7 Ways to Grow Your New Business

Starting up a business can be one of the most rewarding and most challenging career moves. That’s doubly true in tough economic times. New entrepreneurs might be struggling to think of ways to expand their companies while treading uncertain waters. Here are seven simple strategies for keeping your business thriving.

1. Network With Other Businesses

One thing that can hold a company back is a lack of name recognition within the local business community. Attending trade shows, mixers, and in-person or online seminars are bread-and-butter ways of building relationships with potential allies in your industry. Since the owner of a company is also the face of the company, entrepreneurs need to market themselves too. Tools like Wikipedia for CEOs and a well-designed set of print business postcards can do wonders when it comes to getting customers acquainted with the people behind the brand.

2. Revamp Your Online Presence

Ecommerce is growing every day, yet a recent study revealed that 28% of small businesses still don’t even have a website. This is especially troubling given the fact that landing pages and social media sites are often where customers get their first impression of a brand. If you have a website, take a good look at how you might optimize it to draw prospects in. Having eye-friendly text layout patterns, a straightforward user interface, and using color psychology to convey the vision of your company are all powerful ways of getting the attention you deserve.

3. Double Down on Quality

Arguably the best way to keep brand awareness strong is through word-of-mouth marketing. The most effective way to accomplish this is by having quality offerings that generate buzz based on their virtues instead of their hype. A study by tech company First Insight found that customers look for quality over price by a 53% to 38% margin when making a purchasing choice. These numbers are from 2018, so recent inflation has likely made customers more price-sensitive. Even so, putting quality first gives a business something important: distinctiveness in a crowded marketplace.

4. Know the Market

To give the people what they want, you first have to know what they want. This sounds intuitive, but far too many owners neglect market research. Good research should be both quantitative and qualitative. Quantitative research takes a hard look at statistics and demographics, while a quantitative approach focuses on the personal impressions of customers. A social media presence can help with both since feedback in the form of comments and likes can give both a subjective and objective view of customer impressions. Keeping pace with their shifting desires is the key to more effective marketing.

5. Give the Best Customer Service

A demand that’s seen consistently across all industries and demographics is for better and more personal customer service. A recent study found some interesting statistics: 65% of Americans aged 18-24 said they’d likely abandon a brand following poor customer service. That same study revealed that 55% of respondents considered reaching a live operator to be the priority-one feature of good service. Having chatbots ready to deal with high volumes is still good, but adding a live chat or phone option can only add convenience to customers’ lives and cultivate repeat business.

6. Reduce Your Risks

From lawsuits to fickle supply and demand, the risks of owning a business are immense. One of the greatest threats of the modern age is cybercrime. Security Magazine found that data breaches cost small businesses between $36,000 and $50,000 when they happen. The best counter to cyberattacks is to take network-based approaches to defense. This idea is often called “endpoint security.” It means standardizing your antivirus and other defenses across each user endpoint on your company’s network so there are no weak links. A major component of this approach is adopting a zero-trust mentality. Treat any stranger to your network as a potential threat and verify the credentials of everyone you work with.

7. Find the Best Employees

Finding quality employees is one of the most pressing issues for business owners today. A big problem is that many employers have the wrong idea about what makes a good employee. It’s all too tempting to look at things like experience and technical skills during onboarding. These are good, but experience and skill can both be taught. Research shows that the so-called “soft skills” like empathy and team building are better predictors of performance. Look at the character of a potential hire; it’s the best way to determine who will really put in the effort when the going gets tough.

Success is never a guarantee. It happens when good timing and hard work come together. Keep these tips in mind when making your plans for expansion in the next quarter and beyond.

Michael Caine

Michael Caine is the Owner of Amir Articles and also the founder of ANO Digital (Most Powerful Online Content Creator Company), from the USA, studied MBA in 2012, love to play games and write content in different categories.