Have you ever pondered starting your own business? According to research, four out of five 16-21-year-olds in the UK are interested in being their own boss to showcase that the entrepreneurial mentality is rife in Millennials and Generation Z. In fact, it’s predicted that this year is going to end on a high note, being another record year for startups in the UK.
So, how can you expand your small and medium-sized enterprise (SME) to keep your company ticking over a healthy profit? Here, we look at the best ways to improve and grow your business.
Marketing & Advertising
It may sound obvious, but a good advertising strategy will be a great asset to your company. Whether this is online or in person, your brand has to be in the public’s attention. Many people assume that advertising campaigns will be too costly for the size of their business, but this doesn’t have to be the case.
A relatively inexpensive way of advertising and gaining local customers is with leaflet distribution. Surveys have found that 89% of people remember receiving door-drop mail, with almost half admitting that they keep the leaflets on a board or in the kitchen drawer. Of course, what your company is selling will alter your success rate, but getting your name in front of your audience is crucial and this is an effective method.
Other methods could include sending press releases out about your business to local or national newspapers, radio stations and magazines. Certain local papers have sections especially for small business news, so it could be a great way to get your name in front of potential customers in your area. Business cards also work in the same way, with many local shops having a pin board for small businesses to advertise their services for a small fee.
Grow An Online Presence
Like advertising, an online presence is a great way to get your name in front of your intended audience. This means you must make sure that your company’s website is user friendly. It’s not enough to just have a site which is live – if your website isn’t pleasing on the eye, or information is difficult to find, then any potential customer is likely to be put off from using your services as it looks unprofessional.
Have you claimed your local listing on sites such as Google Places, Yahoo Local and Bing Local? If not, get straight to it! You’d be amazed at how many local businesses don’t sign up for these free services. By simply providing the search engines with your details, your business is getting free advertising and getting put in front of a huge audience who may well stumble across your brand when searching for a product you provide.
Also, social media is a great way to build a name for yourself. With customers always wanting to know how other people have fared, sites such as Facebook can be a great location for positive feedback. By interacting and engaging with your audience on a regular basis, your brand is likely to stay at the forefront of their attention and who knows when they might just need your services? After all, word of mouth is a huge tool and most conversation starters these days come from social media posts!
Expand Your Fleet
In 2013, there were 234,000 electricians in the UK. By 2022, this number had risen to 265,000. With apprenticeships in manual labor sought after for those who don’t want to attend university, there are many SME electrician companies to choose from. In this industry, and other manual labor roles, including plumbing, the role realistically requires access to a vehicle and if you plan to expand your company, then your fleet would have to grow too.
If each employee had access to transport, not only would this mean that they are available ‘on call’ and can service a wider target audience, but they can also carry all their tools and equipment with you at all times so there wouldn’t be the risk of them not having the tools needed for a specific job. This would mean there’s an opportunity to earn more money and satisfy your customers.
In a survey, electricians stated that the VW Transporter is ideal for their line of work thanks to its reliability and economic fuel consumption. And don’t be scared off by the initial outlay. Many car companies offer a great leasing service that is affordable to you and won’t hinder your expansion plans.
It’s not just the manual labor industry that can benefit from expanding their fleet, either. Company cars with personal body wraps on can make sure your name is always reaching a new audience wherever your staff go.
Have A Solid Marketing Plan
Another point that sounds straightforward, right? Well, maybe so, but many companies aren’t proactive and haven’t got a strong marketing plan in place. It’s as simple as setting realistic goals and making an in-depth to-do list where you can focus on your expansion schedules and make sure that you are spending your resources correctly and appropriately.
A good marketing plan would usually outline all main points in your business, from understanding your target audience, to knowing where you stand in that market and how you can progress. It should also look at the costs involved in moving forward and this would make sure you avoid throwing money away by blindly targeting wrong areas of the business.
Final Thoughts To Grow Your SME
While we all like to think our ideas are fool proof, sometimes we have to take a step back and be a bit more savvy to ensure that our plans are successful. These simple steps above should help you grow your business and hire more employees in a smooth manner.
I hope you enjoyed this article about how to successfully expand your small or medium sized enterprise (SME) on a frugal budget.
Interested in more articles about growing your business better?
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