If you are a small business looking to get big, then you know how long of a road you face. Not only is there a lot of competition to fight against, you also have to manage your assets well to allow you to grow. In this post, we will run down four key steps to help you reach the full potential of your business.
Solidify Your Brand
Some business managers confuse their brand with the marketing around the brand. The marketing consists of things like the graphics, logo, sound, and commercials about the company. The true value of the brand itself is what people think of when they hear the company name, their core thoughts and views about the company. Ideally, it will be a few words or sentences about what the company does and what makes it great. Don't spend too much time thinking about the details of the marketing because the core message of your brand is more important. When people hear your brand name, what do they think of?
Build A Customer Base
A key element in being able to expand and grow is a stable source of revenue. The best source of that revenue is a base of loyal customers who will provide repeat business and word of mouth marketing. Whether you’re a local coffee roasting company in a great community or a silk screening company that fulfills orders for local businesses, do your best to build those relationships early on so you can depend on them later. Your company will only grow with demand, so make sure you have people demanding!
Build or Buy Space
It’s hard to truly grow without control of your own space. Whether you need manufacturing space, a warehouse, an office, or anything else, you need a workspace that complements your business’ work. The two options you’ll have are working with a construction company to build you your own custom building, or choose an existing building and have a company like Parson’s Construction Group that specializes in renovating help transform the space to fit your needs. In either case you will be able to lock down whatever space you need without having to work with a rental contract or a lease. That building then becomes another asset on the books of the company.
Many small companies push for revenue growth at all costs, even if it never turns into profits. That's a dangerous path because it leads to running out of runway fast. No amount of investment alone will turn a bad business plan into a good one. Make sure you have a plan to get profitable. Any company can spend millions on marketing to pump their growth numbers, but the real trick is establishing and maintaining a profit margin. That will provide potential rewards to new investors, banks, and employees, as well as a resource for self-investment. You don't have to start out profitable, but you need to reach that state as soon as you can if you want to get big.
Running a small business is a huge undertaking, especially if your goal is to expand into something bigger. Even if you aren’t looking to expand yet, these are some good things to keep in mind. Either way, success is the product of your dedication to your work, so keep it up!
I hope you enjoyed this article about big steps you need to make to take your business to the next level.
Interested in more articles about business growth?
Read My Posts:
- Keys To Develop Long Term Business Growth
- Entrepreneurship Lessons From Mountain Climbers
Published by Michael J Schiemer
Owner of Bootstrap Business
Money - Marketing - Motivation
Digital Marketing | SEO | Social Media
Mike Schiemer Builds Better Business
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