It’s very common to come across small business owners whose growth has plateaued after a promising first few years, and who’ve resigned themselves to a reality where they accept a functioning business model and carry on at a steady and somewhat stagnated pace.
(1) Reassess your target market
Whether you offer a service or a product, you might feel that your current market is serving you just fine. But we can guarantee that there is always potential for you to expand your business to other markets. This could be in terms of location or demographic, or both: it’s up to you to decide where exactly you could be channelling your efforts.
(2) Merge with another business
You know the phrase: teamwork divides the task and multiplies the success. You might have the perception that M&A activity is the glamorous reserve of the corporate big guns, but you’d be surprised how merging with another business can provide commercial success on a smaller, more local scale.
(3) Use franchising to reach new pastures
Growth can come from expanding your business to a new location. We’re living in the post-digital age, which paradoxically means that we have access to more people than ever without having any time to reach them.
(4) Diversify your products and services
One trick ponies don’t prosper forever, and it’s important for small businesses to stay agile and in-tune with market demand, especially in uncertain times. There are various ways of diversifying your business, and it largely depends on the type of assets you possess.
(5) Tell the world what you’ve got to offer
Last but not least, don’t underestimate the value of marketing communications when growing your business. We are saturated with product and service offerings in the UK, and if efforts aren’t made to cut through the noise, growth is unlikely to occur.
Once you’ve established a clear growth strategy, invest in getting professional help with it from a marketing communications agency.
Whether your strategy needs social and digital marketing, press coverage or old-fashioned print advertising (and it could be a mixture of all of these and more), you’ll save time and money in the long run if you draft in professionals. If you don’t speak up about your business, who’s going to hear?
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