Starting and growing a successful small business for any entrepreneur is a daunting task and requires disciplined understanding of some of the basic and simple key strategies that will drive profitability. In this article titled How to Grow a New Business Successfully, we will try to identify five vital business growth strategies that if well deployed can help an entrepreneur or small business owner to significantly improve his business in a very short term.
The Smart Use of Technology
Technology is at the heart of business today and plays a crucial role in accelerating business growth, increasing operational efficiencies and meeting customer expectations efficiently and promptly.
A smart business must align its business process and model with new and emerging technologies in order for it to successfully compete in today’s technology driven marketplace as seen in betway casino business houses. It should however careful to go for the exact level of technology that suits the capacity (current size, future growth projections and budget) of the business.
Set up an Advisory Board
It is important to set up an advisory board. Setting up an advisory board for a small business is a smart way of accessing the wealth of knowledge and experience of successful entrepreneurs and business leaders. A good advisory board should comprise of members with expertise in key areas required for building a successful business including finance, marketing, legal, human resources management, media, management etc.
Develop a Marketing Plan
Doing business without a well developed marketing strategy is like winking to a girl in the dark. The business owner knows what he does but nobody else does. In starting out the business, the business owner should develop a marketing plan. The marketing plan should indicate amongst other things if its products or services are in constant demand, how many competitors provide similar products or services and whether the business can effectively compete in price, quality and the delivery of products or services with existing competitors.
Seek the Guidance and Expertise of Business Advisors
Engaging the services of expert business advisors will significantly help grow the business. For example getting a human resources expert as a consultant, member of the advisory board or as a full time staff will bring to the business key functional expertise such as talent assessment, leadership development, compensation, team building, succession planning, employee motivation and retention that enable the business utilize its existing talent pool to deliver extra competitive value
Use Networking as a Marketing Tool
Finding new customers is the goal of any business development activity of a business. Networking can greatly assists this effort. Sales and marketing executives of the business should regular utilize a variety of networking tools, resources and platforms to develop new contacts and generate profitable sales leads.
Customer Service Holds Key to Business Success
There are countless parenting and birthing resources in the country. In San Francisco, a small business named Natural Resources stands out among many. While one can obtain many of the small store’s product offerings at other retailers, Natural Resources customers receive thorough product knowledge from friendly staff who takes the time to get to know parents walking them through all of the items available for sale.
Natural Resources is more than a parenting and birthing store. It’s a great resource for prenatal and early parenting classes taught by kind, compassionate educators who truly enjoy their jobs. Additionally, the store offers a library, open houses to meet doulas and midwives, and a comfortable supporting atmosphere for breastfeeding mothers.
Parenting and Community Support as Business Strategy
Parenting and community support are not just a business strategy at Natural Resources, but the way the team does business every day. “We support the families and our community with a carefully chosen selection of products and class offerings,” explains Amy Hyams, one of Natural Resource’s childbirth educators. Products are chosen based on practicality, fair wage and manufacturing practices and toxin-free materials that are earth-friendly.
Hyams continues to say that the center’s customers are viewed as valuable contributors to the growth and success of the business. “We measure success by our customer’s positive birth experiences and thoughtful parenting, by our staff members’ excellence, and by our contribution to the improvement of the environment.”
Natural Resources offer a membership program with access to a library and opportunity to lend a sling or baby carrier before buying it. The center welcomes customers to use the in store baby scale and changing table. Or one can enjoy a cup of tea while perusing one of the many local resource binders to find information about nannies, doulas, midwives, and many other local providers.
Individual Customer Service Lead to Business Success
Small business success is not easy to come by. In a fierce competitive market, Natural Resources’ strategy focuses on the basics by strongly emphasizing individual customer service. A small store like Natural Resources is easily underpriced by big box stores which carry a larger inventory at lower price. Yet, Natural Resource’s business model of individual customer service holds strong and customers don’t seem to mind the slightly higher product pricing.
Hyams offered this example to illustrate this point: “Recently, a customer came to us looking to buy a breast pump. She shared with us that she saw the same product at Target for $25 less. Yet, she came to Natural Resources because we were able to provide detailed product
information, explain how it worked, how to store milk, and more.”
The model works. One can’t deny the high level of customer service and compassion, paired with detailed product knowledge are indeed rare to find elsewhere in the retail environment.
In this article titled Tips: How to Grow a New Business Successfully, we tried to explain how to succeed in a new business that even though starts with small capital and human resource turns up a giant corporate in the long run. Some of the good examples include the success of Google, Facebook and Apple. All these started from an apartment or a garage and today are among the top-most companies in the world.