Did you know that almost one in five businesses — close to 20% — in the U.S. fail within their first year of setting up shop?
And even if your business remains a going concern through year one, the failure rate within the first two years of starting up is around 20%.
Do you want to know how not only to survive but also to thrive, as a company?
Continue reading to see five tips for growing a small business.
1. Boost Customer Retention
Picking up new customers is one thing — turning them into repeat buyers is another.
Did you know it’s six or seven times more costly to find a new customer than to hold onto a new one?
Another thing to consider is that the odds of selling to a current client are as much as 14% higher than the odds of selling to a new client.
But how can you increase customer retention? You can do the following:
Provide Great Customer Service
Your customers won’t stick around if they don’t feel valued. So, ensure your customer service staff members provide the best possible experience.
Engage With Customers
When customers reach out to your company on social media or leave online reviews, don’t just ignore them. Take the time to engage. Answer questions, and acknowledge any problems or concerns they may disclose.
Do you want to get more Google reviews from customers? It pays to look into how to see Google reviews from people patronizing your business.
2. Diversify Offerings
Another way you can facilitate business growth is by adding new products and services.
You’ll need to conduct market research to determine what products and services would make the most sense to add to what you already sell.
During the research stage, you might find that your current offerings can be marketed to consumer segments you had never considered previously. That’ll provide the opportunity to sell more products and services.
3. Expand Into New Markets
Sometimes growing your business means expanding into other markets.
Does it make sense to grow your business by setting up an office in another area? That could be elsewhere in the state, another state, or another country.
Expanding a business could also mean simply finding customers in other areas. So, for instance, if you’re an American business that typically works with U.S. customers, you might expand by looking for customers in other countries.
4. Hire the Right Employees
When you have the right people in the correct positions, it’ll be easier to focus on growing your company. Having to fire and replace staff continually will make moving forward with strategic growth more challenging.
5. Focus on SEO
Having a website is essential. But ensuring consumers know how to find you is another thing entirely. That’s why search engine optimization (SEO) is vital.
When people search for things online, they tend to focus on the first few entries on the first page of search engine page results (SERPs).
Focusing on SEO means there’s a higher likelihood that your company’s website will rank high enough to attract eyeballs and increase traffic to your website. Understanding the importance of SEO will be a game-changer.
Growing a Small Business Is Essential
If you need help growing a small business, the business tips above will give you some ideas.
Many new businesses crash and burn shortly after getting started. But you don’t have to become another statistic. The five strategies mentioned will help you grow a successful business over the long term.
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