We’ve all heard these phrases before. Grow your business, how to make your business grow, grow your business with these 5 steps, and so on. But what exactly does it mean to grow your business? What does growing actually imply? Is it a physical thing? Does it mean to expand your premises? Does it mean to grow your following?
Growing your business is a very wide term. It could encompass any of those previously mentioned things, but it could also be a lot more. There are many components in growing your business and almost everything you do to your business could count as growing it. For example, simply posting a message on social media to promote your brand could be seen as growing it. Getting a single follower on social media could also count as watching your business grow. Expanding your premises is also a very obvious method of growing your business.
But to help you deconstruct the art of growing your business, here are some vital pointers. We’ll be going through many different components on how a business is grown and also give you tips and advice on how to steadily grow your business for maximum efficiency.
Take it Slow
Forcing the growth of your business is never a good idea. Aggressive marketing is a very real method of gaining more exposure, but it requires a delicate balance of maintaining your current growth and also slowing down when you feel like you need a bit more extra time. In other words, accelerating your growth through whatever means necessary is a quick way to spell the death of your business.
Let’s start with an example. If you feel like your business is unable to cope with demand, then you need to carefully balance additional production so that you can keep up with orders without spending too much money and resources. You could request a larger order from your supplier or manufacturer, but that means you might end up ordering too much of a single product and you’ll have too much additional stock that you can’t shift. This additional stock will cost more initial investment, waste storage space and, depending on the product, could go out of fashion or the quality could diminish as time goes by.
As another example, you could be producing your own toys and miniatures that are aimed towards children. If you are currently meeting the demand, then you might want to consider pushing your product by promoting it on various online platforms. However, if you aren’t patient and time your promotional campaign when the demand and interest are high, then you won’t be exposing your product to as many potential customers as you could be. Instead of pushing for an advertising campaign, be patient with your advertising and make sure you don’t clash with competitors.
Consider your production needs
Being able to meet demand is a critical component of your business. If you are getting more orders than you can handle, then it’s a sign that your business needs to grow. One of the most popular ways for a business to visibly show their growth is to increase production by either hiring more manufacturers or starting up their own factory.
The first option is the safest. If you aren’t sure how much more production you will need and you don’t want to invest in something that could backfire, then simply upping the production amount with your manufacturer or hiring another business to produce your products is the safest option. But keep in mind that it’s not just a simple case of saying “give me 100 more items next month”. There are a lot of logistics to keep in mind, such as how much of a raw material you need, how many components your manufacturer needs to order and if they can get hold of the materials at all.
The second option is the more risky one. Starting up your own factory comes with a lot of extra baggage. For example, you will need to spend millions renting or buying a plot of land, constructing a huge factory, hiring transport services to ferry goods and raw materials, buying and fixing large pieces of machinery, and even staffing it with capable workers. You also need to consider where to place your factory to get the best staff, and you also have to think about how viable the entire project is as a whole.
There are hundreds of different machines that could be added to your production line depending on what sort of products you are selling. For example, you will need powder coating systems to paint various objects before they’re put together, and you need electronic stock counting systems with scales to weigh how much of a material you have and how much goes into the production of a batch of items. You can visit Reliant Finishing Systems for info about various types of machines that fit into a production line so you can invest your money smartly.
A business can grow in both the physical and digital realm without putting in too much effort. For example, you could have plenty of customers coming to your retail store and buying all of your goods, but that doesn’t mean you don’t have a use for the internet. A business that uses the internet can pull in a larger number of potential customers than a physical store alone could ever dream of. This is done through online promotions, spreading through social media and listing your business on directories such as Google’s business directory.An internet business can also establish a physical presence with the help of a store. Although using the internet to buy goods has become a standard that almost everyone uses now and then, that doesn’t mean there’s no room for improvement. A physical store offers convenience because the products you buy can immediately be used. If you use a service like Amazon’s Prime Now, then you could get your products delivered in just a couple of hours, but that has a limited selection and niche stores usually stock very
An internet business can also establish a physical presence with the help of a store. Although using the internet to buy goods has become a standard that almost everyone uses now and then, that doesn’t mean there’s no room for improvement. A physical store offers convenience because the products you buy can immediately be used. If you use a service like Amazon’s Prime Now, then you could get your products delivered in just a couple of hours, but that has a limited selection and niche stores usually stock very specialized goods that are often worth the day or two of wait time.
If you manage to set your physical store up in a prime location, it could attract many more customers and you’ll be making more profit than you would with just an online business. This is because the internet is such a wide landscape and it’s almost impossible to establish a presence unless you have a ludicrous amount of money to spend or you are extremely popular. That usually isn’t the case with most businesses, and you should be happy if you even appear on the front page of a Google search. However, with the added presence of a physical store that attracts a lot of foot traffic, more people in your local area will learn about your business and realize what products you offer, and that you have an online website where they can also order from for home convenience.
One of the scariest thoughts for a business owner is the idea of expanding. Not only does expanding involve a lot of money, but it also involves a lot of inherent risks. For starters, if you choose to expand your business then you need to do ample research about a new location, survey the land, and make sure there are no immediate competitors in the area. As you may have realized already, expanding your business is just another way to grow your business.
When choosing a location for a business, one of the most important aspects is to survey the area. As mentioned before, it’s incredibly important that you make sure there are no competitors in the area to steal away your business. While healthy competition is always welcome, trying to steal away someone’s customers will trigger a war between both your businesses which increases the risk of your new expansion failing. It makes matters worse if the business you want to compete with has been an established business for a long time.
You also want to make sure there is a demand for your business in your proposed location. If you want to bring your stationery business to an area that doesn’t have many offices around, then you might not get as much business as you had hoped for. To remedy this, make sure that the services and products you offer will coincide with the interests of other surrounding businesses. The more reliant third party businesses are on your products, the better it is for the local community.
Growing your business covers a wide range of subjects, but it’s important to understand every single component before you write up a business plan to expand your reach. Hopefully, the points above will have given you some idea on how to grow your business, but just remember that each business works differently and that not every point above can be applied to your company as it is described. Growing your business takes a lot of hard work, planning, and dedication, so make sure you’re ready for the journey.