7 Proven Hacks to Grow Your Small Business
The development of an innovative product or service does not guarantee a flourishing business lifecycle. Scaling new heights with each passing year is a dream that every business owner cherishes. However, the initial years are filled with struggles and chaos and require the owner to manage a plethora of job functions singlehandedly. Moving beyond the mere sustenance levels towards becoming a high-yielding powerhouse is a long journey which needs a lot of deliberation and strategising.
With the rising number of business failures within the first three years of their establishment, focussing on growth has become a necessity rather than a long-term objective. Whether you have launched a start-up or have acquired one of the established businesses for sale in Australia, you need to think about the tactics that can take the company to the next level in the least possible time. Here are the proven seven hacks which can help a small business to grow and move forward.
1. Make The Existing Customers Come Back For More
Every business intends to grow by acquiring new customers and penetrating deeper into the market. However, it is way cheaper to make the existing customers buy from you again than persuading a prospective buyer to convert. Customer retention is a cost-effective and proven method of improving sales as these people are already purchasing your brand and its offerings. To nurture and strengthen your relationship with the existing buyers, you need to stay in touch with them through emails, newsletters, direct calls and invitations to promotional events. Discounts and promotions play a significant role in enticing consumers and transforming them into loyal customers. A customer loyalty program is a propellant which thrusts sales into skyrocketing motion. Retargeting customers to bring them back to your website for fresh purchases by showing them targeted advertisements is a sure-fire way to gain traction.
2. Network With Complementary Brands
Networking goes a long way in establishing your presence in the community of sellers and forging strategic partnerships with similar businesses. Attending networking events is a step forward towards developing lasting relationships with other people, finding new customers, liaising with money lenders and getting referrals through word of mouth publicity. Partnering with each other opens up doors of opportunities for small businesses who are striving to find a footing in the market. You can showcase each other’s products on your respective websites or promote each other’s blogs and articles or even co-sponsor an event.
3. Leverage Social Media Channels To Understand The Audience
Besides working on establishing the top requirements of small businesses in Australia, the company needs to focus on utilising social media channels to attract new customers. It is also an influential tool in understanding the needs and wants of the target audience, their buying behaviour, and their impressions of your company. Social media engagements allow the business to identify the keywords and trends which are making an impact on the audience and ways of improving the customer service. When you understand their demand, you will be better equipped to offer goods and services which they find relevant and beneficial. Additionally, it does not require a lot of expenditure of the precious marketing budget and works like magic when you integrate call-to-action buttons on your company profile pages to generate leads and conversions.
4. Diversify Your Product Line
If you are tasting success with your current products on offer, you can diversify the line-up to present your customers with something new. As you would expect, growth comes with expansion and that is why developing new products and service categories helps in meeting this goal. You need to identify what else you can sell to your customers which can add value to their life and then work on creating the best product in the market. Experimenting and innovating is an indelible part of surviving the competitive business world. At times, this plan can backfire, but you have to keep testing the waters to check what resonates with the audience.
5. Plan A Merger Or Acquisition Or Franchising
Finding new customers is not an easy task that is why many small companies look at the merger and acquisitions path to scale fast. You will have to analyse your industry and find complementary businesses which can be acquired or merged with yours for a mutually advantageous deal. You will automatically get access to the acquired company’s customers, employees, suppliers, partners and stakeholders. Additionally, you gain the office, the stock and the product line. You can get a small business loan or funding from financiers to carry out the takeover. You will be able to balance the debt with the profits earned by buying out another entity. You can also consider expansion through franchising to reach new markets without spending too much money.
6. Prioritise Corporate Social Responsibility
Giving back to the society in which you are operating is not just the duty of the business but also its own need. It helps in creating brand awareness and building the goodwill of the organisation among the locals. The customers feel justified in spending money on an organisation they know is involved in charity or causes that are close to their hearts. The emotional connect helps in cementing the brand’s position in the geographic area. It can be easily achieved by partnering with not-for-profit organisations in fundraising activities or sponsoring community or local sporting events.
7. Importing And Exporting
International expansion is not meant for everyone but if your pocket allows you to go beyond the borders and find new customers in Asian or European countries then you must go for it. You will incur a substantial operating expense in the process but the improvement in your bottom-line will be worth the effort and money. You can also start importing cheaper goods and products from Chinese markets that can be sold at a higher price in Australia. You need to be aware of the customs requirements for importing in the country before starting off with the idea. Taking your business overseas will be time-consuming and overwhelming, but the fruits of your labour will be rewarding.
There is no set formula or shortcut for growth. You will have to figure out what works best for your business and alienate the processes which are adversely affecting its progress. So keep testing with these growth hacks till you strike gold.