How to grow your business from the inside and out
Every business owner wants to ensure that their business stays on its feet for as long as possible. With so many startups predicted to fail within the first year of operation, it’s all the more crucial that your business grows from the inside as well as financially.
In order to drive your company forward, you will need to have your team fundamentally on your side. You will also need to have the resources and finance to be able to recruit new members.
Keep a low turnover
A low turnover is so important to any business, particularly one that has just started out. You don’t want your team members to suddenly head for the hills when you’re trying to run a stable ship.
Here are a few ways to keep your turnover low and your morale high:
• Education: whether you are in a position to provide education to employees or not, it is so important that you allow them to grow and develop within the company. If they wanted to become a finance manager for your business, you would want to encourage them to qualify as an accountant, for example. You can even find online courses for employees to complete outside of work hours by clicking here. Investing in education and encouraging it is one of the best ways to show the team members you care.
• Effective Human Resources: HR departments are often mockingly referred to as ‘human remains’ as they’re so often equated with those who dish out redundancies and fail to process complaints. In order to keep your turnover minimal, you will want to have an HR department that is not only fully-trained but also on the side of your employees.
• Management structure: Having a management structure inside your company helps keep your employees safe. For example, if an employee complains and their line manager fails to deal with it, they can then push it to senior management for advice.
If you’ve just set up shop as a new company, you will (hopefully at least) have a business plan with a mission statement that describes exactly who and what you are as a company. That explanation of what you do and what your specialism is shouldn’t drastically change. Remaining a tight focus on what you offer and how you can offer it to the best of your ability is one of the best ways to grow your business. It shows dedication to your craft and a willingness to continue to refine and develop your services. For example, the site travel comparison site Trivago used this ideology when they set their sites on growing and expanding. They knew what their corner of the market was, and that the only way to grow their reputation was to focus on it and excel at it.
Find a new customer base
When it comes to selling products to your customer base, you should always find ways to grow and expand who you are selling to – customer loyalty is ideal, and that comes through excellent customer service and a premium product. However, by doing some market research you could potentially uncover a whole new demographic who might just be interested in what you have to offer. You might be surprised by how your product actually meets a different need for a whole new customer base; for example, Apple did this with their products. They once relied on the artistic, designer community to buy their products, before moving into a more commercialized approach.
If you’re keen to make the most of happy customers, don’t forget to ask them for positive feedback. If someone has something positive to say about your product or service, then you should encourage them to leave a review on your business social media profiles, such as Facebook. Or, a retweet that’s pinned to your profile helps to broadcast the positive reviews you are receiving. If you’re feeling extra cheeky, asking for a quote for your website will help to make your online presence stand out just that little bit more: you’re proving that you practice what you preach.
Keep one eye on the competition
In terms of external influences, there’s nothing that’s quite as important as the competition you have to work against. As a business owner, you’ll be happy to know that there are software tools that help you to research your competition and their methods. However, your research should not just be entirely reliant on software. Instead, you should take an active interest in your sector.
Take a look at new businesses that are launching, established large-scale companies, and those who are making a bit of a name for themselves with something new. You should also take a look at their marketing strategies and identify what makes for a successful campaign, and what leaves other companies relatively ignored.
Have a strong online presence
Any business, new or old, should have an online presence that demands attention. Whether it’s in the graphics and design you use, the strength of your online content or the way you engage with customers, you should not be neglecting a website or social media. If you’re intimidated by the prospect of owning a website, then using something such as WordPress could be a helpful platform to start from. Your website should not just be a go-to point for information, but also a place where customers can find out about your back-story, and what you have to offer.
Growing your business from both the inside and out requires a multi-faceted approach. You should ensure your employees are happy, as this creates stability. Allowing them to pursue career paths within your company helps to generate new and valuable expertise, too. On top of this, you need to ensure that your market research is put to use effectively. Try opening your product up to new and exciting demographics, and be sure to capture any positive reviews that come in. Above all, make sure that you stay focused on who you are as a company and what unique angle you can bring to the market.