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5 Tips for Small Businesses to Inspire Growth

Estimated reading time: 3 mins

Inspiration is an essential part and the foundation of any successful business, be it about getting inspired by leaders in the field or about inspiring growth and success within one’s own organization. This holds particularly true for small businesses since there’s just so much opportunity to grow. The following four tips to inspire growth come from a collective of the most successful small businesses in the world, so their efficacy is beyond doubt, but there’s always room for customization to fit specific needs.

Unite with Other Small Businesses

Business and competition are almost synonymous with each other, but even the competition can work together. Build and maintain a good relationship with complementary small businesses and even some of the competitors. When you build a mutually beneficial environment by uniting with a bunch of other small businesses, you inspire everybody to grow. Not everyone will be open to the idea but that’s okay, because you only need the ones who are onboard.

Make that Investment

When we are talking about growing a business, investment is necessary. Take that loan you know you need for the expansion and start investing the money towards reaching your goals. There would definitely be some risk involved, but no successful businessman in history has ever had the luxury of achieving great things without taking at least a few calculated risks. Investments are heavier when it’s an offline business of course, but don’t forget to reserve some money for promoting it online as well.

Use Social Media

In the age of the internet, wide-scale marketing has become affordable for even small businesses with strict budgets, and marketing is essential if you want expansion. For any small business, Facebookprovides the best social media marketing platform available, at an affordable rate. You probably already have a Facebookpage for your business (you should make one as soon as possible if you don’t), but it’s time to boost those posts, find that target audience, and delve deeper into the details of Facebook marketing.

Prioritize Customer Satisfaction

Amazonhas found India to be one of the biggest emerging markets in the world and that is the reason why Jeff Bezosand company are spending millions of dollars to grow it, in spite of suffering losses each year. A significant portion of the investments go into improving the customer care structure, because the biggest online retailer in the world knows that customer satisfaction is key to a business’s growth and reputation. While every small business doesn’t necessarily have to spend millions to improve customer satisfaction, the importance of building a reputation as a company that values its customers is necessary to grow bigger. You want your customers to have enough faith in your services/products so that they automatically recommend them to others.

Hire New Talent

This tip is variable because a lot depends on the nature of the business itself. For example, if you are running a construction business, it might be time to think about hiring a few more experienced and skilled workers to handle a more specialized workload than before. On the other hand, game developers have a lot to gain by recruiting even just one talented designer or coder to inspire and grow the whole company. An organization can only be as good as the people that work for it, so hiring new talent is a step towards expansion.

In all honesty, there is no magic formula to grow a business overnight and without making any mistakes. Experience and caution will minimize those mistakes, but everyone still makes a few and then they learn from them. The important thing is to remember that as long as your business can be defined as small, there’s always room to expand and become bigger.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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