The Bureau of Labor Statistics found the failure rate of small businesses in the first year of operation is 20%, and 70% of small enterprises fail after ten years, according to Fortunly.
Every new business owner wants rapid growth and brand recognition.
But successful results don’t occur overnight in the world of business.
It takes time and effort to reach growth milestones that position your venture for success.
This means paying attention to sales, marketing, employee training, and customer services, which can take a toll on your business.
Luckily, there are proven strategies you can do to maximize growth.
Here are 3 ways you can expand your small enterprise.
Focus On Customer Retention
Existing customers are likely to stay loyal and even become brand ambassadors if they feel satisfied with your customer services.
Keep in mind customer retention improves your chances of building credibility in the competitive market.
Therefore, strive to provide quality customer services to make them feel valued.
This entails improving the customer experience from the marketing aspect to the buying process.
To achieve the best results, collect contact information and shopping preferences of existing customers.
Then use their details to create personalized marketing campaigns that will convert them to repeat buyers.
Reduce Risks in the Workplace
Although you cannot always control mishaps like accidents and injuries in the workplace, there are ways you can limit them by purchasing worker’s compensation insurance.
According to Cerity, workers’ comp insurance protects you and your employees from legal and financial implications when accidents occur.
Since insurance compensates medical bills, lost wages, and damages, you can grow your business without worrying about lawsuits and losing funds.
As your business grows, you should also invest in other types of business insurance plans.
Think of product liability, property insurance, general liability, and cyber insurance.
Ideally, you want to be sure you have enough coverage for your premise, equipment, and products.
Expand Your Market Reach
Focus on extending your market reach by making your products accessible to a new customer base.
To reach a new pool of consumers, consider opening stores in other locations.
You can even start an online store to increase the chances of attracting global consumers.
Also, identify a new demographic that could use your products the same way your existing customers use them.
Once you’ve identified your new customer base, customize your marketing campaigns, and advertise on social media.
Growing a small enterprise is challenging, but possible if you follow the right steps.
The key is to seek growth opportunities, be creative, experiment, and refine your strategies.
Nonetheless, keep your business goals and measurable indicators in mind to avoid pitfalls.