Small Business Strategy

Many people today are taking a chance on entrepreneurship. It’s exciting, you can work from home, and you don’t have to answer to corporate executives. Are you established and ready to move your business to the next level? Here are some tips to help you successfully spread your business wings and fly.

Determine Your Business Status

Is your business healthy and making a profit? If you’re regularly meeting your goals and have income to spare, it’s time to think about expanding. However, before you jump in, consider these key strategies to help you move ahead.

Get Help from Current Customers

Ask your loyal followers for referrals, reviews, and testimonials. This is the best way to make a good impression on new customers. Make sure you’re asking for online reviews and customer feedback whenever possible. If you offer a quality product or service, your existing customers will gladly spread the word.

Use a Sales Funnel

This is the journey potential customers go through on the way to making a purchase. The five stages of a sales funnel are awareness, discovery, evaluation, intent, and purchase. Get them hooked by offering an attractive product or service for free. Show customers how you can resolve their problem. This will get them interested.

Find Strategic Partnerships

Work with other businesses and form partnerships. This can range from agreeing to market their products to using their services. However, before signing an agreement, make sure that each business benefits equally from the relationship.

Monitor the Competition

Research your competitors. Take a look at how they are showing up on social media. Learn how they are finding success. You can use the same marketing strategies. Check out their strengths and weaknesses too. Find ways to make your marketing efforts more appealing.

Customer Service and Retention

Your customers will likely stick with you if you treat them right. One way to keep them loyal is to prioritize customer service. Make sure they have a good experience and show you value them as a customer.

Create a loyalty program to reward your repeat customers. Use an email campaign to keep your business at the top of their minds. Offer special deals and discounts. Engage with customers on social media. Always keep your promises to them.

Quality Video Content

Videos help build brand awareness and boost credibility. Create video content that’s engaging and educates customers. They will remember you.

Business Growth Challenges

When you take your business to the next level, you will likely face some challenges. Here are some common stumbling blocks.

Spending Too Much. Small business owners often underestimate the actual price tag of expanding. It costs money to hire staff, open a new location, and ramp up production. Make sure you’re aware of all the new operational costs before moving ahead.

Hiring the Wrong People. Only hire and recruit workers that believe in your core mission and company culture. Don’t suffer from the consequences of poor hiring choices.

Price Wars. Don’t reduce your price too much in an effort to beat out the competition. It will only result in lower profit margins. People will often pay more for quality and innovation. Don’t sell yourself short.

Need a Business Advisor? 

If you are ready to work with a top-notch business advisor, give Lodestar Advisors a call. You can reach us at 443-280-0890 or by filling out the online form at the bottom of our webpage. We can’t wait to start this journey with you!