3 ways to grow your small business

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The early days of owning and running a new business are often the most challenging and time consuming. You have to ensure you have a solid client or customer base, that (where necessary) your premises are appropriate and that you have everything in place to properly provide the service or products you are selling. It takes research, negotiating and often capital investment to make your vision into a reality. However, once your business becomes successful then you will probably want to take it to the next level and grow it. Here are a few ways you can do it.

1. Take on more staff

One of the first things you can do to handle extra business is take on more staff and train them to help your business grow. How many employees you need will of course depend on the nature of your business whether you are selling a product or a service and the needs of your company. If you are overwhelmed with admin or handling your accounts and taxes then it is a good idea to get someone in to help. If you have premises and want to extend your opening hours then you could take on staff to handle the shifts when you can’t be there. Before taking on staff make sure that it is necessary. Some tasks can be handled by freelancers or companies as one off jobs. Weigh up the positives and negatives before hiring anyone.

2. Add more products or services

If the products or services you are selling are doing well then you already have a client based so if you can find or create complimentary products or services then you can easily upscale your business. Listen to suggestions or requests from clients/customers and offer a discount or incentive on your new line to attract new customers and encourage existing clients to buy. If you are working with a manufacturer for your products or for parts, make sure they are of high quality. Defective products can hurt your sales and reputation. If your manufacturer provided defective products, be sure to consult an experienced lawyer.

3. Make your business global

A good way to reach customers all over the world is to build an online store for your business. Get professionals to help you with your website and web presence. It is essentially your online shop front so make sure you put your best foot forward. Use online advertising and a program to track the behavior of your clients and website visitors and utilize social media to promote your brand. An online strategy is vital to achieve success.

If you want to target customers in other parts of the world then it is important to consider their needs and look for gaps in the global markets. Speak to trade groups and ask at the foreign chamber of commerce to find distributor and make links across the globe. It is generally best to target one new area at a time. This will allow you to be thorough in your approach and pay attention to detail. Trade and employment laws vary from country to country so consider this when drawing up agreements and be sure to contact an attorney if you need advice or help with contracts. Expansion is an exciting prospect but it is better to be vigilant especially if you have spent time and money building your business.