Starting a business is often seen as the hardest step, taking the risk to venture out on your own is dangerous and uncertain. After taking this step, once you have passed the break-even point and well into the profit making area, you feel the time is right to take things to the next level; to grow your business, to expand your business. Again this is a daring move and all stakeholders should be consulted but if done right, the sky is the limit!
Focus on What Works – Feedback! Feedback! Feedback!! The only way a business owner can know for certain what is working for him/her and what isn’t is by requesting this information from their clients/customers. It is really not rocket science, all one needs to do is to place a questionnaire at the counter or on the webpage and if customers are happy they will tell you, if not they’ll also let you know. A bonus is depending on how you phrase your questionnaire you could also get information on what else the customers want to see from you. That way once you know what works you can take that product and service and enhance it, as well as fix all the kinks in the ones that aren’t doing so well; thus resulting in growth.
Adapt – Growth and adapting are synonymous, there are no two ways about. The perfect analogy is an adolescent, as he grows, he has to adapt to new surroundings and new people. The same thing applies in business. A personal example is me and my hairdresser. I have been going to the same hairdresser for three years now but a new one opened up closer to me that allows me to pay for their services with mobile money which is more convenient for me. The new hairdresser has adapted to changes in the market and the fact that more and more people are integrating mobile money into their lives, consequently growing and increasing profits.
Nurture Your Networks – With SME’s referrals is one of the easiest and cost effective ways to get new business. One of your biggest assets are the customers you serve! Introduce a reward system for customers who bring a new friend or introduce someone to your products, resulting in them literally going out of their way to ensure your business grows. Join local business organizations, encourage your employees to join unions, participate in business-run charity events it is all a way of getting your business on the map and growing!!
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