Throughout the country, as well as the world over, the coronavirus pandemic has devasted businesses industrywide, and if you are one of the fortunate few who is emerging out the other side with your business intact, you are to be commended for your overall business acumen.
Further still, if you are in a position to expand, develop and grow your business, now more than ever is the time to tread carefully and only make considered and careful decisions as you move forward.
Here are some top tips to expand, develop and grow your business.
Analyze The Competition
Although this sounds somewhat obvious upon first thought, it is common for business owners across the board to be unwittingly unable to be objective about their business’s weaknesses. Furthermore, they tend to become complacent of their business’s strengths and entirely unconscious of how and, more importantly, what their direct competition is doing.
The most effective way to analyze your competition is to create a competitive business analysis, which essentially identifies your competitors and dissects their business strategies to determine their strengths and weaknesses in relation to your own.
Every professional and successful business owner knows and respects the customer’s value, which is why it would be incredibly prudent to establish a loyalty program to reward your existing customers and encourage new clients to work with you. Studies have shown that loyalty programs are only truly successful when afforded to new and potential customers and existing customers.
Incentivize Your Employees
Every successful business manager understands the value and overall importance of treating their employees with respect and kindness. Subsequently, it would be logical to assume that sustainable and long-term business growth cannot be obtained without your employees’ contributions.
To ensure this is the case, it would be extremely prudent to incentivize, motivate and energize your employees to ensure you receive optimum efficiency and productivity. Some proven to be effective ways of motivating and rewarding employees within a business of any size include, but are by no means limited to:
- Nurture authentic and meaningful team-building activities and group experiences
- Cash incentives for hitting sales targets
- Reduce prescription drug costs
- Gift boxes which are thoughtful and personalized
- Announce individual employee achievements online
- Dress down Fridays
- Bring your pet to work
- Staff Christmas parties with awards (think NBC’s The Office )
Innovation within your company essentially involves introducing new or improved products or services to the range of options you currently offer. When looking to expand and develop your business, innovation has to be of utmost priority. You should always look to promote the individual employees within your organization who specifically champion and support your innovative ideas and creations.
When creating, advertising, and promoting new, innovative products and services, it would be incredibly prudent to remember the three ‘C’s’ of communicating effectively; clear, compelling, and convincing.
Follow these tips to help your business grow and thrive in the coming years. By adhering to these best practices, you give your business the best chance to succeed.