Smaller enterprises will often operate quite satisfactorily for a time once they’re off the ground without needing to change anything. However, this approach tends to result in a certain amount of stagnation and – in some cases, at least – will eventually lead to a situation that competitors can exploit. To put that another way, by expanding your business and growing its market share, you are not simply setting your firm up to generate more profits but to do so in a way that secures its long term viability. Simply put, if you are not taking your small business to the next level, then you are opening yourself up to all sorts of potential problems. What do entrepreneurs need to do to ensure they grow their business and keep it one step ahead of competitors?
Cut Down on Operating Expenses
Before you look to spend more money on product development, recruiting talent, or marketing your business, it is always advisable to think about your overheads. Some of these may be fixed but others won’t be. Taking any business to its next stage of development necessarily means making it operate more efficiently. These days, there are numerous technologies available that help small businesses to reduce their operational expenditure, such as freeware and cloud-based software systems that make for more flexible and less costly working methods. You can also consider renting a storage facility to cut down on operating expenses. When you rent a storage unit, you pay for the space that you need, not for the space that you don’t. This is more cost-effective than buying or building your own storage facility. To learn more, check these great tips on improving business growth and productivity from Squab.
Generate More Sales Enquiries Affordably
For many business-to-consumer and business-to-business enterprises, generating more inbound calls to their sales hotline is the best way of securing more turnover. The more sales enquiries you get as a small business, the more of them you will close and, consequently, be able to expand. One of the best ways to do this is to offer would-be clients an 0800 number to call from the start of your business journey. According to Cleartone Communications, this will mean being able to achieve up to a 300% upturn in the number of inbound sales calls you receive for a relatively modest amount of outlay.
Expand Your Markets Geographically
Another great way to grow your enterprise is to publish a telephone number with an area code in a town or city you’d like to expand in. For example, if your business is based in Manchester but you want to generate more custom in Birmingham, then buying an 0121 number would make sense because it will make people believe they’re calling a local firm. Remember that geographical phone numbers can be diverted to any number you like nowadays so this will suit even sole traders who use their mobile phones for business calls.
Scale Your Business Sustainably
Finally, try not to do everything at once and to jump two or three stages in your business development. Getting to the next level should mean just that – growing one stage at a time. This way, new working practices can bed in before you push on to get to the next level. Remember that there is no ‘finish line’ in business so you need to pace yourself rather than try to sprint to the end goal.