( ENSPIRE Business ) Expand Your Business The Right Way
Expanding your small business is an exciting time in the early years of a new company. However, a few challenges will also arise during that time. That’s why we’ve put together a list of rules that growing businesses need to be aware of. That way, it doesn’t crash and burn on you due to an easily avoidable mistake.
Don’t Grow Too Quickly
It’s easy to get overambitious when you first start to see signs of growth. You’ll want to do everything you can to keep that progress in motion. However, you can do too much. Not only will you overwork yourself to the point of exhaustion, but you might end up being the driving force that bankrupts your company.
Trying to appease too many target markets or putting money into products that nobody is asking for are two examples of things that aggressive expansion can lead to. It’s OK to take things slow. Doing so will give you more time to plan and make well-informed decisions.
Be Aware of Hiring Practices
Now that you’re growing, this will no longer be a solo-run company. You’ll need to hire some employees and possibly a few higher-level managers to help you with the day-to-day operations.
That means it’s time for you to brush up on your hiring practices. You need to know the rules for IRCA compliance and what to do when you have to fire someone. Your company needs to be a well-oiled machine, which starts with a solid group of employees you can trust
Build a Strong Customer Base
Even though one of the many goals of growing your business is finding new potential customers, you’ll also need to give them a reason to stay. Bringing new people in does you no good if you’re not building a solid base of repeat customers.
That’s why you need to set up loyalty programs and give referral bonuses to current customers. Try out anything you can think of that will keep people coming back to see what works for you.
Utilize the Internet
No matter what kind of company you run, you need to have a section of your business on the internet if you want to survive in the twenty-first century. That doesn’t mean you need to have an online store, but your company should at least be easy to discover online. Most people find new places to shop online these days, which is why this is the most important rule that growing businesses need to be aware of. If consumers have no way of finding you, your growth period will be fairly short-lived.
