back to top
Thursday, December 5, 2024
13.1 C
London

3 smart ways to grow your business

Three Ways to Grow Your Business

There are a staggering 5.7 million small and medium sized enterprises (SMEs) in the UK, making up 99% of all UK business. Of the 5.7 million SMEs, 5.4 million are ‘micro’ businesses; those employing 9 people or less.

If you’re one of the business owners running a ‘micro’ operation and you’ve survived the start-up phase, you’re probably wondering about how to take your business to the next level in a crowded and competitive market.

Before you get into business specifics, consider these core areas.

Invest in Systems

If you’re running a very small business, you may well be doing the books yourself with little more than a few Excel spreadsheets to track your company data. To take the next step, your business needs to be supported by robust systems.

tips to grow your business

A solid Customer Relationship Management (CRM) system will streamline your business by creating detailed customer records, management tools and actionable data to base campaigns on.

You can also bring your financials up to speed with accounting software. If you have a team, Moorepay offer a range of payroll solutions, both in-house and outsourced, to make paying your staff easier.

Essentially, investing in core business technologies will save you time, and with more time comes more money.

Invest in your Staff

Speaking of the team, any good business knows the value of good staff and, inversely, the potential cost of a bad hire.

In all likelihood, top talent in your sector will be in short supply you and your competitors will be battling it out to attract the best people, so it’s important your recruiting process is thorough and your business is appealing to potential employees.

Once you have found the right people, it’s important that you keep them. Don’t be afraid to invest in your team through training, progression opportunities and perks and incentives.

Today’s successful organizations utilize incentives to reward and motivate employees, customers, and other stakeholders to adopt certain behaviors and avoid others. Incentive programs increase innovation and revenue, decrease losses and expenses, and reinforce corporate culture.

Your business needs a USP for its staff as well as its customers. Happy staff are more motivated and productive, and that will push your brand forward.

Know your Competition

When you were starting up, solid market research should have been part of your initial foray into the sector. Such research and the desire to innovate shouldn’t stop after you’re up and running.

business tips

Market research should be an ongoing process, and part of that is being aware of what your competition is offering, what they’re doing well and what you can do better.

If there is a competitor who has enjoyed a successful trajectory, analyze their strategy for growth and use it to inspire your own business plan. Chances are, if it’s working for them, it’ll work for you.

Knowing what’s going on in the local market should be a staple of keeping your product relevant in a highly competitive industry. With half of start-ups out of business by year five, it’s imperative that you never get comfortable.

Once you’ve explored these options, your business should be in a good position to enter the next stage of its development.

Author Profile

Ryan Bradman
Ryan Bradman
Guest Blogger & Outreach Expert - Interested in Writing Blogs, Articles in Business Niche | News Journalist By Profession in the United Kingdom

Hot this week

Game On, London! Unveiling the Wonders of the City’s Games Festival

Are you ready to level up your gaming? Step...

Critical Spring Budget for SMEs: 31% of Business Owners Fear Closure by End of 2024

Business owners call for urgent government support in the...

Entrepreneur Interview with Dan Hoyland: Don’t just work hard but work smart as a new entrepreneur

In 2020 alone, there were almost 726,000 new businesses created in...

Interview with Chief Technology Officer Brian Wagner about Data Breaches & Cyberattacks

Courtesy of The Motivational Speakers Agency, we were thrilled...

Related Articles

spot_img

Popular Categories

spot_imgspot_img
seekahosto