Top Tips for Growing Your Business
Having a business in the 21st century is challenging because it has never been more competitive, and with the COVID-19 pandemic, businesses are facing new difficulties every single day.
If you are finding yourself stuck or lost, then here are some tips on growing your business and futureproofing it.
1. Get to know your customers
Your customers are what keeps your business flowing, which is why they should be at the heart of everything you do. Not only looking forward to how you can best drive new customers, but also paying close attention to the customers that you already have.
Many make the mistake of neglecting their existing customers, and only focusing money and offers on new customers, however, it has been reported that customers who have already purchased from you, are worth up to 10x more than their original purchase, and over half of small business revenue comes from existing customers. Make sure you spend time, energy, and resources on offering excellent customer service that goes above and beyond, and nurtures your customers well.
2. Protect your staff
Just like you would look after your customers, you should also look after your staff. Those that work on-site or in the office, should be protected by the company they work for.
If your business is construction-orientated, insurance is even more important to put in place. So if you experience any construction accidents, then at least you have peace of mind that the company is protected.
3. Build an online presence
Building an online presence is the only way a business in the 21st century can succeed. An online presence is important for your credibility, reputation and invaluable in expanding your reach. There are over 4.66 billion people who use the internet, which is why if you are not already, you need to start building that online presence. This can be in the form of a website and building a presence on search engines such as Google, and social media platforms such as Instagram, Twitter, Facebook, and TikTok. These platforms provide an opportunity for you to raise your brand awareness by putting your business in front of your ideal customers. Invest time in creating relevant content that provides solutions for your audience, to build their trust and increase your revenue.
4. Network
Networking is an excellent way to grow your business, as it provides you with new opportunities and insights to utilize. You can learn more about the industry, and how to better serve your customers while building your trust, authority, and credibility. Potential contacts and customers are everywhere, and unless you put yourself out there, you will not know.
5. Partnerships
Part of making a business successful is looking for new opportunities. Partnerships are one excellent opportunity to help expand your business, as they can increase your reach, provide you with access to new and more resources, as well as increase your knowledge and expertise. Partnerships can form in any way that suits your business, as long as it is mutually beneficial to both parties involved.
Depending on your business and how much you want it to grow, you can also enlist the help of an investor, such as Hussain al Nowais. An investor not only provides financial backing for your business but can also provide knowledge and advice stemming from their expertise (which usually comes from being in the industry themselves for a long time) as well as access to their business network.
Growing your business is all about creating and finding opportunities, whether it is a new business contact, a client, or an investor, you have to put in the work if you want to succeed.
