Which brings us to an important aspect of business growth: that in order for your business to grow - whether that means increasing your profits, getting more customers, having repeat borrowers, opening new outlets e.t.c - you must be willing to take some risks.
But I bet you already know that! That is how you have come to be where you are right now - by taking risks!
Here are five ways you can still grow your small business before the end of the year:
- Be found online - In previous articles, we have covered why your business needs a blog, content marketing and designing your website and/or blog. According to Bill Gates, "there will be only two types of businesses, those with an internet presence, and those with no business at all." While having an online presence is a good thing, you will do well to have your content optimized not just for search engines but also for your visitors. Your content has to be relevant to them for you to have repeat visitors and a chance of converting them to buyers.
- Optimize your operations - we have talked about the things entrepreneurs should learn from the fall of big businesses in relation to Jim Collins How the Mighty Fall. A key take home from that article is this: businesses need to prioritize their operations and quickly adapt to the rapidly changing world of business. As a businessperson, you need to ask yourself what are the important things you need to do, write them down, act on them and review whether they are getting you the results you need. If not, repeat. You also need to be aware of the dynamic business environment and strive to not only remaining relevant but also ahead of your competition.
- Reinvest in the business - whether you are a year old in business or whether you have been around for ages, one sure way of growing your business is ploughing back some of the profit you get. Do not allow yourself the comfort of enjoying your returns in the short term for a greater, richer and fulfilling experience of seeing your business grow beyond your initial plans.
- Focus on your customers - In a recent article, we have pointed out that the customer is not always right. Some customers will drain your energy with their complaints and leave you for the competition when your business is no more. It is important for you to identify who your genuine customers are and focus on giving them an experience that will keep them coming back to you and even referring you to their friends.
- Manage your cash-flow - for your business to grow, it is important for you to re-look at your books with a view of understanding where your money is, and whether that is working for you. Do not make unnecessary capital investments that leave you short of cash. Every-time you invest your funds, you need to know when you expect to reap from the investment, how it affects your present operations and whether it is the right time to invest or even the right thing to invest in.