One of the biggest challenges as the owner of a company is working out how to grow and scale. It doesn’t happen overnight; instead, you’ll need to buckle down to keep things growing at a pace you’re happy with. But when you start reaping the benefits, the hard work will all seem worth it. To get there, here are 8 things to consider when growing your company.
Know Your Customers
Your company will only be a success if you’re providing something that’s valuable to your customer base. And that means knowing what it is they want. Ask for feedback and take it all onboard – even if it’s brutally honest or you don’t agree with it. It’s a direct line into what your customers want, which in turn will help you develop better products that help your company grow. It might be painful, but it’s a key factor for company growth.
Look for Ways to Improve Customer Service
If you’ve already got a fantastic customer service, it can be very tempting to get complacent. But if you want your company to continue growing, it’s essential to always be on the lookout for ways to improve in this area. Customer satisfaction goes a long way towards the success and growth of a business. If they have a great experience with your customer service team, they’ll let their friends and family know about it. Software like Zendesk has made it easy for companies to scale their customer service, providing fast and effective support.
Insure Your Business
Not only does business insurance help secure your company, but it also signals to potential investors and customers that you’re serious about your work and company growth. Part of owning a successful and growing company is being aware of risks and doing everything you can to minimize those risks. There are plenty of different options on the table here, one of the most effective being business insurance. You can find more here.
Think About Investing in a Loyalty Program
Returning customers play a big role when it comes to growing your company, so it’s a worthwhile idea to think about investing some time and money into a loyalty program. In short, these programs reward returning customers with discounts and exclusive promotions, helping to keep them with your company instead of leaving you for others. Even if you’ve already got a loyal base of customers, don’t take them for granted – a superior product can appear at the drop of a hat.
Embrace Social Media
Social media is another fantastic tool to grow your business. It helps your company stay relevant and gives you more channels to interact with potential customers. You can also reinforce your branding through your social media channels, helping to create a more unified business that is attractive to customers. Also directly replying to customers helps make your company seem more personable – just make sure you don’t get sucked into any arguments with trolls. Tools like hootsuite are great for organising and scheduling your social media posts.
Focus on Your Employees
A successful company will also have employees who are happy in their job and motivated to help grow the company. Cultivating a nice working culture is vital, but so is your company’s branding, which isn’t just for external stakeholders and customers. Good branding means having clearly defined values and goals for your company. On top of that, always keep an eye out for opportunities to send your team on professional development courses, and schedule in some team-building activity days as well.
Network, Network, Network
There’s probably never a time in your career when networking is a bad idea. When it comes to growing your business, you’ll need to spend time at events talking with people and making new connections. You never know if you’ll run into someone who can push your company to the next level.
Have Clearly Defined Corporate Social Responsibility
It might sound like buzzwords, but defining your corporate social responsibility is really a big step towards scaling a business. Picking one or two causes that align with your business mission is key – you really don’t want to whitewash it here. Customers can see through the companies that don’t take this seriously and are more likely to support a company they feel an emotional connection with.
You Might Need a Loan – But That’s Not a Bad Thing
Whether you’re an entrepreneur working solo, or in charge of a company looking to take things to the next level, you might need a loan. Small business loans are often the best way to help grow your company, as sometimes a little spare change is all that stands between you and your plans. When taking a loan however, it’s essential that you do your research and go with one that works for you and your business.