Entrepreneurs have many goals in mind when launching their new businesses, with business growth and expansion being one of their topmost priorities. Business expansion always brings more profit, so it would be best for all business owners to prioritize rapid growth.
However, business expansion doesn’t happen overnight, as a lot goes into successfully expanding your company. Nevertheless, there are many tried and tested ways through which entrepreneurs can grow their small businesses. But how exactly do you transform a small business into a big one? Below are some specific ways to do so.
1. Business Acquisition
Acquiring another business is often your best bet for business expansion. The acquisition is an aggressive growth and expansion strategy often employed by business giants like Facebook and Google due to its practicality. Buying an existing company can sometimes double your business size, allowing you to practically expand in no time. Before acquiring a new company, experts advise that you seek out businesses that complement yours to facilitate easier collaboration. Also, it’s essential to acquire a business that’s in the right financial standing.
Acquisitions can give you access to new clients, diversify product offerings, and even gain new talent access. Additionally, they always bring new team members on board, so it’s best to conduct security awareness training to update new staff members on your company security protocol. Reliable corporate security brands such as LifeRaft can help with this need.
LifeRaft is the brain behind the Navigator tool, a trusted corporate security intelligence platform that searches the entire web for threats to businesses. Social media, the dark web, blogs, and forums are some of the areas that this tool scans for critical information. This way, business owners will know about any threats made towards them, their employees, or business premises. To keep their premises safe, employers often search for popular questions like ” What is a common method used in social engineering?” LifeRaft’s helpful resources provide in-depth insight into some of the most common types of social engineering that you should know.
Social engineering attacks are directed towards the human element in business, relying on human error for success. These social engineering techniques often manipulate unsuspecting employees into divulging confidential information. Malicious files sent through emails, tailgating pretext, voice phishing, and CEO fraud are some of the popular types of attacks social engineering scams employ to steal sensitive data from companies.
2. Customer Service
Many business experts agree that modern-day companies need to prioritize superior customer service for adequate growth and expansion. Good customer service is essential because, without it, it will be challenging to ensure customer satisfaction, although you may be providing superior services or products. Quality customer service is also another way of showing customers how much you value them, as these days, tech support and other contact centers can address customer concerns right away.
Nowadays, customers also rely on several solutions provided by call centers for help. As such, businesses need to have call center services and use effective inbound call center software. Besides taking incoming calls, your support team must also make outbound calls for many different reasons ranging from marketing to following up on leads. For efficiency, ensure that your call center managers use voicemail drop technology as a great way to deliver voicemail messages without having to make phone calls.
3. Sales and Marketing
Businesses looking to expand must also rely on effective sales and marketing strategies. For this, it’s essential to conduct enough market research to get to know your target audience, the market’s nature, and your competitors. This way, you can find your target demographic and learn how to present your products and services in a way that appeals to their specific needs. Good marketing and sales strategies also keep everyone on the same page regarding their specific roles in achieving key company objectives. This way, you avoid role duplication and maintain consistency across all your digital marketing and traditional marketing efforts.
These days, businesses that rely on sales try many strategies to bring in several new customers for business expansion. One effective way of doing this is through ringless voicemail, allowing your sales team and telemarketers to grow your sales without directly disturbing customers. Using this technology, you can send pre-recorded voicemails to leads through their landline and cell phone mailboxes without their phones ever ringing. This technology is extremely useful, unlimited, cost-effective, and works well with other strategies, yielding tangible results. It’s undoubtedly worth considering as part of your sales and marketing strategy.
4. Thoughtful Recruitment
It’s common knowledge that employees are central to your business operations, so it’s vital to hire the right people for several good reasons. Hiring the right people allows you to enjoy the outputs from their long-term growth and potential. Having the right employees also maximizes productivity and saves you from potential financial losses. Additionally, your employees significantly influence your business’ reputation, making it necessary to work with good people. In this digital age, where it’s easy to check public records to find court rulings, always look through electronic records of case information and other court records for detailed information on employees through thorough background checks before hiring.
The right people working with your business is also one of the tell-tale signs of a successful company. Many investors pay attention to these and other factors when choosing which companies to invest their money into. Besides your company culture, investors also closely monitor real-world events that may influence the marketplace before investing. For example, COVID-19 greatly impacted interest rates and stock value on a global scale. Additionally, investors lookout for your price or earnings ratio, dividend payouts, and times earned interest.
In conclusion, business expansion is a common goal that many business owners across multiple industries strive towards. Acquiring another business, excellent customer service, good sales, marketing strategies, and hiring the right people are but a few of the proven expansion strategies you can use to grow your business effectively, with long-term results.