At some time or the other, you have to rid your enterprise of the start up and small business tag and get to the next level to be one of the big players. However, that is not easy. Getting out of the set groove and trying something different requires an element of daring and a willingness to meet new challenges. On the other hand, just by following a few steps you can if you want to. It has to be kept in mind though that these are simply suggestions and are not standardised in any way. What you choose to do in the ultimate analysis depends on your industry and the unique requirements of your business.
Introduce value added products – Your products and services is what your company is based on so tweaking this aspect will pay you rich dividends. Over time, the same set of offerings year after year leads to stagnation. To give your growth curve a mighty heave north, you have to introduce new products that need not be brand new lines only. A tweak of the existing popular ones will do as well. For example, if you are into flavoured food, you need not get into something totally different at a huge cost and investment. Simply bringing in a new flavour at periodical intervals will lead to new conversions and sales and growth. It is always recommended that you carry out a market survey first. Dole out sample packs to your existing customers for their reaction before taking the plunge.
Try new marketing methods – Getting through to existing and potential customers in new and exciting ways will lead to higher sales. Keep in tune with technological trends and incorporate new marketing avenues in your company to work on. In today’s business environment, digital is in. More and more people are searching the Internet on their small hand held devices before arriving at purchase decisions. Hence if you have to take that leap forward, have a website that is user friendly and SEO optimised to be on the top of results pages of major search engines. If your business is not highly visible in online searches, you will be missing out on business opportunities galore. Have a website created by a leading digital marketing agency and have them conduct periodical online digital marketing campaigns on your behalf.
Prepare necessary infrastructure – If you are planning for a step to the next level, you cannot possibly do so with the existing infrastructure. Hire a consultant from one of the top international business consulting firms to structure an improved business plan to help you out in this regard. Some of the variables that will need modifications on the existing plan include strengthening customer service, introducing advanced technological systems to deal with increased work and acquiring higher credit limits to get new product lines moving without facing a working capital shortfall.
What a new plan will do is basically start a new goal setting exercise. Boundaries that you have become used to will be pushed further and you have to devise new strategies to reach your objectives. Collectively, this effort will help you raise the bar and take your business to the next level.
Delegate work to the maximum – Once you prepare to break the barriers of exponential growth, you have to ensure that you don’t get tied down to overseeing day to day operations. You have to deal with the broader picture of growth and implement policies and strategies. You have to delegate work as much as possible, especially those that do not involve crucial decision making.
Follow these broad pointers if you have to take your small business to the next level.