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There’s a lot of freedom that comes with having your own business, but that doesn’t mean you can get comfortable. A year, a month, or even a few weeks spent just cruising on your current strategy can seriously stunt your growth?
If you want to become a serious contender (and make more money) you must always be looking for opportunities to grow. Here are five ways you can take your business to the next level this year.
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Expand your offerings
Many niche businesses do well by drilling down on the word “adjacent”. Consider how you can align yourself with goods and services that are related to your expertise, as well making sure you offer more of what’s trending. If necessary, use lines of credit to make it happen.
For instance, if one sells sporting goods, and hiking is very popular in their area, they want to capitalize on this. The brands, the equipment – there should be a more comprehensive, well-curated selection than a big box store. Now you have a whole audience who wouldn’t normally be lumped into the same market as student athletes.
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Invest in the customer
Of course, everything you have is just for the customer, right? But today, there are new and highly effective ways to service them beyond a product, eBook, or blog post.
First, collect and use data to learn more about their habits and desires. If this isn’t practical for your business, invite them to submit feedback, and take it seriously. Incentivize with a discount in exchange for their opinion, if necessary. Next, spruce up your customer service department. Make it fast and easy for customers to reach you.
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Stay on message
In the process of expanding, you want to be cautious about throwing the kitchen sink at the customer. It should be clear at all times what you do and where the value is. This makes it much easier for people to recommend you to others.
Being consistent builds trust. If you have multiple locations, multiple social media accounts, anything – make sure each branch of your business presence is up to date.
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Partner up
There are a few ways in which you can bring people into the fold. You could acquire or merge with a similar business and bring their audience along for the ride. It’s a common way to stay afloat when things are looking uncertain in your industry.
If you simply network, however, you can find ways to offer your audience more value. That sporting goods store, for example, could host a seminar with a fitness expert or athlete.
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Nurture your online presence
Is your web page up to snuff? Have your social media accounts been sitting there without updates for months? This is perhaps the biggest missed opportunity of them all.
Update regularly, make sure you’re mobile-friendly, and again, start using analytics to measure performance.
How far are you willing to go for growth? If things are on a swift downturn, it might be a wise investment to offer even more. Aside from that, you can focus on customer experience, make sure your messaging is clear and consistent, and consider teaming up for a wider reach. It’s all up to you as you enter your business’s next chapter.