Expanding Brands: Hacks For Keeping Your Business On Track
Eventually, every business owner decides that the time is right to focus on growing their brand. Growth is a vital part of any business’s success and one that should always be taken seriously. If a business does not grow and adapt over time, then its chances of long-term success are low. Hence the importance of focusing on business growth, when the time is right, that is.
Usually, this time occurs after the business has been running for just over a year and has made it past the vital first few months. Every business owner knows that it is the first few months of business that are the most crucial, and the ones that will make or break a brand. The fact is that within the first year, 50% of all startups will fail, which is why those first few months are so vital. But after the ‘danger period’ has passed, a lot of business owners choose to begin focusing on growth rather than just survival.
So growth is key for a business’s survival, there is no doubt about that. However, what some business owners struggle with is balancing growing their businesses and keeping the day to day running of things on track. Business growth takes a lot of time and effort, which is why it can be hard for business owners to juggle the growth of their business and the day to day running of things.
The being said, below are some hacks to make the process of growing your business while keeping things on track, that little bit easier. Read on for everything that you need to know.
Conduct market research
The key to business growth is market research. Take Pepsi, for instance; they have always had to compete with Coca-Cola and often struggled to make their mark and grow. However, once they changed their marketing strategies and appealed to a younger audience, creating marketing with a more ‘fun’ vibe to it, they began to grow – this growth was rapid. Market research is a vital tool when it comes to business growth because it can show you what consumers think of your brand and who your target audience is – you may think you already know this, but you may not actually have a full understanding of who your customers really are. When it comes to growth, market research is vital, especially when you want to ensure that growth is consistent and straightforward, leaving you more time to focus on the day to day running of things.
Ensure that your team are behind you
In order to ensure that you have all of the support that you need, which will help to keep your business’s day to day running on track, you need to have a reliable team behind you. You cannot do everything yourself, no matter how thinly you spread yourself, which is why it is so important to ensure that your team is behind you 100% and has the skills and knowledge to support your journey of business growth. Whether this means taking on new team members with more experience than your current team, or it means paying to retrain a handful of team members to help improve their ability to support you and the business as it grows, it doesn’t matter. All that matters is that you have the help and support that you need. The last thing that you want is your business’s day to day tasks to end up being put on the back burner, impacting the way in which your business functions. Hence why ensuring that you have adequate support in place is so crucial.
Make organization a priority
The fact is that growing a business takes a lot of work, which you most probably already know. When it comes to business growth, the key to success is organization. If you are not organized about how you are going about things, from the day to day running of your business to growth strategies, it will have an impact. That is why it is vital to make organization a priority when it comes to how you run your business. Resources like articles such as ‘5 Strategies to Improve Organizational Effectiveness’ can be useful as these can teach you how to improve the way in which you work, and your business is run. It is vital that you take organization seriously, especially when you have various things to focus on. If you are not organized, you could end up getting yourself and your business into a mess.
Put a solid marketing plan in place
Before you even consider taking steps to grow your small business, it is vital that you think the marketing side of things through. The fact is that a marketing plan will allow you to set goals and plan out steps to ensure that you are able to meet them. A good marketing plan outlines each goal that you have, both long and short term goals, and determines how you will make each goal a reality. If you don’t have a marketing plan in place, it will without a doubt impact your business’s growth. So although it may be time-consuming to put together a marketing plan, it is worth it. A solid marketing plan will help to make the process of growing your business that little bit easier, hence the need for one.
Make customer service a priority
There is a danger that while you are focusing on the growth of your business and wooing new clients, that you may fail to make customer service as much of a priority as it always been. Doing this could be fatal, as if your regular customers feel that they are no longer valued by your brand, they may stop using your services or buying your products. That is why it is so vital that you ensure that your levels of customer service are high and the care that you provide your existing customers remains as well thought out as possible. Your current customers are your business’s base, without them, your brand would cease to function, which is why holding onto them should always be seen as a priority.
Partner with other brands
An alliance with another brand could be the answer to putting your business on the map. Let’s say, for instance, that you design and sell smartphone cases. By partnering with a fashion brand that’s highly popular, such as Skinny Dip, for instance, and creating phone cases that incorporate their design style and logo, you could significantly increase your brand’s reach. The fact is that partnering with other brands, as long as they are the right brands, can be what it takes to make the process of growing your business, that little bit easier.
There you have it, your guide to expanding your brand while ensuring that you keep your small business on track. The expansion process may not be an easy one, but that doesn’t mean that it is not possible to grow your business. Just ensure that while you do so, you don’t fail to think about the day to day running of your business and the care that you offer to your existing customers. Because when this happens, that is when a business can quickly go downhill and end up failing. Take note of the hacks above and implement them, and you can ensure that your business not only grows successfully and consistently, but that it also continues to support its existing customers, and does not put their loyalty at risk.