About 90% of startups will fail because of a variety of reasons. That’s the sad and hard truth that you need to ponder on. As an optimistic entrepreneur, you need a dose of hard facts once in a while.
However, a cold statistic like this isn’t meant to discourage you but to open up your mind so you can work harder and smarter.
When you start a business, you want it to grow and not be part of this sad statistic. Are you ready to grow your business? Read the five steps below to help make your small business big business.
Use Your Existing Customers to Increase Revenue
You may not know it, but you can increase your revenue just from your pool of current customers. But how? It is simple. You can let your customers know you can offer more in terms of product offerings and your capabilities. Just research how you can improve your product to increase its consumption by your existing customers.
You can think of adding more value or rebranding to make your product more appealing. Try to imagine you are the customer. What would you want to change in your business? By adopting this outside-in viewpoint, you’ll be able to identify the little flaws in your company or product, deal with them, and find better ways of enticing your customers. If done successfully, you’ll realize that it costs less to grow your revenue from existing customers than to get new ones.
By genuinely empathizing and understanding your prospective customers, you’ll anticipate what they may need and act quickly. This trick will enable you to create services and products they truly desire and want. By doing this, you’ll deliver services and products that exceed your prospects’ expectations.
For example, when you are selling computers, you can also start a software installation service so that those who buy your computers can have the software they need to be installed before they leave your shop. If you can’t do that by yourself, you can hire someone to do it in your shop, and you pay them a commission. On many occasions, customers will not know that they need a certain service or product until it is shown to them.
Technology enhances innovation, and in a business set-up, innovation is about providing better solutions and products by doing things differently. It is also about improving customer service to ensure customer retention. Technology is not just used in the day to day running of a business.
It is also essential to helping companies to achieve success and growth. In your business, don’t view technology just as a way you can automate your operations, but also as a means through which you can open more windows for doing business. You can use digital technology for marketing, reduce operation costs, and improve data security, especially patch management.
Find Relevant Partners
When you want your business to grow, you must partner with others. Some experienced business people have been where you are, and they can give you valuable insights on how you can overcome the challenges they faced.
Partnerships are not just about seeking advice; they are also ways to do business together. If you form the right partnerships, the growth of your business will be sped up. If you can identify companies that offer complementary products or services to your own, partner with them to promote your business. When one of your partners organizes an exhibition, they can provide you with a stand to display and market your products.
Make Your Services and Products Indispensable
When something becomes part and parcel of an individual’s life, they find it difficult to do without it. Through an aggressive marketing campaign, you can integrate your services and products into your customers’ lives to the extent that they will not be able to manage without it. However, this can only be true if your products and services are highly differentiated and innovative.
By following the above steps, your business will be among the 10% that succeed. However, remember that the quality of your services and products matter a lot. If you continue providing your customers with high-quality products consistently, they will have no reason to dump you for your competitors. Instead, they will turn to be your brand ambassadors and help spread your brand message. Another thing that needs to be emphasized is customer service. If you offer the best customer service, you’ll see your business growing with little effort.