Growing Your Business Might Sound Simple but it’s Never Straight Forward
Running a small businesses is tough.
Growing one as well? Now that is a real challenge!
Most business owners don’t have the luxury of simply making sales whenever we need it. Then there’s the ebb and flow of your own income while you expand your team. Not too mention the fact that many of us are literally making things up as we go – because a business doesn’t come with an owners manual.
While every business is unique, and your path to growth will not be the same as mine, there are a few universal truths to growing a business. If you’re wondering what step to take next, take a look at these 6 thoughts on business growth. Maybe you’ll reach the breakthrough you have been looking for?
Find Your Niche
You can’t be everything to everyone.
Pick one thing you’re really good at. It’s called a vertical market. Then specialize in it.
Are you a construction company? No, you’re a commercial development specialist!
Are you a farmer? No, you’re the best Canola grower in Canada!
Are you a long-haul trucker? No, you specialize in transporting only frozen food products!
You get the point. Find your niche.
Often, business owners don’t realize that in order to get bigger – they need to think smaller. When you focus on one type of customer, you also focus all your expertise and sales into that market. Once you dominate one market, you can always start another division of the company that targets another vertical market. Just be sure not to sacrifice the authority and reputation you’ve built in your first market.
Another advantage in choosing a niche is that you’ll dramatically cut down on the number of direct competitors. Thus increasing your chance of success.
Learn about Your Customers
Do you know what your typical customer thinks? Acts? Values?
The more that you understand your customers, the more you will be able to make business decisions that appeal to them. The moment you stop listening to your customers is the moment you’ll stop innovating and meeting their needs completely.
Feedback is hard to take. Even the good feedback can sometimes make you realize that your customers are perceiving your service completely different than you expected. But there’s nothing more important than listening to your customers. Especially the really good ones that you want to keep or find more like them!
Repeat Customers Are the Best Customers
Generally speaking, repeat customers are better than one-time customers.
These customers already understand what they’re buying from you. They trust you to deliver again.
Thus, you spend much less time finding, selling, and billing a repeat customer. That obviously leads to better profit margins for you.
There are a lot of ways to secure a repeat customer, which often involve building a relationship with them. For example, it is common for businesses to ask permission to send marketing emails to their customers, which is useful for occasionally sending them information about sales and other happenings that might interest them. Likewise, it is common for businesses to offer special incentives for customers who shop a lot, thus encouraging them to do so again and again.
There is no such thing as a perfectly-run business.
A lot of that has to do with the business environment you work in is continually changing.
As a result, there is always room for improvement when it comes to a business’s operations. Did you know that, as a business owner, you are actually part (mad) scientist? Just like a scientist would conduct an experiment, you too should monitor, measure, hypothesize, and execute.
Many small improvements add up in the long run. You don’t always have to make a huge change. In fact, if you’re at all working with other people, regular small changes are much easier to accept and manage than big ones. By learning from your experiences, you can make changes that increase efficiency and efficacy.
This is called Continuous Improvement – and it’s turned small corporations into really big ones. Little by little.
Make friends. Expand your network!
Networking is critical in business. After all, being a friend to people will only result in reciprocation. Help your fellow business owners out and watch how it returns on you 10-fold.
Sometimes the most benign connection can suddenly turn into a gold mine of business. That’s why you should be willing to support other businesses and owners. Be friendly in all situations. Even when you think there is no useful connection (just move on politely if you can).
Finding a strong mentor can work wonders for your business growth as well. These allies to your success can pour their vast experience and shed some light on the path ahead.
Likewise, being a mentor to someone else will help you reflect on your past success and failures. A good mentoring relationship pays dividends for both parties.
You Get to Choose: Speed, Cost, or Quality
If you’ve been in business any length of time, you already know that every customer values only one: speed, cost, or quality. And that every customer claims they value all three!
How about you? What do you value as a service provider?
Do you like getting a job done fast? Or how about selling a ton so you can provide a low-cost solution? Or are you all about the quality workmanship?
You can’t compete on all three. So pick the one (or two) that make you happy.
How Can Thomcat Leasing Help You Grow?
There is one more piece of advice I can give you for growing your business. Make sure you have the right equipment. Being under-equipped (or even over-equipped) can make all the difference in the speed, cost, and quality of your service. As a business owner, you know exactly which piece(s) of equipment will cause your business to operate and grow. Why not acquire what you need at great rates and low payments?
The equipment leasing experts at Thomcat Leasing know how to get you approved stress-free and fast. Take the first step by requesting a 60 second lease estimate, and see for yourself how affordable equipment leasing might be!