Looking To Grow? Here’s 5 Things Your Business Should Know

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Just because you’re the owner of a small business today, doesn’t mean you’ll be the owner of a small business forever.

Growth is something every business owners aspires for, but it can be difficult to figure out where to start. We here at Direct Capital Blog have assembled a list of five good ways to turn the water and sunshine on your garden,  so to speak, and get you on the path to a bigger and brighter future.

1. Expand Your Product And Service List

It’s possible to grow when you focus on a narrow subset of products and services, but it’s also much more difficult. If you offer, for example, operating capital financing, consider branching out to other types of financing. If you’re selling dog treats, consider moving into dog toys or into other types of pet food to improve the market for what your business can offer.

Also try to offer something different than what’s already on the market. It could be a vastly different product or it can be delivered in a unique, customer-friendly way, but however you do it, you want to distinguish yourself from what already exists.

2. Use Social Media For Marketing And Promotion

If  mass mailers, phone calls and e-mail blasts make up the bulk of your marketing campaign, you’re not reaching a large subset of the population who might be interested in what you have to offer.

Increasingly, firms are realizing the value that sites like Facebook, LinkedIn and Twitter can offer. Having a company blog that provides resources for customers and highlights what you do as a company can help you reach thousands of people for little to no money. It’s a powerful suite of tools in the right hands, one that should be used by any company with the time and acumen to do so.

While you’ll want to mostly do so in a way that avoids too much self-promotion, by focusing on your industry and providing useful information to your consumers, you’ll increase the buzz around your company by default.

3. Become More Efficient

The less time you spend processing transactions, the better. The fewer redundant employees and systems you have, the better. It’s crucial for those businesses in the service industry, who need to maximize the customer experience while recognizing the need to be efficient.

Point of sale software is one highly suggested method of doing so, giving upgraded transaction efficiency and allowing you to manage your inventory with greater precision and less employee hours spent on sifting through a storeroom.

4. Don’t Overreach

Growth is thought of as a good thing, but it’s possible to overdo it. If your business is doing steady but unremarkable things and rapidly expands, the bottom could easily fall out.

The recession was an unfortunate reminder that when revenues dwindle, businesses with large employee bases and suites of services for their relative size are often the hardest hit. It’s called smart growth for a reason: Do it responsibly and you’ll reap the rewards. The alternative could be bad news.

5. Evolve With The Marketplace

History has taught us that dinosaurs get wiped out, and that’s especially true for businesses which refuse to embrace a changing world.

There are fads, true, and you don’t want to hitch your wagon to every fresh product or marketing technique that comes to light. Some will inevitably fade away. But if you have the chance to blaze new trails or at least follow in the freshest tire tracks, it’s usually a good idea to. If it becomes a trend that transforms the industry, being left behind is a bad business decision.

Social media actually has a role to play here. Keep up to date on industry blogs and sites, and subscribe to newsfeeds from competitors to keep abreast of change of the wind.

Hat tips to www.powerhomebiz.com and http://momswearyourtees.com for providing lists that contributed to these lists.

Photo credit goes to http://marketingcs.com/

6 Comments on "Looking To Grow? Here’s 5 Things Your Business Should Know"

  1. Rebecca Schrock March 15, 2011 at 2:51 pm ·

    Apprciated the small business marketing tips and trends

  2. Dave Choate March 15, 2011 at 2:53 pm ·

    Glad to help in any way we can, Rebecca. Thanks for the comment.

  3. Eddie boroumand March 21, 2011 at 11:39 am ·

    Thank you for the valuable suggestions I think we need to make more effort helping to light the way for our customers first if we want to find our own way to success.
    Thanks again,
    Eddie

  4. Dave Choate March 21, 2011 at 11:44 am ·

    Eddie, definitely agree. It’s all about the customers at the end of the day, and the best way to grow is by keeping them in mind. Thanks for your comment.

  5. Brandon Guillermo April 14, 2011 at 6:09 pm ·

    Nicely put. I especially like the juxtaposition of 1 and 4. Getting my balancing rod now…There’s a good article on business use of social media on pcmag.com. I would search by title: “How To Use Twitter for Business” dated 4/12/2011 by Jill Duffy, since I’m not sure when they reorganize their content. It outlines some things I’ve seen elsewhere such as having a strategy and realizing Twitter is not just about driving traffic to your website (another balancing opportunity). It did not mention scheduling tweets/accessing Twitter at certain times that fit the community you’re trying to engage. There’s a fair amount to consider.

  6. Dave Choate April 15, 2011 at 10:17 am ·

    Brandon, appreciate the comment. I’ll be sure to check out that article!

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