Business growth is an essential element of maintaining a thriving business. The moment your business starts to pick up steam is a joyous occasion because it means that the customers are happy with what you are offering and that they are responding well to your marketing strategy. Most importantly, it means that you are earning.
But there are also risks associated with scaling a business. Begin by assessing if the business is ready. First, you must have a steady base of customers. Having regular customers is an indicator that your products or services are up to scratch. But you should beware of sudden surges. Before deciding to expand, you need to figure out if the increase is consistent or not. Next, if your net income (gross income minus expenses) has constantly increased over a long period, then it may be time to expand.
After assessing and deciding that there is a need to expand, identify ways you can start doing this. Here are some tips to consider:
Build a franchise
If you can devise a system that will ensure new owners’ replication of your success, then franchising may be a viable option for you to quickly grow your business. Here are some guidelines on how to start a franchise business.
Begin with creating an operations manual to standardize processes such as staff training and company policies. This will give franchisees a clear guide to follow. When you have accomplished this, find time to sit down with a lawyer because you will need legal advice to launch a franchise. Some matters that you need to discuss include intellectual property protection.
Once you have had your first batch of franchisees, find a way for them to communicate with one another easily. Consider creating a work email where everyone will receive updates regarding the business. Having a group chat will also be helpful.
Put agreements in writing
For the safety of all parties involved, put all business agreements in writing. Doing this ensures that everyone keeps their word. This way, if ever someone tries to violate what has previously been agreed upon, all parties will have a document to look back on.
Although verbal agreements may also be honored when it comes to legal proceedings, it is best to have a written record of an agreement. It can be difficult to prove that a verbal agreement happened in the first place.
Provide excellent customer service
Consistently delivering top-notch customer service is a great way to promote your business. Happy customers will be more likely to buy from you again. Also, they may also recommend your service or product to other people. Amassing plenty of good reviews is a sure-fire way of gaining credibility and making your brand memorable, especially in the age of social media and review aggregator sites.
Offer a loyalty program
It can be costly to acquire new customers, so why not focus on getting your existing customers to buy more from you? Aside from helping the business retain customers, it may also entice new ones to buy from you as well.
Some programs that you might want to consider are stamp cards and discount cards. Stamp cards allow customers to redeem an award by getting a stamp for each purchase. The award is usually given when all stamps have been collected. On the other hand, discount cards are usually earned upon accumulating a certain amount of purchases from a store.
Now that you have gotten some pointers on how to expand your business, it is now time to develop a detailed growth plan. Keep in mind that you may not see signs of growth immediately, but do not let that discourage you. As long as you keep going, you will eventually see an improvement.