Let’s face it, every business owners want their business to grow. To stand still is to stagnate and when a business stagnates it will more often than not die a slow death, 

There are a few things an entrepreneur or business owner needs to think about if he or she wants to grow their business. Below are 5 of the most important. 

Keep an eye on the competition

know your competitors

It is important to distinguish between checking out the competition and being obsessed with them. When you know what your business competition is up to it can help you keep ahead of the game and see when you are falling behind. Being obsessed with them probably means you are focusing more on them that you are on your own business which can lead to disaster.

New businesses and start ups could do worse than thoroughly check out what your competition is up to. Check out your competitors online presence and see if they are advertising. What are they offering to entice customers to them and what can you do better to make you potential customer’s first choice.

There are many ways to check your competitors turnover and profit. How long have they been going for and what has been their growth since opening.

Customer Loyalty

Loyal customers are worth their weight in gold. A loyal customer means a happy customer. If they weren’t happy they wouldn’t return so would have no loyalty.

Loyal customers will often recommend people they know to use your services. You know what that means don’t you? A referring customer is like an unpaid sails force for your business.

Not only that but it will cost you up to three times as much to find new customers as it will to keep loyal customers returning to you. Look after the customers you have managed to buy from you. Build a relationship with them and make them feel special. Let them know you appreciate their custom.

If possible build a customer loyalty program for those who want to buy from you frequently.

Identify New Business Opportunities 

business opportunity

Stay ahead of your competitors by identifying new opportunities for your business, then implementing them. Think out the box when it comes to growing your business. We have all been there. Someone comes up with a great idea and we thing, why didn’t I think of that.

Brainstorm with your team and even with people outside your company. Brainstorming is dynamic and even through you might throw out 90% of the ideas, their just might be a gem in the other 10%. It is your job as the owner of your business to pick up the great ideas and run with them. 

Build Your E Mail List

If you are an online business an online list is a must. Even if most of your business is not done online you still need a list of your past and potential customers so that they don’t forget about you. There are a lot of simple solutions to grow your e mail list using companies like Aweber, Constant Contact, GetResponse or Mailchimp

Use a Customer Management System

Keeping track of whats going on in your company is hard. Use a customer relationship management (CRM) from the start. Don’t wait until you are overwhelmed with customers before getting your CRM in shape. The sooner you start using a CRM like Salesforce the easier you will find managing your customers and keeping track of your business.

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