Small businesses are great, but deep down, every company would like to continue growing exponentially. No one goes into business intending to remain stagnant—being an entrepreneur is all about pushing the envelope and moving your company forward. However, many small businesses fail to grow because they don’t have a strategy that facilitates their expansion. A company that isn’t growing is failing (even if slowly) so it’s essential always to have a plan to grow your brand beyond its current reach.
Even though enlarging your company should always be one of your top priorities, you have to be smart about the growing process. You don’t want to outgrow your customer base, but you want to feel like an active participant in your company’s growth. Continue reading to get some tips that can help any enterprise thrive.
Use the best software tools designed specifically for your industry.
Information technology (IT) has completely revolutionized the way companies operate across every industry. However, the customization of enterprise-level applications is such that now there are apps designed for specific industries.
One such example is the software as a service (SaaS) platform Quixotic360. It’s an enterprise software application designed specifically for energy retailers. Being that it’s a SaaS application, it’s managed by the vendor, which means you don’t have to worry about putting your team members through training to learn it. So, even with all the other enterprise-level software available, it’s essential for energy companies to have an application like Quixotic 360 that can handle functions specific to the retail energy industry.
Set lofty but achievable goals.
Every company across the United States and the world wants to grow, but having a plan is what separates companies that grow from those that don’t. While it would be nice if growth always happened organically, that’s rarely the case. Growing requires setting goals and using benchmarks to track your progress.
Objectives and critical results software (OKR) is one of the most powerful tools companies have at their disposal to define a growth strategy. OKR software allows companies to set individual goals for team members to help optimize operations and provides performance management tools that track team members’ progress. When it’s time for performance reviews, you’ll be more capable of giving your team members significant insights they can use to work more efficiently.
OKR software is also a powerful tool for project managers to promote alignment with company objectives among team members. With the ability to integrate Workboard’s OKR tracking software with your current apps like Slack and Trello, it’s easy to make sure everyone’s on the same page and striving toward achieving company objectives.
Cut overhead costs.
You’re definitely going to incur some costs while expanding your business, but that’s why you should make it a top priority to cut overhead costs wherever possible. Sometimes you can lower costs by cutting back minor functions or by making your operations more efficient.
One way to cut some of your company’s spending is to make the switch to solar energy. Solar energy is becoming increasingly popular across the U.S. as luminaries like Elon Musk sing its praises
You’re probably picturing your shop with a bunch of solar panels all over it, but did you know that there are solar shingles now? That means you can get the benefits of solar energy without having noticeable solar panels sticking up everywhere. Solar roof tiles are more expensive than solar panels, but switching to solar power requires a significant initial investment regardless. However, getting rid of your electric bill will more than pay for your solar panels, or solar shingles, over time.
Before you decide solar roofing is the right solution for your business, you should consult an expert. A contractor with expertise in the solar industry can walk you through the solar panel or roofing installation process and tell you what to expect when it comes to prices and energy efficiency.
Offer training programs.
At some point or another, all growing companies face hiring qualified personnel to fill key leadership roles. Many tech companies have begun to train their own future leaders by offering training programs to everyone from high school and college students to adults looking to make a career change.
One way to improve your chances of hiring top-talent and give back to the community is to offer a training program at the local public charter school or even on your own premises. Not only will it put your company at the front of the line for the best prospects available across your market, but it will also enhance your reputation with prospective customers and partners.
Make your existing customers fall in love with you all over again.
Sometimes, companies make the grave mistake of outgrowing the customers who made them successful during the growth process. It’s easy to focus on trying to acquire new customers and forget about your loyal patrons, but that’s a mistake that never fails to bite back.
The best way to acquire new customers is to keep your current ones happy. These days, gaining a competitive advantage starts with creating a user experience that will incentivize your patrons to do your marketing for you.
If you want to make your customers love your company, even more, create a loyalty program that rewards customers for giving you their business. Additionally, referral programs are a sure-fire way to get your customers to bring their family and friends to you.
Expand your products and services.
Once you see that your business is taking off, the worst thing you can do is to take your foot off the gas pedal. It’s imperative that you keep the momentum going and keep people buzzing about your brand.
One of the best ways to recapture your customers’ hearts and imaginations is to expand your products and services. Expanding your operations is also a great way to attract new customers and even potential investors.
The key to successfully branching off into different markets is to not stray too far from your wheelhouse. If you make scented candles, it could be a segue into the soap market. Your customers who love your scented candles will be excited about your luxury soaps, and you’ll gain customers who don’t use your candles but love luxury skincare products.