Planning For Success
Posted on 24th November 2020 at 14:01
Small business owners are often spinning plates, full of optimism and short term plans. We wanted to outline six steps that it is advisable to take in order to plan for the future and to ensure that the business is sustainable.
Increase Market Share
You may be promoting an existing or a new product. You can advertise, run discounts and bundle products together. Anything to bring people over to you is a winner, even if you have to lower your prices.
If you are struggling to find new clients, it is wise to expand to a new area. This could be a new geographical area, where you haven't pitched before or a new segment of the market where your product could fit. You may not have tried B2B sales before and perhaps there is demand.
Methods For Marketing
Many small business still don't have an effective website. This lets them down on many levels but from a marketing perspective even customers of small businesses expect to go online to find out information. Social media platforms and email marketing are really popular but sometimes a change or switching to a new platform can result in more sales.
Product or Service Expansion
If researched thoroughly to ensure viability, a new product or service can boost your business. Outdated models or technology can result in a dip in sales. Something new, a new concept or flavour helps to reignite excitement around your brand and really gives you something to shout about.
Segment Your Market
Your Customer Relationship Management (CRM) strategy will come into play if you want to segment your market. As it says on the tin, dividing your market up means that you can target your marketing campaigns with a much higher chance of being triumphant.
Two heads are better than one and sometimes a merger or acquisition can grow your small business. You can gain client lists, a workforce, people with new skill sets and much more. With the right legalities in place collaborating and joining forces can be very profitable even for sole traders.
So there you have it! Every business is different and will require dynamic growth plans. But every single business needs a long term plan to help them to flourish for years to come.
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