Many entrepreneurs often reach a point in which they feel stuck, unmotivated, and as if their business has plateaued. If you feel like your small business is ready to grow or that your large business is ready to expand into new territories, here are ten services and strategies that can help you take your business to the next level.
Customer Loyalty Program
A well-designed and efficiently managed customer loyalty program can help you grow your company and expand the reach of your brand. This consists of providing your customers with an incentive to return and support your business. For example, if they make a purchase, you can reward them with redeemable points, discounts, or even freebies.
The advantages of these programs are that they can be set up quickly, they’re completely customizable, they allow you to collect useful analytics about your customer base, and they are low-cost but high reward.
Franchise Your Business
Depending on what kind of business you own, franchising may be the perfect opportunity for you to expand your company and establish yourself in new geographical locations. Franchising your company will allow another person to set up the same business and sell your goods and services with a license.
Franchising is an excellent way to grow your business rapidly without having to suffer the financial consequences of setting up another outlet. You get to increase your brand’s equity, reach more customers, and expand geographically with limited risks or liabilities.
Attend Networking Events
Networking is a vital part of business relations as it allows you to access certain opportunities that you may not have been able to find on your own. You will be able to establish yourself with confidence in your given industry if you create meaningful relationships with others.
Networking can also help you secure new referrals and business opportunities with important clients. A great way to get started is by attending as many networking events as possible. Another valuable way to make contacts is by attending industry trade shows or reaching out to peers through Linkedin.
Time Tracking Software
This type of software is typically used by managers and employees to keep track of how many hours have been spent on specific projects. This software aims to make your business more efficient and productive by allowing you to improve your quotes and time estimates for projects.
The great thing about using time tracking software is that it gives you an insight into which employees work best with which projects, and which employees may be overworked entirely. You can also see which projects are most cost-effective and focus your efforts on these instead.
International expansion is a dream objective for many entrepreneurs. However, before you begin to look at the potential benefits of launching a business overseas, you’ll need to be sure that your business is ready for the move.
An international expansion can help with your brand recognition as you enter new markets and capture new customers. Some countries even offer lucrative incentives for foreign investors, so it’s worth checking out the different options available to you before you make a decision.
Comprehensive Order Fulfillment
Order fulfillment involves the process of receiving, processing, packaging, and shipping orders to customers. If you are the owner of an e-commerce store, having an efficient order fulfillment process is a vital strategy for the growth of your business.
If your customers are happy with the overall delivery process, it will make them much more likely to stay loyal to your brand and services. Outsourcing this part of the supply chain cycle makes sense if you are looking to expand your business on an exponential level.
Invest in Digital Marketing
Digital marketing refers to the use of online and digital-based technologies to advertise a business, connect with potential customers, and gain insight into important customer data analytics. If your business has an online presence, this is a strategy that you should seriously consider implementing.
There are many types of marketing efforts included under the umbrella of digital marketing, however, Search Engine Optimization (SEO), Pay Per Click (PPC), email marketing, social media marketing, and content marketing are a few of the most popular services.
Acquire Other Businesses
Another great way to expand your business is by acquiring another existing company and merging the two together. This is typically done when companies want to expand abroad.
Rather than having to start from scratch, some entrepreneurs would rather acquire another company and merge the two to form a new entity. This way you can take advantage of existing distribution channels and leverage these more effectively with your own set of services or products.
Investing in Your Employees
If you want to succeed as a business, you will need a reliable and hardworking team of staff behind you to execute the tasks at hand. “You are only as strong as the weakest member of your team” is a very common proverb that can be applied to the world of business.
You want to hire team players who are ambitious, responsive, enthusiastic, and pro-active. Don’t hesitate to offer your employees workshops and training in order to grow their skillset more quickly and efficiently.
Diversify and Develop Products
Finally, another way you can take your business to the next level is by diversifying or developing your existing product range. By offering more goods and services you open yourself up to a wider range of customers and a higher possibility for profitability. Additionally, a diversified range of services or products can help mitigate risk in the case of an industry downturn.
Apart from the many services and strategies noted above, in order to expand your business, you will need a great deal of determination. You are bound to make a few mistakes along the way, however, instead of becoming frustrated, you must take it as a learning opportunity. With the correct resources, team, and attitude you can take your business to the next level.