How to grow your small business the right way
You’ve got a small business and it’s running smoothly. In fact, you’re starting to ramp up the hiring process, and you’re thinking about swanky new premises in the heart of town. Is that the right way to go? Well, we’ve got a few top tips to keep in mind – tips that’ll keep you out of the red and should go some way to helping you expand sensibly and sustainably.
Keep your overheads as low as possible
Growth is about two things: expanding your operation to service more clients and hiring the right staff to service the increased demand. All the while, you want to see the bottom line getting better and better. What do overheads do? Eat away at your bottom line.
With this in mind, the worst thing you can do is concentrate on expansion while wasting money on overheads you don’t need. Of course, bigger premises might be necessary down the line, but if you can avoid it, keep your monthly expenses to your staff first and foremost. Consider hiring freelancers or using co-working spaces to achieve this.
Hire the right people
Thousands of entrepreneurs have discovered an essential maxim of the game: you can’t do it all alone, and this is perhaps the most important point of this article, as you’re only as good as the people you employ.
But while you should focus on quality candidates who complement your skills, it’s also about finding staff who buy into your vision. Disunity can be incredibly damaging to team morale and so competence isn’t the only consideration. Team culture should also be something you focus on. The best individual is never more valuable than a unified, cohesive team. So concentrate on finding people who will put others before their own selfish interests.
Use speaking conferences to your advantage
A very good, inexpensive way to build your brand is by hitting the speaking conference circuit. There will be dozens of applicable conferences throughout the year you can apply to speak at. Public speaking is a skill that’ll stand you in good stead when winning new clients too, and there are always networking events after the main speeches, so keep your business cards handy.
Build premium packages on top of your existing offering
Instead of charging more for your original offering, consider slashing the price and developing your product with a premium alternative. The premium package can carry an applicable price tag, and it’ll ensure that you don’t alienate your existing client base. Which brings us on to our final point…
…Be good to your existing client base
The biggest mistake you can make is to think you’re too good for the clients that stuck with you from the start. Always keep them in mind and try to reward them for their continued patronage.
Want more? Check back in for more great tips and tricks from the Brydge team.