If you run a small business and are keen to step things up a notch, there are several things you need to consider to help make it a long-term success. Thoughts of expansion are all well and good, but if you don’t have certain things covered, it may not be as easy as you think.
Here are 4 things every small business needs to grow and thrive.
Are your premises adequate?
Growing a business is an exciting prospect, but you must make sure your premises accommodate your vision. Do you have enough space for additional staff that you may need to recruit as things pick up? If you intend to increase stock levels to meet demand, will you have the capacity to store it all?
Plan your next steps carefully, work out how alternative premises may impact your ongoing costs, and make sure that the growth you are striving for is practical and viable.
Reliable suppliers and sub-contractors
When your business runs like clockwork, success is far more likely. You could be the most efficient and organized person in the world, but if your suppliers and sub-contractors let you down regularly, it could severely affect your growth strategy.
So whether you need a dependable Cincinnati courier to ensure you fulfill last-minute orders or a software engineer that will remedy any tech issues at the drop of a hat, make sure you have a network of reliable people around you. The stronger your professional relationships, the more successful your business is likely to become.
Set realistic targets
Targets are beneficial regardless of how large or small your business may be and are particularly important when looking to grow and expand. Not only do they keep you focussed on where your sales need to be at a certain point in time, but they are also a great motivating tool for employees.
If you don’t already incentivize your staff, it’s something you should consider. Although you would expect them to work hard regardless, they are more likely to go above and beyond if there is some form of financial gain. Just make sure your targets are realistic. Setting your sights too high will not only lead to disappointment but could have a detrimental effect on your workforce.
A solid marketing strategy is a must if you intend to take your business to new heights. Analyze what has worked in the past, and consider whether there are any avenues you haven’t yet explored. Social media has made it so easy for businesses to reach a wider audience than ever before, so use it to your advantage and structure a marketing and advertising plan.
Brand recognition and customer loyalty are important for expansion, so promote your business as much as possible, keep your customers happy and stay focussed on what you are trying to achieve.
With hard work and careful planning, you can fulfill your goals and make your small business a great success.
Salvatore Presti is an American writer living in Italy who enjoys the fine art
of living well. His interests include anything wine, food or nature related
especially when enjoyed with friends and family.
Bernard currently works full-time as a growth hacker and content researcher for HUSTLR. When he was studying in the US 2 years ago, he flipped Yeezys on eBay as a side hustle to fund his degree and living expenses. He’s currently working on his Amazon FBA business & dropshipping on the side.