Ways to Transform Your Small Business Into a Big Business

Growing Time Is Reached!

How to grow your business.! Don’t let this list weigh you. Pick one or two of these ideas that are suitable to your business and your circumstances and get busy developing your growth plan💵

While you probably won’t experience growth right away, whichever way of expanding your business you choose, you will see progress if you keep at it, and will successfully transform your business into all you want it to be.

Learning how to grow your business isn’t just a worthy goal; growing your business is often a necessity for your business’s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? Try one or more of these growth strategies. All have been successfully used by other businesses and, with some planning and investment, will work for you.

1. Ask for Referrals

Of course, attracting new customers to your business is never a bad approach. One of the easiest ways to do it is to ask your current customers for referrals. But notice the verb. Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask the satisfied customer if they know anyone else who would be interested in your products or services.

2. Penetrate Your Existing Market

When you think about how to grow your business, the first thing that probably comes to mind is getting new customers, but the customers you already have are your best bet for increasing your sales. It’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. So focus on ways to get customers coming back. 

3. Participate in Trade Shows

Trade shows can be a great way to grow, too. Because trade shows draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line. The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service. 

4. Innovate Your Product or Service

Discovering and promoting new uses for your products or services is a great way to attract existing customers to buy more and attract new customers. Think petroleum jelly and duct tape and how few of these would actually be sold if they only had one use!

5. Extend Your Market Reach

There are several ways of growing your business by making your product or service available to a new pool of customers. The most obvious is to open stores in new locations. New locations can also be virtual, such as a website with an online store. Another approach is to extend your reach through advertising. Once you’ve identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, you may want to use social media for advertising.

6. Contain Your Costs

Surprised? Bear in mind that when we’re talking about growing your business, we’re actually talking about growing your business’s bottom line. And the difference between pre-tax and post-tax money can make this a very effective growth strategy. There are two main approaches to cutting costs; liquidating your “loser” products and improving your inventory turnover. 

7. Exporting

Expanding into international markets can also be a powerful boost to your business’s bottom line. Like franchising, this is a way of growing your business that requires a major commitment of time and resources, but it can be extremely rewarding. 

8. Franchising

The stories of entrepreneurs, who have become both well-known and well-heeled due to franchising their small businesses are legion, and not just stories. If you have a successful business and can develop a system that ensures that others can duplicate your success, franchising may be the fast track for growing your business.