Business Growth Tips For SMEs
Running a small business can be extremely hard and growing your business can be even tougher. If you are struggling to grow your business, there is a light at the end of the tunnel. With some careful planning and a bit of “working smarter not harder”, you can grow your business from strength to strength. Here are some simple growth tips from Cash Flow Capital that we feel can help your business grow.
Keep An Eye On The Competition
As an SME you should not try to keep up with larger corporations, however, you can and should know what your competitors are up to. Competitive intelligence is key to remaining relevant, noticeable and profitable within any market. Research your competitors, find out what they are doing and what they are not doing. Find gaps in their products and services and highlight your products or services to potential customers as a better alternative.
Build a sales funnel
The first way to grow your business quickly is by building a sales funnel. A proper sales funnel can help to automate your business. It helps you to scale and grow quickly and easily as you know exactly what your pipeline looks like moving forward.
Figure out your identity as a company and stick with that. Growing does not necessarily have to mean diversifying. Whatever it is you do, do it well. If you’ve recently expanded your business too fast and feel that you are struggling to provide a quality service to your clients across all the different areas, do not be afraid to go back to basics to ensure that whatever you provide is top quality.
Google My Business
This is a free tool by Google that could help to improve your online presence effectively. From business descriptions and event posts to customer reviews, opening times and service listings, this tool can help make your business more visible to nearby and relevant customers who are searching online for a company like yours.
Most internet users now engage with websites and online advertisements via mobile devices. Google officially rolled out their mobile-first indexing system which means that mobile versions of websites are now ranked higher on search engines than their desktop counterparts. If you have any hope of attracting new customers online, you must make sure that all your content is optimised for mobile devices.
Social Media Marketing
Without a doubt, social media is a powerful tool. With over 3 billion social media users worldwide, it offers a huge audience that you simply cannot ignore. Make sure your business is engaged in social media. This helps you stay relevant. Listening to people and reading their comments will give you an idea on how to meet their demands. Marketing on social media is also generally considered more cost-effective than traditional types of outbound marketing like TV and billboard ads. It also enables you to target your audience more effectively.
For example, Facebook Advertising allows you to select your desired audience based on factors like location, gender, age, relationship status, interests and browsing habits. This ensures that your advertising budget goes towards the correct people who are most likely to purchase your product.
Focus on Customer Service
You can grow your business as quickly and as much as you want but if you do not look after your customers, it simply will not last. Make sure that customer service is an absolute priority in all your operations. If you look after your customers, they will stay loyal, and a loyal customer base is a key to any kind of business growth.
Be financially savvy
Even the most successful business needs to watch the bottom line. Always leave extra room in your budget for things that you overlooked or did not account for in your expansion. Even small things can derail your budget. Keep your eyes on the bigger picture and the bottom line. Ensure your investments make sense for your dreams and your bank account, and always overestimate the projected costs to ensure you do not end up in a tight spot later on.
Don’t Hesitate to Get Loans
If you are starting as an entrepreneur, you need money to help fund it. If you need small business loans to make your plans happen, get them. Cash Flow Capital provides alternative business funding that works for you! Our easy application process and quick turnaround times, allow you to get same-day pre-approvals. Find out more