Three must-do’swhen growing a business

There are loads of things to think about when you’re launching and growing a business. It’s an exciting, but also daunting time for many. Depending on what kind of product or service you’re planning to sell, the task ahead can appear huge. But don’t panic, there are some key things you should concentrate on achieving – to help grow your company and sustain it into the future.

Three must-do’swhen growing a business

Identify yourself

When you drew up your business plan, you will have defined the products and services that you want to offer, the markets you want to sell to, and the client groups that you intend to target. Having done all that, you should have a very good idea of what your company is all about and who your customers are – those who will bring in revenue and, ultimately, make or break your venture.

So, with this in mind, you need to define your business identity, your brand image. You’ll want your products and services to become well known, to stand out from the rest, and for your existing customers and new ones to instantly recognize you – and the quality that you stand for.

To reflect this, you need to have a company logo and design image that reflects the wants and needs of your customers, and the products that you offer. Think of all your branding as a human being. What does it want? What does it like or dislike? Is it young or older? Rich or middle income? Review where you’re at with this. Does it reflect your growth plans?

Your logo and corporate branding shouldn’t be done on the cheap. Hire an expert to look after it within your company, if you have the budget – or take some short-term advice and support from an independent company.

Grow your business carefully

You know the saying, ‘walk before you run.’ Well, that comes into play in running a successful business. As you grow your business, you need to take stock of where you’re at and where you want your company to go. Do your projections, forecasts and trading record indicate that you can invest more money into staff and other resources? Take care, and take advice where necessary.

With growth, comes more demands on your company infrastructure. Will you have the people, technology and systems in place to cope with increased sales? Think about hiring independent expert help, such as Oracle consulting companies, to help you expand in a sustainable, smooth and efficient way.

Look after your clients

So, you think that you know your clients? Yes, you know the target groups your products and services are for. But you mustn’t sit back and think, well that’s it.

You need to keep the changing habits, needs and desires of your clients – and their changing budgets, how much disposable cash they have available to spend on your products.

If you’re a small company, you should be developing close relationships with your regular clients. Checking in on them regularly and offering incentives, promotions and other loyalty rewards. Your clients are your business, you need to look after them as you look to further develop your business empire!

 

Posted in: Business