If you want to grow your business in 2019, having a solid plan of how you will do it is mandatory. Working hard, learning the business tricks, building a strong foundation, having an insight into the future, utilising small business loans and enhancing the customer’s experience are some of the things that will keep your business growing in 2019.
Here is what you need to do.
1. Work hard
If you want your business to move to the next level, working hard is mandatory. You need to Increase production and get more people to buy your product or service. This is the surest way of growing the business. It increases business revenue and enables it to take advantage of any arising business opportunity.
Build your brand and find a way to convince the public to trust it. Quality products will always enjoy a higher rating. As an entrepreneur that looks forward to growing your business in 2019, ensure that the quality of the product or service you are offering is not compromised. It is the only way that will help you win the trust of your customers.
2. Market Development
Don’t just focus on your traditional market. Take your products to a new market; research on existing opportunities for the product or service in the newly established markets. Make use of tools such as coupons and discounts to attract new customers. Also, have special programs that target new markets. Think about adding new services or products to the already existing ones. Think out of the box and add features that appeal to potential customers.
Research what your competitors are offering and come up with a counter strategy. Also, divide your existing market into segments and increase marketing efforts in the segment that is not doing so well.
3. Invest In New Talent and Diversification
Investing in talented staff could help spur your business to grow. Talented salespeople can push a product and increase sales tenfold. Hire customer service representatives, to help support your customers. Invest in digital marketing services to generate new leads and sales.
Max Funding recommends, “You shouldn’t pay more than about 38% of your gross income in payroll. Going much higher than that will just cause you to struggle financially. And remember, payroll is more than just the wages you pay your employee – factor in any taxes you must pay on their behalf, as well as insurance benefits, vacation pay, and retirement plan payments as well”.
Diversification is all about coming up with new products and selling them in the existing and newfound market. For instance, the Coca-Cola Company realised that some of its customers were no longer taking soda, so they introduced sugar-free products and bottled water to try and retain their customers and also satisfy the needs of new customers. But the strategy requires that you carry out some research to establish the requirements of the market and work towards satisfying them.
4. Enhance the customer’s experience and create a business culture
At some point, you should put yourself in your customer’s shoes. Figure out what you would love and hate in the product or service you are offering. Think about what should be done to make you feel better and start loving the product. Obviously, your business is making some mistakes. Accept the mistakes and work on how they can be corrected. This way, you will help to enhance customer’s experience.
Also, you need to create a culture for your business. Let your customers associate your brand with your business. Start something that is unique and which can be associated with your business. Look into the future and customise your products to suit the future.
5. Give back to the community
The business operates within an environment consisting of a local community. The only way to make the community associate itself with your business is by participating in their projects. Sponsor community events to help raise your business profile. It will enhance brand awareness and help to grow your business.