Regardless of what industry or niche you belong to, your aim is to get more sales, establishing a good name for your brand and growth of it at the end of the day. In order to achieve these core goals you invest your time, money and resources on building a great product, marketing, promotion and more.
In this article I will try to cover a few ideas in detail that I see most small businesses are missing, and which can lead them to the new height of success and growth.
- Hire a team smarter them you!
This is exactly the advice you should follow when you are running a startup and growth is your ultimate goal. Two heads are better than one and in order to grow, you need multiple brains that are smarter than you are.
The idea is to hire a team that has more potential; more skills and ability to do better than you do so that they can think of better ideas, execute those ideas better than you have ever imagined and as a result take business to the next level.
You didn’t really have to limit yourself to your physical location or country to hire a talent but go beyond your country and find the right kind of talent and bring them aboard!
Big brands like Facebook, Google, HP, Apple and more have already been practicing it. Therefore, if SMBs use this idea they will have a better opportunity to grow as a business.
- Form an Alliance
Aligning your business with other similar kinds of businesses is one of the powerful ways to expand quickly and I have seen many businesses (big and small) implementing and getting success through it.
The idea here is to research and find out what other businesses or similar kind of businesses already have an audience you are looking for and then align with them to sell quickly. In the digital marketing industry Moz.com is considered to be the most reputable name but they are selling a product instead of the services (they quit offering services a while back) and Distilled who are in to service business quickly made alliance with Moz.com . This helped them both to promote each other and grow together.
Usually aligning with other businesses needs a trust and relationship between two companies so always try to be in good relationship with other similar kind of businesses within your niche and build your brand in such a way that other businesses trust the service/product you are offering.
- Merge or Acquire other businesses
While observing reports of 2013 and the current year you will see dozens and literally dozens of businesses who have either merged together or one of them acquired another business. This is not only being practiced by billion dollar companies but even a few SMB owners initiated it and have been leveraging in terms of growth.
Take the example of big companies like Facebook or Microsoft . Facebook acquired quite a few businesses that includes Whatsapp that they aquired for $19 billion on the other hand Microsoft bought Nokia’s cellphone business for $7.2 billion. Whereas, Mid and small size business are using this idea to retain their clients and also increase their customer base, for instance, Moz.com, a marketing software company acquired Follower Wonk and Get Listed.
- Target Other Markets
The first and major goal for you as a business is your target market, so you do everything you could to introduce yourself and get as many customers but this is not the only area you should focus. In order to grow as a business you have to think out of the box and search for other related markets from where you can get more customers.
There are quite a few businesses that are doing this like Dell who offer special discounts to students and some clothing brands that target niches like culture.
The idea for SMB owners is to dive deep in to their customer interests and see where else they go or are interested in and then target those niches as well instead of sticking up to one niche only.
- Expand Globally
Many businesses usually get confused about this idea and that is the reason why I have included this idea in the list. This is not really valid for players who are number one in their niches but anyone at some level can do this to grow and earn more profits.
The idea here is to expand your businesses globally. Not every time you have to go to different countries and launch your franchises there, but it can be easily done by contacting local dealers available. This allows you to reach international and global. There are quite a few brands in the food chain industries are doing this like McDonalds, KFC and more.
Small businesses can also do this! All they have to do is to research and see what other countries are profitable for their business and then work on creating an embassy there.
There could be lot of ideas I can share that help small businesses with reference to growth and profitability but the above discussed are the one that many small businesses either do not consider or ignore.
So are you looking for growth? What is your plan of action?
5 Ideas That Can Help Small Businesses with Reference to Growth