How to grow a business is very different from starting one. And even if many aspiring entrepreneurs would start a business, very few of these businesses see the light of the following morning. And those which do, few achieve the desired success.
So, starting a business and witnessing it thrive into a multimillion entity is the dream of every entrepreneur. And many entrepreneurs aim at using their creativity, innovativeness, and whichever method possible, to meet their customers’ needs. However, most of them, from the very beginning, focus on survival other than growth. And that is one of the biggest mistakes business people make.
Needless to say, the high level of competition in most markets makes it difficult for small and medium-sized business enterprises to thrive.
In Kenya, (just like everywhere else,) there is a new business entering the market every day, and the consumers remaining the same. In this case, only the well-established business survives and remains in operation. This, therefore, necessitates the need to be indifferent while at the same time remaining relevant to the consumers among the many competitors.
The question that comes into the business people’s minds is how one can grow a small business into a successful entity. What only a few understand is that a business does not grow on its own. But calls for the owner’s creativity, prowess, management skills, commitment, and innovativeness, among others.
Transforming a small business enterprise into an outstanding and renowned business brand requires effective planning, business strategies, staff motivation, and customer focus.
How to grow a small business into an empire.
Find your gifts and strengths.
When starting a business, it is important to note your talents, abilities, and skills. This allows you to always compete with your potential and not individuals. At times, you will be required to go a step ahead to find your potential in the industry.
Once you realize your gift, make efforts to perfect it. For instance, if it is dancing, you can major in that and for sure that can be your brand for life. Others like art, drawing, promotion, and sales. The bottom line is, identify your strength, talent, abilities, and skills. Build on that.
Understand your customers.
The progress of any business depends on the customers. Worldwide, customers dictate the failure or success of a business. Thus, understand your customers. It is important to note that customers’ expectations and demands should come first. In this regard, business strategies and models come second.
Ambitious business people should pay close attention to their customers’ expectations and demands. This can be done by allowing, analyzing, and acting upon customers’ suggestions, and addressing their complaints and grievances.
In the long run, business management is able to identify the weak points, tastes, and preferences of the markets as well as the emerging trends in the market.
There is therefore a need to satisfy your customers and making them happy by offering quality goods and services. Because a happy customer means a healthy business and vice versa.
Improve customer service.
Understanding your customers and improving them are two different things. However rational they are, customer satisfaction should be given priority.
Communicate with the customers to show them that they are valuable to your business. Answer their questions. Clear their doubts. It is good to establish a good rapport with the customers. Always remember that when satisfied, customers lay a strong foundation for the growth of a small business beyond territories.
Reward the loyalty of your customers.
Retain loyal customers in your business. Introduce discounts and other subsidies. For instance, start offering loyalty rewards. Loyalty rewards are earned when buyers acquire commodities from your business and accumulate whenever they buy. At some point, the earned points can warrant customers’ access to goods worth a huge lump sum. This strategy has worked for many brands and it is a sure bet in growing your small business into a large scale brand within the region of operation.
Expand your business.
Obviously, taking care of customers is not the sole way to grow. Make effort to expand your operations by reinvesting. Remember your focus is to make an empire from your small business. Invest with your earnings to diversify your market reach.
Always aim at observing the most compatible ways in the markets to expand your operations.
Systems support your business to expand. Build systems that will keep your ‘empire’ from overwhelming you. A business system connects all the firm’s parts and interrelated steps to work together for a common purpose of achieving business strategy. This unifies all operations and helps save time which is the most precious resource.
In addition, business systems help in tracking success hence, informing the entrepreneur on which decisions to make and at which point of the business.
In order to grow a business into a multibillion empire, you need to produce at a large scale level as informed by the feedback received from those already served by your business. By so doing, you command a larger business fan base from the market which is likely to boost your business growth.
Participate in trade shows and exhibitions.
Trade shows and exhibitions are essential in expanding a business to be a prolific leader in the industry. Shows and exhibitions draw people near your product or the service in offer. It gives a good opportunity to market the business to a large audience and hence connects with potential customers on both a national and international level.
Contain your business costs.
The cost of business operation should be kept low to give the enterprise the cash flow it requires to grow and stabilize. This can be done by liquidating low-earning products and eliminating poorly performing services. Further, you can reduce the business costs by improving the inventory turnover particularly by using new sales and marketing tactics.
Perform market research.
Market research helps you acquire the much-needed information to make your product or service available to a wide range of fan base. It can be done through opening stores in different locations both virtually (websites) and physically, targeting new population groups, and encouraging new uses of your products. All these allow you the opportunity to expand your fan base, increase sales, and stabilize the business.
Develop Franchising opportunities.
Franchising is one of the systems you can use to grow your business. It majorly depends on the branding and business model. You are therefore required to license your model, branding, and process to franchisees who in turn helps in making sales within their locations bearing your business name and brand. As a result, your business is able to reach a wide market and recognition which helps to grow the business.
As it is said, success begets success. In nutshell, start from where you are, grab the opportunities that come your way and you will enjoy the fruits of what you do. Establishing a multibillion business empire is simply about learning to serve people in the best way possible.
Start small. Remain focused. Stay true to your goals. And you will make it.
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