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5 growth strategies for small business

Have you ever wondered how to grow your business? Do you long to be listed as a Fortune 500 company? Then implementing one of these growth strategies will help you to work your way towards your entrepreneurial goals. Let’s take a look at five growth strategies for small businesses.

Growth strategy 1: Create a viral loop

Are your customers raving fans of your products or services? Why not reward them for their word-of-mouth advertising by giving them an added benefit for each new referral you receive from them. This strategy works well as each new customer brings in more targeted leads to your company.

For this strategy to work, you need to have a great offering to begin with, and then you need to ensure the bonus is enticing enough for your customers to want to get the benefits of giving you a referral.

Growth strategy 2: Build a digital presence

One thing the last couple of years has taught us is being online is crucial. Many people do their own research to find the best way to satisfy their needs. This research is being done online.

Find out where your core clients live online and make sure you are present. Furthermore, invest in a website. This is the new storefront for businesses. Making your website easy to navigate and intuitive is crucial. You should also make sure your website is responsive. This means that it works well on computers, tablets and mobile devices.

Growth strategy 3: Refine your offering

Has your industry become monotonous with very few differences between the brands. Then it is time for a disruption.Look at what elements in your industry’s offerings frustrate the customers the most. Now, look for a way to adapt that will improve the customer experience and relieve their frustration.

Try to flip the script on business as usual and find unusual and mutually beneficial ways to serve your customer.

Growth strategy 4: Build an alliance

Are your competitors offering an additional service that you don’t have? Why not look into building an alliance with a partner who specialises in the service you don’t offer. By joining together with top specialists, you will be able to offer a product or service which is better than your competitor. You will also benefit from each other’s market.

Growth strategy 5: Train your staff

People often complain about customer service and don’t remain loyal because they want to be treated with respect. You should look for employees who show a passion for service. You can train them to become more knowledgeable about your services but you will struggle to change a bad attitude.

Next, offer your staff opportunities to grow and learn more about the industry they are working in. Help them to become the best they can be. You will not only benefit from their knowledge but when they leave and speak about your business you will benefit from positive word-of-mouth advertising.

Treat your staff as you would like them to treat your customers. By modelling good behaviour towards your staff, they may transfer this behaviour towards your clients.

In conclusion, with these five growth strategies, you will be able to steadily grow your business from strength to strength.

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