Studies show that approximately 20 percent of small businesses fail within their first year of business.
Starting and then growing a small business is not for the faint of heart. It takes business savvy, courage, and a bit of luck.
To leverage your small business’s chance of success, keep reading. Here are five tips that will help your company succeed.
1. Make Smart Hires
Your employees make or break your business. Who you hire will largely impact small business growth.
Look for employees with a strong work ethic versus the perfect employee with the right knowledge for the job.
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Employees with work ethic will stick around longer and dedicated themselves to your company’s success.
They understand that they’re part of a team with one goal versus an employee working for a boss.
Furthermore, when you have reliable employees, you free yourself up to create an outstanding work culture and experience business success.
2. Get Outside Help Growing a Small Business
Managing a business and running a business takes some skills and the right help. Look t outside companies like what you find at Avitusgroup.com to help you grow your business.
The right help will have a solid customer management system and application. This type of software will capture, research, and analyze your customers’ behaviors.
You can then begin to target specific customers to build your business more purposefully.
Furthermore, you’ll be able to save costs because you’ll have a focus on your customer. Your bottom line will improve, your costs will go down, and you’ll see stronger customer loyalty.
3. Focus on Established Customer Base
Focus on the core customers that led you to start your business in the first place. Focus your marketing strategies on those customers.
When you have targeted marketing strategies, you’ll end up with repeat business and ultimately growth.
Word will get around that you care for your customers. Furthermore, when you focus on the market for your business, banks will listen to your pitch, and you’ll score funding and investments more easily.
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4. Create a Customer Loyalty Plan
You can reward your loyal customers with a customer loyalty program. The program does not have to be complicated, but ultimately, it will bring customers back to you.
For example, you can develop a punch card where customers earn a free service for a given number of punches they earn.
You could also use check-in rewards. These offer special deals or free items when your customers check into an online platform.
5. Use Social Media
Establish a social media presence on the platforms where your potential customers spend time. Take time to refresh your page and posts with quality images and up-to-date information on products and prices.
You can also use social media to advertise your business for free. You can share your store information like hours of service or you can post information about the aforementioned loyalty program.
Start Small, Think Big
When growing a small business, you have big dreams and hopes of success. So while your current customer base may only be a few dozen people, with the right strategies you can hope for a big business in the coming years.
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