Are you looking for ways to grow your business quickly? You can start by approaching growth from multiple perspectives. Consider these simple ways to expand your business, courtesy of the Pflugerville Chamber of Commerce.
1. Assess the Benefits of a New Business Structure
Sometimes the business structure you originally chose no longer works for your company. However, you can reevaluate your company's needs and goals to choose a business entity that better suits you. For example, if tax advantages and liability protection are central to your business structure, you may want to register as an LLC. Try filing for yourself online through a formation service in your state. Every state mandates registration regulations, so you want to ensure you are compliant.
2. Diversify Your Products or Services
A fast and effective way to expand your company is to reach a broader audience. One way to do that is to diversify your products or services. The more you offer, the more demographics you can potentially reach. However, this option is only good if you have the manpower to produce each product or service well. Additionally, you don't want to branch too far outside of your niche unless you can provide something remarkably better than what is already on the market.
3. Stay on Top of Market Research
Turquoise explains that market research has many benefits, including minimizing your investment risk, identifying threats, learning about your competitors' weaknesses, and collecting data on consumer behavior. Every business plan begins with market research. However, this should be a constant in your business strategy. Trends, especially consumer trends, change almost daily, and staying on top of this information is the best way to keep your company in the loop about what customers want and what other businesses can offer.
4. Grow Your Team
If at any point you find yourself struggling to fulfill orders on time or respond to customer needs, you know it is time to grow your team. This doesn't mean you must add significant overhead costs. You can start by adding freelancers with experience to work on projects on a case-by-case basis. If you need an assistant, you can hire a remote virtual assistant to handle all of your time consuming tasks, such as managing emails.
Just be sure you have contracts for anyone you work with, even freelancers. If you can’t meet with a new hire face to face, this could help ensure both parties sign the agreed-upon contract; just select your file, drop it in the tool, and add your signature.
5. Support Your Local Community
Get more involved with your local community, especially if you live in a diverse neighborhood. You can expand your portfolio and reach new demographics. Take part in local networking opportunities and try out new products in the local community. This is the perfect way to test your more traditional marketing efforts, such as flyers and billboards, as well.
6. Encourage Referrals
Incentivize your happy customers to refer you to others. For example, you can offer discounts to people who refer someone. Building trust with consumers is an important part of customer retention. When someone refers your company to another person, that already establishes trust, giving the relationship a solid foundation. Just ask your new customers if someone referred them. You can provide a promotional code for referrals as well. It's always a good idea to thank consumers for helping you grow your business.
Revisit Your Practices Often
If you’re ready to grow your business, be prepared to take some important steps. Apart from restructuring your business, each of these growth ideas is something you should revisit often. Innovation and reinvention are great ways to promote growth. Focus on adjusting them as often as necessary to evaluate what works and what does not.
This Chamber Deal is promoted by Pflugerville Chamber of Commerce.