Did you know that 20% of all small businesses will fail within the first year, and 30% will have failed by the end of the second year? Without the right business strategy, growing your business could be an uphill struggle.
So, how do you grow your business and not become a part of the statistics of failure?
Of course, it is possible to grow your business and to make it a success. With these simple tips, you could expand your company and see it thrive in 2021.
1. Understand Your Competition
One of the biggest mistakes many new companies make is to not make a thorough assessment of the playing field before they enter the market. You need to know exactly who you’re competing with.
It’s all well and good to spend your time fantasizing about the ways that you’re better than your competitors, but you should really take the time to learn from them and understand what makes them successful.
Knowing their pain points will also benefit you too, as this is where you should angle your business and find some real distinctions that will set you apart from your rivals.
2. Build Your Website
No business in 2021 should be without a website. Your website should be seen as important as your physical location. Whatever industry you work in, you’ll need to have a website to act as a calling card.
If there is a way of generating income for your business by making sales through your website, you should seize it.
Your website needn’t break any molds or try to reinvent the wheel, but it should look great, be intuitive to navigate, and hold all of the information your customers need.
3. Know Your Customer
Knowing who your customer is will help you tailor your products or services better. You need to know exactly who you appeal to. In addition to refining your product, you can use the information about the demographics of your customers to hone your marketing strategy.
If you know the age, gender, location, and interests of your average customer, you can target more people who fit the same demographic in your advertising. With social media marketing these days, you can target some very specific groups of people.
Knowing what your customer wants will also help you deliver the best customer service possible too. The more you know, the better poised you’ll be to please them.
4. Invest In Advertising
If you want to grow your business, you should invest in advertising. Getting the word about your new business out there is important, without advertising, it’ll take you a very long time to get customers to help you expand your company.
There are many different types of advertising, from print media to online adverts. Finding the right type of advertising for your business is essential.
Remember to track the success of your marketing efforts to find out what works best for your company.
5. Continue to Raise Capital
One thing that a growing business needs is capital. During the early years of your company’s existence, you’ll need several injections of cash to build infrastructure and keep you moving forward.
You should always be on the lookout for ways to bring in new revenue and capital to keep pushing your business onward and upwards.
There are many ways that you can raise money for your business in 2021, from taking out loans through companies such as Intrepid Finance, to raising funds through crowdfunding ventures.
Your main choice will be whether you raise capital through borrowing or investment. With taking out a loan, you’ll retain autonomy for your company, whereas if you take on investors, you will have to please them. This may mean making decisions that you wouldn’t ordinarily consider.
6. Harness the Power Of Social Media
With so many people using social media these days, there’s a good chance that your customers have a profile on at least one popular platform.
Having a social media presence should be a given in 2021, but it’s surprising how many companies still overlook this important area in their marketing strategy.
Social media is great for so many business reasons. Firstly, you should be using it to engage with customers, secondly, use it as an easy way of letting your customers contact you.
Social media is also a great place to go to find out what people think of your business.
7. Focus Your Attention on Training Your Staff
If you want to grow your business, you should focus your attention on training and developing your team. Investing in people is one of the best ways that you can grow your business’s potential.
If you have a competent team of staff will help you delegate. Making your employee feel valued and appreciated within your company will incentivize them to work harder.
Find opportunities to develop your team and allow them to learn new skills that will help you push your business forward.
How to Grow Your Business
If you want to grow your business in 2021, there are several strategies that you should have in place. You’ll want to have a strategy to attract capital for your business. You should also learn about your competitors and your customers.
Next up, you’ll want to market your business. You can do this with a great website, paid advertising, and social media. Finally, you should invest time and effort in training your staff.
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