Most business owners will tell you: creating a business is relatively easy, but developing it is more complicated .
In our ultra-competitive economy, the entrepreneur may sometimes feel that he has run out of development ideas. It can also be blocked by lack of cash or material resources. The result is a feeling of stagnation that can affect the morale of the leader.
But to evolve properly, a company needs:
1. A clear vision and strategy.
2. Effective means of communication.
3. Adapted productive means.
4. Dedicated employees and partners,
and of course, money.
5. Fortunately, it is possible, even with a few personal resources, to revive the development of his company.
Do you want to grow your small business faster? Read our 10 tips below.
1) Clarify your positioning.
Companies that progress quickly are those that adopt a clear positioning, focused on the target (s) of clienteles chosen.
Clarify your offer and your customers will feel more comfortable. A customer who knows what to expect is enthusiastic; on the contrary, a client who is in limbo will tend to abstain. Do not try to answer all requests; choose a niche and try to excel on it, this is how you will stand out and gain notoriety.
Example: A neighborhood grocery store whose turnover was growing decided to transform itself into a local producer’s store, in order to reach the new “bobo” clientele of the sector.
2) Know what your core business is.
Your core business is your main daily activity. Ask yourself clearly what is your core business: is it hospitality, marketing, sourcing, production, innovation?
To answer this question, it is necessary to know what makes your value, so that customers come back so that we love you. It takes a step back .
Continuation of the previous example: After reflection, the manager of the store has identified two essential professions: the customer reception and the supply of rare and quality products.
To grow your business faster, develop a major competitive advantage over your core business; give them time. Subtract all other tasks or entrust them to trusted employees.
3) Develop a field winning strategy.
In an economy saturated with products and services, developing a strategy of con questing the land is essential, even for well-established businesses. It is, therefore, necessary to go as far as possible to meet your prospects and customers.
As a leader, you must be the first commercial of the company: it is you who must drive the commercial effort, giving you enough time for it.
Continuation of the previous example: To accelerate its development, the manager of the store decided to approach a restaurant a day to offer its local products, in order to develop the professional clientele.
4) Strengthen your communication.
There is no secret, to have customers and grow your business, you have to be known and visible. This requires some effort and investment that, if well targeted, can quickly boost sales.
Start by asking yourself what are the most important communication channels for your customers: the internet? press? display? point of sale communication? flyer? word of mouth? If you run out of ideas, re-fill it by reading our article How to market your business.
Continuation of the previous example: The manager of the local produce store found that most of the customers came by word of mouth. To reinforce the phenomenon, he decided to organize an aperitif-tasting in the evening, to “talk” in the neighborhood.
5) Sign partnerships.
Concluding business partnerships is a great way to grow your business faster. Indeed, the partnership allows both parties to extend their respective areas of action, in a logic of win-win exchange and alliance against the competition.
Continuation of the previous example: The local store manager signs a partnership with a fair trade supplier. A space of 5 square meters is dedicated and becomes a universe in its own right, with specific merchandising and regular entertainment financed by the fair trade mark. This partnership boosts attendance and benefits both parties.
6) Organize your time better.
There are effective ways for the entrepreneur to increase productivity. Sort between important tasks (strategic, rewarding) and secondary tasks. Automate your daily tasks as much as possible. Set daily goals and hold them. Reduce interference, first and foremost the phone and social networks. Renounce unnecessary travel. And above all, focus on your core business.
Doing so will boost productivity and help grow your business faster.
Continuation of the previous example: The manager of the local products store has decided to prioritize his tasks. In the morning, he deals with the relations with his suppliers/partners and leaves to look for a restaurant in the city. In the afternoon, he devotes himself to the shop and the customer contact.
Do you feel that your development is limited by a lack of personnel, space or production equipment? It may be time to invest, and it would be good not to wait too long.
Making the decision to invest is not always easy, especially if your business and cash flow are down. Invest only if you have identified your weaknesses and ways to get around them.
To have a chance to get your funding, conduct a satisfaction survey, a market study; write a financial plan in due form. In short, gather all the elements to convince!
Continuation of the previous example: After conducting a customer satisfaction survey, the store manager decided to invest in new counters and cash registers, more convenient and to accelerate the time of checkout.
Again, recruiting is not an easy decision because of the risks and expenses it can cause. It is, however, necessary to recruit to be able to grow his business. Recruiting will allow you to better divide your tasks, and focus on what is really important to you as a leader. You will be able to see bigger and further.
To recruit well, define precisely the tasks as well as the job description. Feel free to outsource the recruitment process to a specialized firm to increase your chances of finding the right person.
Continuation of the previous example: The manager of the store decides to recruit a person in charge of shelving, who will also take care of the administrative and accounting aspects.
9) Clarify your business model and straighten your accounts.
It touches the heart of what makes the health and the future of the company, namely its economic model. To find a good business model is to identify a balance between the various constraints and opportunities of the company, in order to come up with an attractive “value proposition”, while setting up an efficient and above all inexpensive organization.
It is, therefore, a question of finding the balance that will allow you to both satisfy your customers and limit your internal expenses, in order to generate profitability.
Let’s take the example of the shop of local products: After thinking about its economic model, the manager decides to reorganize his store in 5 universes, so each one will be animated and managed by a supplier-partner. Thus the shop becomes clearer, more attractive, and significant savings are achieved through the involvement of partners-suppliers.
10) Practice growth-hacking.
Do you want to grow your business even faster? You will have to find innovative techniques to boost your sales. We talk about “growth hacking” or hacking growth.