Conventional wisdom tells us that over 90% of startups will fail. Often, this has nothing to do with a lack of quality. Usually, there’s not enough stimulus for growth. New entrepreneurs need to understand that resting on their laurels is not a viable business plan, and a downturn will begin to show up sooner or later. The best way to combat a stale business is to never stop pushing for growth. Understandably, this can be quite a daunting task, but the following discussion includes a variety of ways to keep your business growing.
Build Brand Recognition
One of the most challenging things that a small business goes through is obscurity. The reality is that almost nobody is going to know who you are and what you have to offer unless you build brand recognition. Many of your initial customers will find you through the web. Consequently, it’s important to begin utilising SEO strategies in your online blogs, website and social media accounts. You may also offer your expertise to other compatible companies. This will place you in the view of customers and help you build brand recognition over time.
Focus on Customer Service
Poor customer service costs businesses $75 billion a year. While a more established company may take a financial hit, it will probably survive. A startup only has a handful of opportunities to present a positive customer service experience before word gets around. The best approach is to have a set standard that your employees adhere to. This should establish how customers are greeted and specify the steps involved to ensure that every customer concern is addressed properly and taken care of.
Collaborate With Complementary Businesses
Marketing online can really help you bring customers into your business. However, there comes a time when this target audience pool is exhausted and growth plateaus. So, what can you do? One of the best ways to drive in additional customers and expand your base is a tactic you might not have thought of: collaborate with a complementary business.
A complimentary business is one that shares a common commercial interest with you but is not a direct competitor. For example, a gym can work with a local supplement store because both enterprises are focused on health and fitness. The supplement store can sign up more members for the gym. In turn, it will receive more exposure from fitness-conscious people who will then purchase supplements.
There’s no doubt that running your own business can be difficult. The only way to survive is to keep your company growing. You can accomplish that by becoming proactive and providing your company with the necessary tools.
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