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Technology has revolutionised the way we do everything and has changed it for the better. We can now do everything we need online; there is no need to leave the house at all. Whether you’re doing the weekly food shop or playing casino bingo games on Monopoly Casino, there’s nothing you can’t do online.
The same can be said for how you run your business. Most businesses are built online, and some of the best ways you can grow your small business revolve around technology. We’ll be looking through how to know when you’re ready to take the next step in your business and how to do so.
When should I try and grow my business?
Before you think about growing your business, you need to consider that you’re in a position where business growth will succeed. There are some key signs to look out for, such as
Having a consistent customer base
Having a consistent customer base is the sign of any thriving business. You don’t just want lots of customers; you want the same ones returning time and again. This is how you know that you’re in a good place to take your business to the next level.
You are in high demand
If you have more demand than supply, this is a sign you’re ready for growth. If you’re constantly out of stock and your customers are asking for more from you, this is a sign that your business is ready to grow and needs to.
Ensure this is over a couple of months, so you know it’s not just a seasonal trend.
You have enough money in the bank
Of course, when it comes to any business decision, finances are the biggest indicator. If you have enough money in the bank to cover yourself if your attempts at growth don’t work, you’re safe.
You also need to make sure you have the funds to cover any costs that might come from trying to grow your business. You’ll still earn while trying to grow, but you need to ensure it’s enough to cover you.
How to grow your small business?
Attract new customers!
If you already have a loyal customer base, you could be happy with keeping them on board. However, if you’re looking to grow your business, attracting new clients and customers is imperative.
You can do this in a number of ways, but one of the best ways to do it is through promotion. If you have any company social media, you could try and get new customers on board through a promotion. You offer a competition out to your current followers and get them to share your business as a way to be entered into this competition. That way, you can try and entice new customers who see their friends sharing your business.
You could consider a marketing campaign if you’re looking for something with a little more impact. This could be done in-house if you have experience or could easily be outsourced. It gets your brand out there in a bigger way and can have many benefits.
Or you could do something simpler such as offering to start international shipping. Being able to ship your product abroad will naturally expand your customer base, especially if there has been interesting from different countries previously.
Hire people to help you out
If you’re running a small business and the admin or packing side is taking up unnecessary amounts of time, why not hire someone to help you? These sides of the business can take up a lot of time and energy that could be spent elsewhere. You can save time by getting someone else on board to help you.
It can be difficult to let go of any side of your business but starting with the smaller tasks will make it easier in the future. You could also consider outsourcing certain aspects of the business. Why not look into accountants to help with the finances or outsource a legal team if you need it?
Add onto your product or services
If you’re already selling a product or service, you could consider diversifying what it is you already have on offer. This could come in the form of offering a brand new product or adding on to the services you already have.
This could be something simple like offering a different colour, for example. Or you could do something a bit bigger and offer a seasonal variation of a product you already have. Let your creativity run wild with it!
Running a small business has so many benefits, but knowing where to go next can be tricky. But now you’ve got all the inside knowledge; you can take the necessary steps to reach the next level.
