Do you want to grow your business, but you’re not sure where to start? If you’re an SME that wants to expand, getting started might be easier than you think - and you might not even need to look too far afield for help. Here are our top tips for companies that are going for business growth.
1. Listen to your customers
Your customers and clients know best how your business is performing. Reaching out to them and asking them about how they found your service is a fantastic way of checking how your company is being received. One of the best ways to sell your business is through recommendations and word of mouth; if your customers aren’t singing your praises, it might be time to listen to what they have to say. Acknowledge and validate their feedback even if you feel differently, and most importantly, let them know that they are valued.
2. Find funding for your next project
If it’s your finances holding you back, you might not need to worry about the budget. There are local, regional and national funds and grants available for companies looking to expand, many of which simply require an application or a phone call. Whether you have a specific idea in mind, or if you’re just looking for investment, there’s likely to be something out there for your business. You can even check your eligibility for the majority of funding opportunities online. If you need funding for your next project, look no further than our monthly funding roundup.
3. Talk to your employees
If your customers know how your company is performing on the outside, then your employees definitely know how your company is performing internally. Your employees are likely to spend the most time with your clients and customers, and also have a unique perspective on how your company is operating. Getting honest feedback from your employees can help your business grow by pinpointing the challenges that staff are facing, as well as recognising areas which could be improved upon. If you want to make your business more feedback friendly, check out our article.
4. Get networking
Love it or hate it, networking can be enormously beneficial for your business. It allows you to build bridges with different companies in the area, some of which may be encountering similar issues to yours. Nourishing relationships with surrounding businesses can help you to find out about new opportunities, share knowledge and expertise and also get your company involved with your community. There are a number of different networking events and business groups in the North East; find out about our top picks here.
5. Identify what isn’t working
Whether it’s a product or a service, sometimes our ideas just aren’t well received. If you’re wanting to grow your business, it might be that you need to notice what isn’t working as well as what is. Identifying the parts of your business that aren’t succeeding can tell you a great deal about what your clients want, as well as the ideas that need to be refined or even abandoned. Take the time, energy and funding from areas that aren’t working for you, and channel them into ideas that are.
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