitors make – and make sure that you take adequate steps to counter those moves.
Stay Within Your Financial Limits
Keep an eye on the financial side of your business so that you do not end up owing too much debt or giving too much credit to your customers.
Monitor your cash flow and keep strict vigil over non-productive expenses. Do not take out large loans that will burden you with additional interest.
If you do this, you will only put pressure on your profit margins – and increase your stress levels.
Make Them an Offer They Can’t Refuse
To stay ahead in the small business game, you will need to send out innovative offers such as offering freebies, extended warranties, discounts, etc, as per your business model.
You can also pair free service along with some of your products. This will only cost you a little in terms of time and money, but it is sure to impress your customers.
Use various media according to your budget to advertise your offers – and keep make sure you change your offers periodically.
Be Honest In Your Dealings
This will pay off in the long run, because it will help to build up your reputation as a small business that can be trusted.
By keeping your promises regarding the quality and timely delivery of your products, you will need less time to convince your customers to make a purchase. When you approach your customers for repeat sales, they will be less reluctant based on past experience – and they will already be ready and willing to buy from you.
Once a bond of trust is formed between you and your customers, you will only need to concentrate on delivering your products, not making a sales pitch.
Create an Online Presence
These days, it is imperative to have a presence on the Internet.
Make sure that you hire a good designer to build your business’ website. Nothing says ‘unreliable’ quicker than a cheap-looking site.
Ensure that you update your website regularly. You should also collect feedback from your visitors. This will help you to cater to their online needs in an efficient manner.
It is not very expensive to create and maintain an online presence – but it will create a bigger and better image for your business.
Build a Solid Network
This implies that you not only develop new business by getting in new customers, but also develop a good network of suppliers and employees.
This will enable you to have an ear to the ground, and you can change your business strategy with changing market conditions. A good network will also increase your efficiency in buying and selling products and managing your employees.
By following the above tips, you can ensure that your fledgling small business makes a successful transition into growth mode.
