Hi lovelies,
You always hear people talk about growing their business, but what does this actually mean? You might believe this is a silly question, yet you’ll be surprised at how many business owners get the wrong end of the stick. Naturally, you see growth as a term meaning things get bigger or increase in size. Therefore, you may assume that growing your business means making it a bigger and larger enterprise.
As a result, you might invest money hiring new employees, renting a bigger office, and possibly even opening a new branch in a new location. All of these things are associated with growing a business, but that’s not actually what we mean when we talk about this topic.
Instead, growing a business refers to your bottom line. It relates to how much money your company is making every single year. A growing business is one that increases its revenue year after year, making larger profits. You can make your company seem bigger than ever before, but if you make less money, are you actually growing?
So, how do you grow a business? It’s all about doing your best to bring more money into your company. As a result, there are two key factors you should focus on:
Drawing in new customers & retaining existing ones
Having a customer base that continues to grow will mean that you’re making more money year after year. Thus, your focus should be on bringing in as many new people as possible, while retaining as many customers as you can. To do this, you need to invest in your marketing strategy.
It’s all about getting your business out there and finding your target customers. Many businesses have success growing via SEO because it helps to increase your web presence. More people will find your business online, meaning you generate more leads. From here, you improve your lead conversion tactics to create more sales. Social media also helps you grow your online presence, as well as targeted adverts.
Alongside this, use tactics to inspire loyalty amongst customers - like loyalty schemes or perks for returning customers. Encourage people to keep coming back for more and you will make so much money.
Increasing your offerings
A lot of businesses experience true growth by increasing their offerings. Think about it, a clothes company that starts bringing out new products will start appealing to different customers, drawing in more sales. Developing new products and services will always help you tap into other niche markets within your target market. People that weren’t interested in you before are suddenly interested in you now. Again, this helps you draw in more money and increase your revenue.
In conclusion, growing your business means your company makes more money every year and widens its profit margins. As a result of this, you might need to invest in bigger offices or more employees. However, growing the size of your company is more a consequence of your success. Don’t assume that you need to make your business bigger if you’re aiming for growth. Focus on the financial side of things instead.
