When the time comes to grow your small business or scale it – whatever you prefer to call it. It can be a challenge in many ways, even for those who are very experienced in what they do. You’ll need to deepen your understanding of what is involved and how you can accommodate it better. You might even need to think about if you should change your business model or even your branding.
Photo by Stanislav Kondratiev on Unsplash
As you grow, your clients will change too. They will likely be more significant, and your organization skills will need to improve a lot too.
Not everyone will know when the right time to grow is, and there might not be an obvious pointer either. But if you can see an increased income, or that you are asking people to work longer shifts, or need to hire more people. It might just be time to ask yourself – is it now?
Here are a couple of considerations for you:
Sales Funnel
Many businesses will go through this basic point of growth. A great sales funnel will actually be a point that can kick start your growth. Managing to automate what you do will help. There is a time investment here, and depending on your subscribers, you might not have a cost initially. The foundations for a sales funnel will be the initial set-up, and writing a great funnel. Typically funnels:
- New sign-ups
- Downloads
- Upselling
- Hot leads
You can carefully curate these and increase your sales.
Competition
You will always be aware of your competition unless you have created a market or you are working in a new industry. As you grow you, competitors will change. They will be bigger, fiercer and they will be putting more money into their marketing too. You can use Similar Web to research your competitors. Have a look at their online strategies and their funnel techniques you can get a feel for what you are ‘up against’.
You can take parts of their strategy and see where it fits with what you are doing. More prominent companies tend to have a tried and tested method, and it is worth researching.
New Opportunities
Often it is not until we take stock of everything that we can see things differently. If you have been intensely focused on specific tasks, then you might well have missed areas that you can expand into, or opportunities to increase sales. Have a look at the demographics of your newsletter, has it changed over time? Do you have new buyers? Where are they based? Can you create a popular package to advertise based on that information?
Growth of your business isn’t just exciting from the financial point of view. It can be an enjoyable challenge than can see your business evolve into something that you had pictures in the very early planning days. Whatever your growth looks like, move forward with the idea that you want to bring value to your customers.
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