How to Grow a Business in 9 Easy Steps

Dr. Ankit Sharma, PhD

Updated on:

How to Grow a Business

No matter what kind of business you have, you will want to enhance your sales & grow your revenue. That’s why so many people are interested to know How to Grow a Business.

There isn’t any simple application to all business growth strategies for business owners. But there are some key strategies you can use to provide your business with the best chance to grow. Scaling your business successfully & efficiently can be challenging. It calls for an intelligent approach & effort from different parts of your company, including:

  • Sales
  • Marketing
  • Finance
  • Legal

If it is still a startup, you may be playing many roles until you can hire some expert employees. Growing your business will take time & energy; here are some strategies you can use to help speed up business growth.

How to Grow a Business

How to Grow a Business

1. Do Your Research

When inspecting how to grow a business, you must do market research. This allows you to better understand your existing customers and identify your potential customers. It’s essential to gain insight into your target market and its requirements.

That way, you can recognize how your business can grow & change to meet those requirements. You should research your competitors, too. Knowing their strengths & weaknesses can help to drive your decisions on how to properly scale your business.

2. Create a Sales Funnel

Your sales funnel can take your business to the next level. Consider a sales funnel as a customer’s journey. When they enter your business, meet your representative, or visit your website, they are at the entrance of the funnel. When they purchase something or sign up for a service, they have successfully entered the funnel.

You must try to think of ways to move people through the funnel to make a sale. This can include offering a discount, introducing a loyalty program, or getting their contact details & sending them updates on your business.

3. Invest In Systems

You may be a man of many parts. But if you are trying to do everything on your own, you might be restricting yourself for impending growth. A business powered by sound systems can manage the multi-layered demands of expansion.

Having robust systems like an excellent CRM (Customer relationship management) or powerful e-commerce software in position can help you to focus on the vital parts of growth & expansion. Evaluate your current operations to see what aspects are recurring or dull & make it your goal to mechanize or outsource as much as possible so that you can stay focused on your business growth.

4. Increase Customer Retention

It’s not hard to get new customers for your business; keeping your existing customers returning is hard. When you enhance customer retention, you build customer loyalty, increasing sales.

Considering that it costs five times more to get a new customer than to keep an existing one, focusing on keeping customers means your business doesn’t have to spend money on something that isn’t an assured investment. You can enhance your customer retention by:

  • Prioritizing customer service
  • Using a CRM (customer relations management) system
  • Introducing a customer loyalty program
  • Launching an email campaign
  • Interacting with customers on social media
  • By keeping your promises

5. Form Strategic Partnerships

Entering a strategic partnership with another business can allow you to reach a more comprehensive network of customers or line up growth with strategic goals in your business plan.

One example of a successful strategic partnership is between Starbucks & various other national stores, like Bucksense or Uber Eats. The partnership has helped put the coffee chain into many retail stores across the world, which enhances its reach & revenue.

Consider forming a strategic partnership with a vendor to expand your business. Whatever kind of partnership you form, it’s significant you manage business relationships & preserve efficient vendor relationships.

6. Focus On Analytics

The data analytics market is predicted to surpass $250 billion annually by 2025. Evidently, many companies, particularly tech giants like Facebook, Intel Corp & Apple, realize the value of utilizing data. You should, too.

As a report in The Economist states, “the world’s most precious resource is no longer oil, but data.” The good news is that accurate data can help any company, unlike oil. Even better, you don’t have to shell out billions of dollars (though some companies are). As a business owner with a website & social media account, you can utilize free or freemium tools to get insights on your customers.

For example, Google Analytics provides data on bounce rate, page visits, average time on site, & how your audience is reaching your website, which can offer insights into where to focus your marketing efforts. Unbounce is another analytics tool you may consider, particularly for figuring out how to optimize landing pages & enhance conversions.

7. Take Calculated Risks

A business expansion is not devoid of risks. It is sometimes essential to step outside your comfort zone to make the right decisions. After all, guillemot chicks will jump off cliffs with undeveloped wings to meet the rest of their flock, risking certain death if their jump goes wrong.

It is not advised that you should rely only on your good luck. Focusing on the end goal & proactively recognizing probable blockades can set you up for success, even when your next move feels like taking a risk.

8. Consider Franchising Your Business

Business franchising is a general growth strategy for many businesses. That means you sell your business’ rights to some independent owner. Then, they open & run their own franchise of your business.

Many renowned companies sell franchises, like McDonald’s, Starbucks, Dominos & KFC. When a new franchise opens, it enlarges the number of locations of your business, which ensures more revenue.

Before you try to sell the rights to your company, you must know if your business is franchisable. The franchising procedure is more suitable for industries like fast food restaurants, hotels, or gyms.

9. Trust Yourself

All the advice in the world is no alternative to your finely-tuned instincts. This is your business; these are your dreams. There will be times when chances come along that are out of the boundary of your plans & projections.

Suppose you have set yourself up for success with tactical planning, scalable systems, and an excellent team bottom. In that case, you can allow yourself to listen to your gut and take that leap of faith in a way that feels safe and rational – not risky & illogical.

Growth can be daunting. Sometimes it may feel safer to stick with the status quo & avoiding the risk. But ask yourself if you are ready for it. You have done the groundwork & your foundation is stable & strong. You are ready to meet your growth intentions.

Defining Your Company’s Vision

As an inventive entrepreneur, you likely started your business based on a vision of what you wanted to achieve. When your business is established & gradually growing, it’s time to define your company vision to know How to Grow a Business.

A company vision statement explains what you want your company to be but not how you will make it. It’s an inspiration that should stretch the imagination & offer inspiration. The best vision statements are short, uncomplicated, & contain some level of excitement & inspiration to challenge your employees & the business to grow. As you create your vision statement, keep some points in mind:

  • Dream big
  • Get Passionate
  • Include employees in the process
  • Be clear
  • Communicate consistently

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