10 Tips for Growing a Small Business to a Huge, Profitable Organization
You often hear about rags to riches stories in which a single entrepreneur developed an idea that hit multi-million dollar status within a few years. You know it’s possible to grow from a small, 20-person organization to one with hundreds of employees, multiple branches, and huge profits. But how do you get there?
The answer will be different for every business with their unique markets, business plans, and customers. However, this list of ideas can serve as a launching point as you work to develop an empire like those you see growing around you.
1. Use Data
Big data is everywhere and provides marketing, inventory, accounting, and other insights that can help you grow your business to incredible heights. However, many small businesses are unaware of the power of big data, or they don’t know how to use it for the growth of their operations.
If you’re serious about growth, you should take advantage of the data that surrounds you. Invest in free and affordable data analytics tools that will help you gather and make sense of the information you find.
ClearStory Data, Kissmetrics, InsightsSquared, Google Analytics, IMB’s Watson Analytics, and similar tools make data collection and analysis simple. Do some research and explore your options for magnifying the effectiveness of your organization.
2. Improve Your Staff
Oftentimes, the growth and success of an organization hinges on the people who work there. Whether you own a clothing boutique or a real estate business, your employees will be the face of your business and they’ll impact your sales.
If you’re looking to achieve the status of a major corporation, you’ll need staff that can handle the pressure. This means pulling from a qualified pool of professionals who have experience with executive placement and organization growth.
A staffing agency can handle the pressure of finding great employees and help you on your way to greatness. Look for a staffing agency that specializes in your niche. When you find employees who know your industry, be it entertainment or law, development will be easy for your business.
3. Form an Alliance
Upon reaching a certain point, many businesses won’t grow quickly enough through marketing and data use alone. Merging with another company is a great way to facilitate growth rapidly and effectively.
We all want success as individual business owners, but sometimes we can’t do it without a partner. Consider reaching out to a company or service that is either similar or complementary to your business. By teaming up, you can reach twice the audience, more rapidly expand your reach, improve your marketing, and raise sales faster than you could on your own.
4. Aim for Acquisitions
Instead of merging with complementary organizations, you could acquire them. Acquisitions typically aren’t possible until you’re larger and more profitable, but when companies get to this level, it offers incredible possibilities in both profits and diversification.
An example of this on a larger scale is Google’s acquisition of YouTube. Before the two came together, YouTube was half as popular as it is now. With Google’s help, YouTube became the number one video platform on the web, and Google has consequently raked in millions of dollars.
Just remember that acquisitions don’t have to be massive. You could be a mid-size business and purchase a four-man startup for as little as $10,000. As long you as you’ll see expansion, an acquisition is worth considering.
5. Open A Second Branch
Sometimes, the best thing for your business growth is physical expansion. If your business has reached its capacity at its current location, and you’re unable to stock enough goods to satisfy customers without delay, you should consider establishing a second building.
You’ve already laid out the business plan, so all you need is a new location, excellent staffing, and the capital to get started. It may take a slight leap of faith, but it’s a huge step towards creating the empire of your dreams.
6. Create Franchising Opportunities
If you’re nervous about the time and money it may take to start more branches of your original company, consider offering franchising opportunities. It will expand the reach of your brand to a national level without adding extra pressure or too much financial burden.
It’s easy to get into a rut with the same target market, products, and services. In some cases, it’s possible to continue growing profitably within a narrow niche, but most companies need to diversify. They’ll sell complementary products or services, offer courses, import products, write eBook content, or offer other goods and services outside of their typical store.
By diversifying your business strategy, you’ll not only set your business up for vast growth, but create multiple income streams. This will help to fill voids that come when sales are slow while maintaining customer interest and loyalty.
8. Win a Huge Contract
It’s great to market your products to the general public and grow with their support, but if you can gain a huge contract from entities like the government, a movie production studio, or a retail chain, growth will come easily to you.
Winning the bid for any of these contracts takes a lot of work and patience. Your brand should be unique and your products or services should offer something that others cannot. You’ll deliver this information in a well-composed pitch that makes the value proposition clear as crystal.
It will take time and creativity, but once you’ve won the bid, you’ll be well on your way to corporation status.
9. Push Country Borders
It’s easy to be blinded by the borders of your own country, but there are billions more people to whom you could be marketing. If you’re confident that your goods will appeal to more than just a domestic audience, consider taking your company global.
Global business is a little different than domestic, as there are different laws and codes of ethics. It’s best to get a foreign distributor who can not only handle inventory demands, but also help with the details of doing business overseas.
10. Expand to the Internet or Vice Versa
If you started your company in a small shop, it might be time to expand your business to the internet. The worldwide web offers a broader scope of customers and products that can take things to the next level with your business.
On the flip side, if you’re doing well on the internet, the next step is brick and mortar. You could develop a small shop to sell your products to local customers. If it’s successful—as it should be with great marketing and a good location—you can open more stores or create franchising opportunities for your business. When you’re willing to expand across multiple markets, you’ll see boundless opportunities for growth.
Grow Your Business with the Right Staff on Your Side
At First Professional Servicess, we understand that an excellent staff is essential for a growing company. With our staffing services, you can find the quality candidates your company deserves. Our candidates specialize in both the corporate and entertainment industries so you’ll receive niche-specific expertise.
For more information about the services we offer, contact us today!