Find out how to tackle a subscription service in your small enterprise
This is the only way money can be set aside to cope with unexpected downturns, while maintaining the same quality of service and investing in research and development to avoid stagnation.
There are several ways to turn a small business into a bigger one.
Do you have any successful products or services? Do it again
It is a common mistake for new businesses to go in so many directions because they are trying to see what color is stuck to the proverbial wall. In reality, it is better to see which products or services work best with customers than to worry about what other similar, complementary products or services would work well. Or: “Would you like fries with your burger?”
By not branching out in unrelated directions that customers aren’t expecting, you’re avoiding wasting vital capital in rabbit holes that go nowhere. Instead, ask your customers what they want to offer you that you don’t already offer. See if you have any feedback suggesting a new product or service. Alternatively, you can talk to the frontline staff about conversations and complaints where a customer has suggested that something could be different or better.
After introducing free products or services, it is a good idea to improve your existing offerings as well. What about your existing products that customers love? Could it be improved? Is there a feature that you didn’t have the time or opportunity for when you designed the original product that could be implemented now? Be careful not to add anything that customers don’t want or ask. Do your market research first to be sure. Don’t be “New Coke”.
Introducing new products or services when the existing offering is not perfected is a great way to annoy customers who are struggling with what you offer today. Address their concerns by listening to their complaints and finding important take-aways. Act on these conclusions to improve the business execution of the services and products. Does the customer service department need to be revised to improve the performance evaluation? Has performance tracking been implemented at all? If not why not?
How to improve sales growth in difficult times
Look for business knowledge from experts
Everyone who runs their own business knows when they are overwhelmed and need reliable advice. The difficulty is finding experienced business consultants who have already run their own business and who can offer practical insights.
Sam Ovens, who heads Ovens International from Manhattan, has worked both in his native New Zealand and more recently in the United States. He cost an early failure with an online recruitment business that was unsuccessful and learned from it by being successful with SnapInspect, which provides home inspection software and business consulting services.
Sam experienced working with a business partner and previously also as a solo preneur at various times on his journey into entrepreneurship. He is now offering business consulting courses to expand his reach and help more American small businesses succeed.
Whether you’re just trying to start a business or need to find a way to get into a new area, expanding is always a good idea. Expand or contract is the motto of many die-hard entrepreneurs who know only too well that lack of growth is a bad sign. All too quickly this minimal growth leads to contraction, and soon the company is struggling to survive. Never lose sight of the need for growth in order not to fade into the background.