How Small Businesses Can Find New Ways to Grow?

Small Businesses have had a hard time surviving in the year of the pandemic. But many of them grew during this time as well. Some of them sought after business management solutions to keep their business alive and in profit. These solutions are useful for strategic planning, implementation, guidelines and much more.  

 

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5 Stages of Growing a Small Business:

Stage 1: Existence

Small business owners are more concerned about finding customers for their products/ services. Another of their concerns is will they be able to deliver the promised goods/ services or not. 

This stage consists of getting customers. and delivering as much product they are capable of manufacturing. Owners are focused on becoming a viable business. This is more of a test/ beta phase for a small business. Once the companies have sorted their financial and manufacturing requirements, they move to Stage 2. 

 

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Stage 2: Survival 

Once the basic business plan has passed, they focus on the relationship that exists between expenses and revenues. Owners, at this point, need to evaluate whether they have enough to cover the repair or replacement of the existing assets. This stage is concerned with operating concerns and keeping the business afloat. Cash flow and economic return are also other factors that owners focus on. 

 

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Stage 3: Success

At this stage, the business is healthy economically. The owner begins to consider how to leverage the company and grow further. There are two substages to the Success Stage.

One is Success- Growth. In this, the owner takes a risk of compiling their resources with the intent to grow the company financially. Once the owner decides on this substage, the business once again will focus on the basic business plan of staying profitable. 

Another one is the Success- Disengagement where the company bars external environmental changes. Owners tend to prepare for a cash flow from operations for an indefinite amount of time or get ready for a merger/ sale.

 

Stage 4: Take-Off

On stage 4, the business knows where they are headed, that is towards growth. Owners are focused on how to grow swiftly. Operational and strategic planning are managed on the side actively. Owners work on the construction of the enterprise and how to delegate the managers. Many businesses fail at this stage as they are attempting to grow too fast and overlook key details. For this, owners can opt for Best CRM Software in the UK such as Optimiser. 

 

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Stage 5: Resource Maturity   

On Resource Maturity, the company has got a staff as well as financial resources. It has experienced staff and all the systems required in place. Many of them use a business management solution or an Enterprise Resource Planning (ERP) to run their operations seamlessly. 

 

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New Ways Small Businesses can Grow 

1. Know Your Customers

Knowing and understanding the needs and wants of your customers is key to growing your business. The products and services should be such that they meet every demand of the consumer. Once you know what your customers like, you can personalise the products/ services and gain more customers. 

 

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2. Satisfying Customer Service

Excellent customer service leaves a positive impression on the customers' minds. They are bound to remember this detail, however minor it may seem and recommend your business to others. 

 

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3. Nurturing Customers and looking for more Chances

Keep the existing customers happy with specific strategies such as sending newsletters, keeping in touch with them or telling them about any upcoming events that your company is organising. 

Apart from that, you have to manage to grow your customer base and get more work. Finding the balance between nurturing customers and new ones is extremely vital for every business. 

 

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4. Tools for Business Management

Usage of marketing tools has kept several small to medium businesses alive during the pandemic. Seeing this, many new businesses have begun to opt for tools for business management. The trick is to choose the right software for your business. Some marketing tactics are more popular than others. Best CRM software in the UK is customisable if you have a set of requirements that are specific to your business.

 

5. Host events

Not exactly offline, but you can hold events online. The world has adapted extremely well to attending events online and many companies have used this for promotions. Additionally, this is ideal for smaller businesses as this cuts down costs of planning an event physically. This is an excellent opportunity to further your brand without spending too much. In fact, you can invite sponsors to these events for future collaborations. 

 

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6. Creative Content

With people staying at home, creativity has been the main cause for why SMBs have stayed viable during these months. Fresh content ensures that people return to your website again and again. Following this, they can grow an interest in the products/ services offered by you. 

 

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7. Analyse Reports

Business tools provide analytical reports that can be very insightful for SMBs. These can give you a chance to improve any leaks within the business. 

 

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Conclusion

All the big names began small. Small Businesses have immense potential to make it big if they have a dynamic product/ service and use the right tools and tactics to reach the audience.