So, you've successfully launch your small business and you now have a steady stream of sales coming in. What’s your next step? Would you continue down the small business route, or are you willing to take a detour and start expanding?
Expansion is a big decision that may be a little bit too early for your business, but hesitating to do so can also could be a missed opportunity. As an entrepreneur, you have to know when to make that big leap.
Expanding your business requires careful preparation so, we've outlined some steps that may help you with the expansion process:
1. Satisfy your existing customers
You need your old customers and a lot more new customers to be able to expand. But first, focus on your existing customers. Making sure that you’re meeting their needs satisfactorily will not only ensure repeat business, but could also lead to new referred customers.
Get closer with your customers, make an effort to know their names, and show them that you really care about them. Opening up an accessible communication channel will make your customers satisfied and happy. If you want to know more on how to keep your customers engaged, here are 6 more tips you should consider.
2. Get your timing right
Strike at the right time and place – it’s all about timing. Don’t open up new branches and launch new products hastily, listen and be watchful of the current activities in the market. Sometimes it’s good to beat everyone else in launching a product, but other times you have to wait and see, learning from the mistakes of your competitors.
3. Don’t forget to create a brand
When customers do business, they are always looking to have a memorable experience. They want to do business with a company that stands out. So, whatever you have that makes your company different from the others, you have to flaunt it.
4. Learn to delegate
You can’t do it on your own. If you want to expand, you need to focus on the core aspects of your business, and the only way you can do that is if you start delegating time-consuming, daily business activities. With proper delegation, you can be more efficient in doing what it is you do best.
5. Learn to automate
Utilize technologies. Find out the aspects of your business that you can automate and invest in it. Automation will not only get things done a lot faster, it will also free up your time so that you can focus more on the areas of your business that really matter.
We hope that the 5 tips provided above can help the transition process of growing your business a bit easier. If you have more tips you want to add you can do so by commenting below.