Let us face it, folks, growing your small business is not an easy task and that is why we have this interesting topic to learn “how to grow your small business fast”. As an entrepreneur, one of the hardest things you will have to deal with is scaling your business to the next level.
Scaling a business takes considerable effort and most people business owners fail to make it happen. In order to grow your small business, you need to wear different hats until you find the one that fits you perfectly. You will have to deal with sales and marketing, understand corporate compliance and taxes, understanding your customers and so much more that is required of you.
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At the end of the day, creating a successful business takes a toll on you and if you are strong enough to pull through, the rewards are well worth it. In this article, we are going to give you tips that have been inspired by Jack Ma on how to grow your small business fast.
grow your small business fast
If you are struggling to scale your business today, I can only tell you that millions of other people are struggling too. However, the bottom line is that if you are consistent, there is light at the end of the tunnel. It may be hard and harsh on you but is there any other alternative than the hard route?
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The truth is, if you clear your emotions and mind, if you started to look at things in perspective, you will realize that there are ways you can grow your small business fast and triumph over your competitors. There are hundreds of growth strategies out there but the following tips are designed to take your business to the next level rapidly and efficiently.
A tip from Alibaba’s founder (Jack MA)
Jack Ma, a business growth strategist, has a unique approach to scaling businesses. As a founder of Alibaba and other Native e-Commerce businesses, he knows a thing or two about the online marketing world. He believes that time dictates the outcome of your efforts.
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Any person looking to reap some benefits from a business must put time and focus on the long term outcome other than the short-term outcomes. Time helps you build sincere value that genuinely meets the customer’s expectations. It is the foundation of any successful business and after that, everything else that comes after is taking action and putting in the work to grow the business.
How to grow your small business fast
Here are 8 tips borrowed from Jack Ma that will help you to grow your small business quickly and efficiently.
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- Build a sales and marketing funnel
- Develop a customer management system
- Create a customer loyalty program
- Research your competition
- Focus on forming strategic partnerships
- Seek out new opportunities
- Build passive income streams
- Diversify your offer lineup
1. Develop a customer management system
You may be in a position to track transactions manually when the business is still young but as your clientele increases, the process becomes cumbersome and nobody really enjoys doing that kind of work. If you want to scale your business to the next level, you need to use customer management systems that track your sales, profits and other costs.
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Customer management systems help business owners to do sophisticated accounts with ease and also help in sales and marketing. You only need to find one system that works for you and utilize it in your business.
2. Build a sales and marketing funnel
The first monumental mistake that business people make is getting into a business without a clear sales funnel or marketing plan. On the contrary, the few people who get into business with a well laid out marketing plan tend to succeed in whichever field they choose.
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A sales funnel automates your business and allows for fast and sustainable growth. Although some front end work is required, a sales funnel smoothens the sail ones the whole process falls in place. A sales funnel should be conceptualized before time before it is implemented to ensure that it works as expected.
3. Research your competition
If you are a fighter and you have a fight scheduled with another opponent in a certain date, would you not research about that opponent to know his strengths and weaknesses? It is paramount to understand your competitors especially when you are looking to market your product to the masses.
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Conducting research on your competitors helps you to build competitive intelligence and gives you an advantage over the others. It is also a chance to learn best practices that your competitors use to remain competitive in the market
4. Create a customer loyalty program
One of the best ways to increase sales has been by creating customer loyalty programmes. It is also a sure way you can grow your small business fast. Retaining your customers is one of the most cost-effective ways of growing your small business fast. it can even eliminate the need for advertising since your loyal customers will do that for you through recommendations and word of mouth.
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One of the most effective ways of retaining customers, therefore, is through loyalty programmes. Not only do loyalty programmes retain your customers they also attract new ones. Build an attractive loyalty program and make it accessible to your existing customers and watch sales skyrocket over time.
5. Seek out new opportunities
Another sure way of growing your small business fast is by understanding your demographics better. By so doing, you take time to analyze the new opportunities in your niche or in your business. Understanding everything from your direct competitors to distribution channels helps you discover other opportunities that your competitors are not aware of. With the right amount of analysis, there should be more than a dozen new opportunities you can pursue that others don’t.
6. Focus on forming strategic partnerships
Scaling a small business fast requires an open minded person who is ready to partner with the best or right people in the business. Strategic partnerships can mean a world of difference to your business as it allows you to reach a bigger swath of customers efficiently and enhances production. However, pointing out the right partners is easier said than done especially in a business environment where individuals are more concerned with what they will get from a deal.
7. Diversify your offer lineup
A big part of success in business comes from uncovering the pain points and thinking about expansion or growth. Diversifying your products and offers means that you have different products which complement different people in the market.
In essence, you get a wider swath of customers through diversification which is good for growth. In order to diversify your lineup, you need to identify new unexploited opportunities within your niche and look into how you can package them in a unique way.
8. Build passive income streams
When you are starting a small business, chances are that you are dealing with razor-thin margins which have to be managed carefully. It takes significant effort to sustain a business with such margins hence, building passive income streams is essential for survival.
With other passive means of income, you do not have to keep the lights on all night monitoring your business. Passive income grants you the space to make some mistakes without losing your head. It is also a source of income which can help you scale your business by replenishing it with more capital.
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