Looking at corporate giants like Google or Apple, we tend to make a perception that these large businesses run our economy. But seeing as how 95% of the companies in the marketplace are small or medium businesses (SMBs), your business might be more significant than you think.
SMBs power the economy, and their growth, development, and expansion is essential for the progression of the economy. From a macro perspective, SMB development seems easy, but in the microenvironment, certain challenges or hindrances prevent businesses from reaching their potential.
If you’re wanting to expand your small or medium business, follow these points that can set your business on a path towards success.
- Marketing:
Marketing your business is essential for the growth of any company. Knowing your audience and crafting your marketing messages directly to that audience is key. Understanding the needs and wants of the specific group of people interested in your brand will allow you to advertise the value propositions that they are actually interested in, yielding better marketing results.
Staying up to date on the latest marketing techniques such as digital marketing, SEO, and website development is critical for business growth. Employing these modern marketing practices prove to your customers that your business is current, eager to grow and expand, and tech-savvy. Utilizing the right marketing can expand your business beyond expectations.
- Customer service:
Many companies falsely believe that the customer journey ends once they’ve bought a product. What they fail to realize is that consumer’s loyalty is achieved by catering to the customer even after the sales are made.
Keeping your current customers appeased is proven to be far more profitable than constantly chasing new customers. Building customer loyalty can be achieved through responding to positive, and especially negative, customer reviews, following up after the customer has purchased your product, and being available throughout the customer’s journey.
While it does take time and effort to build, customer loyalty is the key to business expansion which eventually results in the development of your business.
- Financing:
Many companies perform well but not well enough to re-inject the capital for expansion, and an inability to invest in certain growth initiatives will limit your business from reaching its full potential.
The solution for this is easy. The market has made it simple for SMBs to obtain customized financing options from companies like Credibly LLC. Such companies provide streamlined access to financing solutions that allow businesses to invest in expansion opportunities or support their operations.
- Unique selling point:
Initially, it is okay to sell a generalized product, but that becomes a restriction over time as your business expands or markets become saturated. Finding the unique aspect that sets you apart from the rest of the industry allows your business to stand out from the crowd.
If you’re the only physician in your area with a human that answers the phone, focus on marketing your great service, which can make customers feel like they can be heard at your business. The key to expansion is to differentiate your product from your competitors’. By being the only business in your industry to provide your unique selling point, you will achieve an edge that could allow you to charge a premium price that eventually leads to high profits and expansion.
Expanding your business, as seen in these simple practices, is not as difficult as it may seem to be. But with that said, a lack of financing may become a barrier in your expansion efforts. Small business financing companies like the best-in-class lender, Credibly can solve your business’ financial hurdles so you can focus on growing your business. For more information or financial assistance, visit www.credibly.com.
