Business planning should not stop after launching a venture. Apart from day to day operations, entrepreneurs must also think ahead of how they can grow their small business. And just like starting one, growing a business takes strategic planning, hard work, and a lot of patience. Things may not always work out as they should, and it’s important to be aware of the risks that come with expansion. Here are a few useful tips from business gurus.
Business Continuity Plan
Your venture’s growth is only as good as your business continuity plan. There will be days when everything just seems to be a disaster—but what can save you from losses or at least cut them down significantly would be your back up strategies. This is where effective business continuity management consulting services come in.
Business continuity refers to the organization’s ability to continue operations despite major interruptions—this can refer to technical capabilities or workforce—anything that can disrupt the business and cause losses. It is crucial to have a continuity plan in place in case unexpected events occur. This will help save your business and keep customers happy.
Strong Marketing Efforts
Marketing products and services are now more accessible compared to 20 years ago. Advancements in technology have allowed businesses to be present and easily accessible to their target market. However, conventional marketing strategies, such as knowing your target demographics is still essential. Any sort of marketing effort that does not involve research and use of insight will not deliver the results you need. Entrepreneurs must make sure their product or service provides a solution to a customer problem and effectively communicate the features and benefits through both digital and print advertisements.
One way to market products and services effectively is to leverage digital marketing. Social media has always been a reliable and affordable platform for promoting brand awareness. Hence, it is essential for brands, regardless of its size, to be present on social media.
Excellent Customer Service
It may be the digital age, but word of mouth is still one of the strongest influencers around. Customers are more likely to leave a product review after a purchase. According to research, young customers are 91% likely to trust product reviews, which means these can highly influence a purchase or a non-purchase. Products may have the same features, benefits, and even pricing, which is what makes great customer service the best differentiator. Excellent customer care should be consistent in the customer journey from awareness to after-sales service. The goal is not just to make a sale, but to promote customer loyalty.
If your budget can allow it, set up a customer service team that is dedicated to handling customer inquiries and concerns. Customers want their business to be valued, and this is a strong point for organizations.
Growing a business is no easy feat. Entrepreneurs must always be on the lookout for innovations and ways to make their business better and exceed customer expectations. Thanks to advancements in technology and experienced professionals, this is something possible and achievable. Keep in mind that complacency is a business killer—always look for ways to solve problems even before they happen.
A graduate of one of the most prestigious business schools in the east coast, Eliza spent 8 years distinguishing herself in various PR firms in NYC, LA, and London as a trusted consultant, strategist, and business developer. She speaks 4 languages and runs a number of small, but successful, retail and buy-and-sell businesses around the country.