Do you feel you’ve plateaued in your sales and business growth? Here are some strategies to expand your business. Which one will you use?
1. Customer retention and loyalty
Did you know that 80% of your future profits could come from just 20% of your existing customers?
To expand your business, you can look to the business you already have. It is common to take those valuable relationships you have with your best customers for granted. Putting in place recognition systems that celebrate and support these relationships, along with being open to constructive feedback, will help you grow your business.
You can brainstorm new ways to connect with your current customers by reading our retention strategies blog.
2. Review your pricing
When was the last time you checked in on your competitor’s prices? If your answer is way back when you made your business plan, you may want to do some new research!
The business environment is constantly changing: inflation, new competitors entering the market, changes in customer spending habits, etc. If you haven’t adjusted your price in response to market changes, you may not be generating the revenue you need to expand. Pricing strategies need to be regularly measured and revised to ensure that they are generating the most value for your business.
3. Create an email list
Is email dead? Definitely not! Email marketing is one of many effective strategies you can use to expand your business.
Email is still one of the highest ROI direct marketing methods. Do you have an email list?
Email marketing allows you direct access to a customer, unlike a marketing campaign using billboards or TV ads, at almost no cost to you!
Use your email list to build trust and connection with your prospects. You can also use it to build anticipation for a new product launch. Or even use it for an occasional survey to get a better understanding of your customers.
4. Focus on strategic work
As the leader of your small business, there can be a LOT of stress and many problems to solve on a daily basis. Dealing with these challenges is time-consuming, frustrating and de-motivating, especially since I’m sure you didn’t sign up to be the chief problem solver in everyone’s lives. This pressure makes it so we aren’t looking at our business growth and instead we are just barely maintaining the status quo.
When this happens, it means you are caught up in tactical work. In order to expand your business, you will need more time to think strategically.
To expand your business, I suggest doing at least 5 hours of strategic work a week. This change will make a big difference in your business growth.
5. Think in systems
A big part of doing strategic work is looking at your systems. How are you doing things in your business? Is there a way you could do it more efficiently? Or perhaps you could change something to lower your costs while still maintaining high-quality service? Is there something you could automate to free up your time? Is there something you can change to make a boring task more fun, or a stressful task more manageable?
When something is not working, ask: “What is the missing or broken system?” or “What do we need to change to get a better or more desired result?”
Systems thinking means re-evaluating how you do things in your business. If you want to expand your business, your systems can get you there!
6. Hire a business coach
If you need a break and want a new way of looking at your business, you may want to work with a business coach. (Had to put it in here!)
A business coach acts as a sounding board for you to strategically evaluate your business. According to the Harvard Business Review, 48% of coaches are hired to help with transitions and develop high-potential ideas— like expanding a business. You don’t have to do this alone. If you’d like, you can book a free, no-obligation session with us to see if business coaching is right for you.
7. Create a personal reward
Are you still happy?
Yes, I know that’s a direct question. I ask because our emotional state is often something entrepreneurs dismiss because emotions usually aren’t attributed to good business practice.
Our emotional state greatly affects our ability to work. If we show up stressed, unhappy or bored, we won’t be effective in our day-to-day activities, let alone have the energy to expand our business.
There’s a chance your business has taken over your life. You have less time to do what you want than before you started your business. To change this narrative, you need to have a personal reward. A personal reward could be anything from meaningful time off, having the schedule you want or extra money to spend on something you want.
Take a moment and reflect, why did you start this business in the first place? What do you need to change in your business so you can experience the reward of your labour?
You’ll be surprised at how many strategies you can come up with to expand your business when you feel happy and supported by the work you do. Expanding your business can’t happen if you are burnt out.
Consider what you need to have the energy and enthusiasm to keep going and find a way to make your own dreams come true.
Strategies to expand your business
What do you think about these strategies? Want to talk about it in the comments?
Until next time, enjoy your Entrepreneurial Journey!