Growing your business is hard. Many businesses can get started, find a few customers, but can’t get past that pump to the next big level. In this article, our team will discuss 10 tips that we recommend to all of our growing clients who have taken that jump from hobby to business. These tips definitely aren’t the only ones that we would recommend but are some of the easiest and most effective to get your business to the next level.
1) Marketing is an investment, not an expense
So many businesses are afraid of marketing. Most business owners know they need it, but they categorize it as that one expense that they have to pay a lot of money and put a lot of time into to make successful. This isn’t the case. Marketing (along with sales) if done well is one of the best tools that your business can utilize to bring in new customers, grow your brand name, and turn your business into what you always dreamed of. The best part. You usually don’t have to spend thousands of dollars to get started! Starting your growth with Facebook ads is an easy way to get your name out and can cost as little as a few dollars a day. To learn more about this check out our past blog about Facebook ads here:
2) Keep your business as lean as possible, if it doesn’t add value do you need it?
When you are starting in business, and growing in business you need to make sure that your profit exceeds your expenses (obviously). Many business owners think that to become a legit business what you need is fancy tools, high-tech equipment, and a fancy office. That is farther from the truth (in most cases). Focus on growing your business and invest in things that will help your business grow. Once you become a big established business then you can invest in the new top-of-the-line equipment.
Note: This is different for some fields of business and some may have to take out substantial debt to get started. This however is not the case for all, and many businesses have started for less than $100.
3) Invest in your team and your team will invest in you
One of the simplest ways a company can grow is by hiring quality team members. Research has found time and time again that investing in your employees grows companies substantially faster than hiring the minimum. A recent Forbes article (found here) goes over this concept deeper. The more you can create a culture with the company, the fewer people will leave, and the faster your business can grow.
Note: Investing in your team doesn’t just mean paying them more. investing includes trusting your team, giving feedback, and challenging them. These things coupled with a competitive wage are the best way to see your business grow.
4) Take time to research your target market and find solutions to their pain points
A lot of businesses go quickly from having a little business to being swamped with work. This isn’t the worst problem in the world and can lead businesses to be quite profitable. Unfortunately, it stunts the long-term growth of the company. Make sure to spend time when creating your business to deeply research your market to find out services and products that would benefit them the best. This will lead to faster growth and help keep that growth consistent.
5) A consistent brand is key
Branding is the name, logo, voice, and overall image of your business. Keeping a consistent brand as you grow is vital to the long-term success of a company. Bad branding can lead to competitors taking over your business share. Make sure to keep your brand consistent as your business grows. To learn more about that make sure to click here to learn how to build an awesome brand.
6) You don’t need to spend millions on marketing to grow your business
If you have ever considered working with a marketing agency, you may have seen proposals and thought “wow marketing is expensive”. While that definitely can be the case, marketing doesn’t have to cost millions to be powerful. Companies have grown substantially on shoestring budgets, and are now worth hundreds of millions. Our recommendation is to create a consistent brand, post content that your target market finds interesting, showcase what makes you special, and take advantage of earned media (PR, SEO, and Blogs). This is easier said than done but has shown to grow businesses 99/100 times.
Note: Curious about the best ways to get earned media? Check out our blog on it below:
What is earned media and how you can get it.
7) Referrals are everything when growing your business
People are 4 times more likely to work with a business than someone recommended. Referrals are some of the most powerful business development tools on the market. Make sure to treat your customers with care and they will reward you 10 fold. We also recommend reaching out to previous clients to ask them for reviews on Google, Yelp, or other relevant platforms. These are extremely important in today’s buying cycle and could be the difference between getting a sale or not.
Note: Don’t be afraid to ask your client for a review. If you are doing a good job your customers are more than willing to help you in any way they can. To learn more about how to best utilize Google make sure to click on the blog below:
How to best utilize Google Maps to get more customers in your door.
8) Treat your customer like family
Like we said in #7 referrals are everything. Treating your customer like family is the quickest way to get your customer to become brand loyal and to start referring you to their friends and family. If you go above and beyond to provide your service the way you would treat your family you will see success. This will be more work in the short run but could lead to more clients and a great brand image for years to come.
Note: This works as the opposite as well. Bad reviews travel fast and can hurt your business for years to come. Make sure to cater to both happy and mad customers as they will both benefit your business.
9) Become the best in your area before growing to others
One of the most common tactics business owners use when growing their business is creating a new office somewhere else. While this is important in the growth of businesses, it should be done strategically. Our team recommends that the user becomes the top name before growing to another location. This allows your company to start with a great name associated with it. You can then utilize your good standings in your other locations to grow quickly in your new location.
Note: Growth isn’t needed for every business. Many businesses are fine working within one location and can see major success from that location.
10) Create a 1, 3, and 5 year growth plan for your business
Last but not least, the tenth item is to create growth goals for your business. Creating goals allows you to track your growth and keep you and your business on track as you continue to grow. These should include anything you think is important including revenue, the number of employees, clients, products sold, etc. It can also include other items like talking at a conference, becoming a thought leader in your area, winning a special award, etc. We recommend printing them and putting them somewhere that can be seen daily to keep your always thinking about your growth.
Learn from the experts. Finden Marketing is Duluth, Minnesota’s leading Gen Z & Millennial marketing agency. With years of experience, hundreds of thousands of dollars managed, and a dedicated team we can help grow your business to its true potential. Our team offers a wide range of services, including PR, Branding, Content Creation, Paid Media, Graphic Design, and Web Development. With over 50 projects in the bag, Finden Marketing is becoming a staple marketing agency in Duluth, Minnesota. With awards including the Duluth News Tribune Best of the Best, Upcity’s top digital marketing agencies, Goodfirms top 10 ad agencies in Minnesota, and Designrush’s top SEO agency in Minnesota.
To learn more about Finden Marketing, check us out here, or visit us at our office in Duluth, Minnesota.
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