Keeping Your Small Business Growing

November 21, 2016 by Ed Becker

In the last article, we discussed how small businesses can become stagnant. We shared several of the most common reasons and possible solutions. This week, I want to discuss what you can and should be actively doing to keep your company growing consistently. Even if growth is in small increments, if it is consistent and steady, it is positive growth.

Stay focused on your vision

Never lose sight of your vision, your purpose and your mission. The reason you started your company was based on filling a need, and implementing it in a way that was superior to what was available. Stay focused on the ethics and passion that built the foundation of your business.

Provide more than expected

Customer service and satisfaction are always key to growth. In recent years, customer service has deeply deteriorated.  It is not common practice any more to ensure that the customer is happy. “The customer is always right” has gone by the wayside in nearly all areas of service – to the extent that some companies lose customers because they don’t take the time to make a simple fix.  Always provide your customers with excellent service, and more value than they expect. Satisfied customers are as important as finding new customers.  Satisfied customers often bring in new customers without you having to work for it.

Growth can happen from the top or bottom

Growth does not always have to equate to sales or new profit. It can also come from within the company.  It is wise to review your expenses/costs on at least a quarterly basis to check if costs can be reduced without diminishing quality. Do you have employees that are not consistently producing top notch work? Have you checked vendor pricing with their competition? Find ways to save and streamline outcomes to increase profit margins.

Accessorize

Are you offering complementary products? Similar to going to a fast food drive-thru when you’re asked if you want fries or a drink with your food order; up-selling and offering complementary products or services is a great way to increase sales to existing and new customers.

New markets

Explore new markets, constantly. Are you an online company that is ready to open a brick & mortar store? Or vice versa? Are you exclusively local and ready to go national or global? Can your products be sold in other physical markets such as flea markets or festivals? Where can you get your products in front of other ideal customers, or can you tweak your current product to open up a totally new niche of customers?

Outsource services

Outsourcing has grown extremely quickly over the last 10 years. You can outsource bookkeeping, human resources, marketing and many other business functions , often at a lower cost or higher quality than on-site employees.  If you need a variety of skills then consider hiring a company or consultant for each particular skill set.  This will save you training and the associated costs of on-site employees.

Mentors/Business coach

Many small business owners may think that a business coach or life coach are for the rich and famous or larger corporations. But that is simply a faulty mindset. Small business owners can greatly benefit from having a coach to bounce ideas, to help hold you accountable and to point out areas that you should be working on. It does not have to be an extremely expensive coach in order for it to be a good fit for you. It DOES have to be a good fit. Finding the right coach is something that may take time and a few trials. But it is so worthwhile in the long term scope of your business.

The above suggestions are by no means an exhaustive list of ways to consistently grow your company. However, they are a solid foundation that should be utilized on a regular basis. As you keep these up, you will also find your own ways to ensure growth.