Almost anyone can start a small business these days. Granted, the size and operational potential of these businesses vary greatly.
For example, while one entrepreneur might spend a few hundred dollars starting an online blog, another might invest millions of dollars in a popular franchise.
Regardless of which category you fall under (or between), one thing is certain – success won’t come easy. Nearly 50% of small businesses fail by the fifth year. As such, you must learn everything you can about growing a business.
This means marketing, financial management, strategic growth, and more. Keep reading for four tips to remember about growing a company.
1. Brand Awareness is Key
Opening a store (physically or online) doesn’t guarantee your success. It doesn’t even guarantee that consumers will come to your place of business. To get people in the door (or onto your site), you must invest in a brand awareness strategy.
The more people that know about your business, the better. Common avenues of business marketing include:
- Website design and develop
- SEO marketing
- PPC marketing
- Content marketing
- Social media marketing
- Email marketing
- Radio ads
- TV ads
- Direct mailing
- And more
Learn more about each type of marketing to find out which methods are most appropriate for growing a business like yours. For example, local marketing is extremely important if you offer local services or have a physical store location.
2. Learn About Manageable Growth
The importance of business research cannot be overstated in today’s climate. The more educated you are as a business owner, the more formidable your company will be. For example, as you come to understand your target market, you’ll be able to craft highly effective marketing campaigns designed specifically for those consumers.
However, this also means learning about manageable growth. Many companies sabotage their own success by trying to grow too quickly. They get a small taste of business success and invest in major expansions they can’t actually keep up with.
Check out the Peter Dodge Hanover research to learn more about business growth strategies.
3. Redundancy Equals Consistency
One of the most important pieces of business advice is to be redundant in your efforts. As an entrepreneur, you should never put all of your eggs in one basket. You need to have multiple streams of income from various sources.
If you own a retail store, this means selling locally and online. When it comes to growing a business, this means using multiple avenues of marketing. If you want to monetize a blog, it means using several methods of bringing in revenue.
4. Keep Track of Your Cash Flow
Finally, growing a business requires constant attention to detail, particularly where your finances are concerned. The most successful business owners are the ones who can tell you exactly what their cash flow is at any time of the month.
Business trends come and go, but one thing remains certain – a business that spends more than it earns won’t last.
Monitor your cash flow using a spreadsheet or program like QuickBooks. Alternatively, hire a bookkeeper or accountant to do it for you. Just make sure you’re always in the loop about your business finances.
Want More Help Growing a Business?
This small article is just the tip of the iceberg in regards to business advice. If you want more help growing a business, do more research. You can never learn too much about how to build a successful company.
We have more to offer. Before you go, look through the rest of our blog to find more relevant articles on business success, planning, and marketing. Our website was created to help entrepreneurs like you become more successful.