Expansion is something all businesses seek to do. It’s the main goal of at least 99% of companies out there; one day, you’re working from an old laptop in your bedroom, then you’re working from a gilded office in a high-rise building with a team of 20 milling around the cubicles outside. And if this vision aligns with your own, it’s time to answer the age-old question of young entrepreneurs: is it possible to expand your company quickly?
Well, yes and no. The more work you put in, the faster you’ll hit those big leagues, but cutting corners is exceptionally tricky to do. However, as long as you’ve got tips like those below on your side, you’ll be able to work towards that new level in a very efficient time.
Build a Proper Sales Funnel
You’ve probably already got a sales funnel, but do you know how much it’s helping? Did you have a careful plan in place when you set it up? Are you even sure you can see the effects of the sales funnel on your day-to-day operations? Answer these questions first of all, and then come to a conclusion: do your sales funnel need a bit of work?
If the answer is yes, you’ve come to the right place! In trying to expand your company quickly, you’ve forgotten what really goes into pushing customers towards your product or service, and now you’re picking up the slack. But there’s some good news too: you’ve got the chance now to refine how your funnel works for even faster expansion in the coming months.
So, start with who you’re trying to sell to. What are their goals in shopping for a product like yours? Answering this question will help you to reorganize your marketing efforts. You can then think about how customers interact with your business and/or product before choosing to buy it; maybe there’s a free sample you could offer? Then think about the point of sale – do you offer enough options for a customer to pay with? And if they’re a returning customer, is there anything else they can get out of this point?
Expand Your IT Network
What does your IT network look like right now? Because if expansion is on your mind, having a strong and fast wifi signal isn’t the only thing you need here! Indeed, you’re going to need an entire city’s worth of infrastructure on your side to ensure you’ve got the network speed, the server stability, and the storage space necessary to keep up with you. Your dreams for your company can often outpace reality, but when it comes to your IT needs, you’ve got the chance to put your vision into action.
But make sure you correctly assess your own skill level here; you may need to work with a company like an MSP (managed service provider). And in answering what is a managed service provider, we’ve got a straight line for you: a team of people you can turn to sort out in-house IT needs without needing to have their own department. So, not only does a solution like this cut costs, but it also ensures your physical expansion is entirely scalable to your market expansion, and that’s what this point is all about!
Give Your Customers a Reason to Come Back
As we mentioned above, any returning customers need a reason to come back time and time again. Why should they keep shopping with you? Especially if the product they bought is more of a one-time purchase that occurs maybe once every five years (such as a fridge)? It’s time for you to invest in ways to evoke repeat custom, which is useful for building brand reputation and loyalty.
Because when someone shops with you 3 or 4 times, they reach the point where they physically recommend you to friends and family. And if just one customer can bring in 2 more potential customers, your leads research themselves!
So, it’s time to develop something like a loyalty program or money-off coupons for products that work in tandem with what they’re just bought. Something to really entice and make the customer think your business is totally worth it.
Quick expansion is never as fast as you want it to be, but you can be a bigger business within a year with methods like these! Keep them in mind for scaling your small company.
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