A small business doesn’t have to remain small. Owners are forever trying to optimize their businesses that can compete on a larger scale. Every aspect of a business module must be scrutinized to either modify or change all together. That said, there are some great tips to consider when attempting to transform your small business into an industry giant.
So, how do you turn your small business into an industry giant?
12 Ways To Turn Your Small Business into An Industry Giant?
1. Set Goals
This is probably an obvious one but setting clear goals of where you believe your business will be in the next five years can be very helpful. Your company may not grow at all, if you don’t plan and attempt to reach every goal you intended when you first started your business. Owners have to be alert and seize opportunities in the market. Product benefits should also be very clear to customers, so they want to purchase. With specific goals outlined and organized, you can then begin to have more sales and increase capital.
2. Diversify Your Line of Business
Focusing on just one product will not get your too many sales. If you consider diversifying your lines, you have opened up a gateway to new customers. For example, Nestle doesn’t just sell delicious chocolate kisses, they also sell baby foods, bottled water, coffee, cereal and culinary and frozen foods. Your company can grow faster by offering many different lines of products. It’s good to note, that your main product should be selling quite well before you branch off into additional lines if you are to become an industry giant. Another way to diversify is to have a varied option in a single line of product.
3. Expand Your Business Scope to Attain Industry Giant Status
Once you have had some success with your products, sales are up, and money is coming in, it’s a good to consider opening another location or expanding by renovating to better standards. When considering this move, you will need a lot of capital for a smooth transition. Banks will ask for your company’s revenue and profits over the past years, so it’s good have some capital set aside to fund a new location. You can also take help other financing option like PACE to aid your move. It’s also important to pick locations where you can see more profits and sales. This should be a part of your business plan as well. Once you get the new location up and running, then you can move on to the next one.
4. Borrow Innovative Ideas from Consultants
It never hurts to hear a second opinion or listen to someone who has been there. Consultants can be a huge benefit to a small business. You are basically getting inside information of how the big boys do things and begin implementing them in your own business. They also help you avoid pitfalls or traps most small business owners don’t see further down the road. Often, small business owners lack the management and leadership on staff to guide them properly. To attain the status of an industry giant in your line of business, you might need to set aside budget for consultancy purposes.
5. User Experience Can Make or Mar Your Brand
Understanding your customers and your specific niche are always a good factor in growing your business. When you know who your customer is the more likely you will leave out other types of customers wanting your products. Enhance your content with visually appealing images to enhance user experience. For instance, Ford while launching a new SUV, showcases the latest automobile technology and portrays those in an interactive content product page. This enhances your marketing campaigns and helps capture more sales and further establish you as an industry giant to look up to.
6. Have, and Deliver Value
Your products should be worthy of purchasing and give customers something of value. Does it alter their life in some way? Is it something they’ve needed, and your company has it? Having a valued product can only benefit your small business and keep customers coming back. It is a hidden secret for industry giants out there. Often, many customers want to share their needs and thoughts in reviews. Learn from these and make sure your product is in line with what they want. Conduct short surveys to collect data on what your customers wants, and reward participants.
7. Join A Larger Partner
If you don’t want to reinvent the wheel, then consider joining forces with a larger partner that can not only move your brand further but bring in more revenue. Their business may be bigger and more established and, therefore, can give you more resources.
8. Connect with your subscribers
If you are tied into social media, then engage with your subscribers. Find out what they like, don’t like and want to see in your product line. Your social media manager should be connecting with subscribers on a daily basis. This could be done by simply giving updates on products, introducing new ones or sharing relevant news.
9. Make Your Staff Happy
It’s best to hire competent staff you can depend on to complete tasks. However, in turn, it’s always a good idea to make sure your employees are happy. Offer benefits that help their health, like a gym membership or even car insurance that could lower their rates. When employees enjoy where they work, they become more productive and feel a part of a genuine team.
10. Know your social media channels
There is nothing more embarrassing when a company is promoting their business on the wrong social media channel. You should always make sure the social media platform you are using relates somehow to your product lines. Snapchat may not be appropriate if your product’s age group is a lot older.
11. Merge with other brands by acquisition
By merging, you can take over your competitor’s locations, staff, customers and increase your revenue. This option can help you grow at an alarming rate. Once you have surpassed your competitors, you can then plot your course to acquiring more competitors or open new locations.
12. Give back to the community through charity
One of the most effective and costliest marketing strategy that can easily make people perceive your company as an industry giant is participating in charitable courses. After you might have achieved some of the steps discussed earlier, you’d want to keep the momentum going, and charity is one of the ongoing activities that would inspire that. Give back education to the community, invite customers to have a tour of your new offices, sponsor selected group of people to events like World Cup. All these activities would long be remembered as an act of kindness from your organization. The ripple effect of that is massive likeness and attractiveness of your brands in the mind of your existing and intending customers. You don’t need to set aside huge budget to become an industry giant, you just need a consistent outreach project which would cost less to maintain.
There are many paths a small business can take to become a giant in their industry. Mostly, it begins in the business plan and how the company will seize opportunities in the market to catapult them forward. Knowing your customers is key when applying correct and effective marketing campaigns. Business owners should re-evaluate products and offer more products in an effort to reach more customers. Social media should be spot on when it comes to engaging with subscribers. Listen to your customers and consider their concerns or needs. Bringing on a consultant from a big company within your industry is also a smart move. Hiring an expert can prevent a lot of mistakes down the road. Small businesses that can at least follow some of the tips mentioned above can grow faster than expected. You can easily become an industry giant by mastering some of the points above.