06 Apr Business Growth Strategies: When to Take the Expansion Leap
It’s a powerful feeling when small business owners get their first taste of success. Customers are returning, sales are rising, and finances are stable. For a small business operation, business expansion could seem like the obvious next step. But small business owners should proceed carefully. Evaluate your business growth strategies and choose expansion options that make sense for you.
Which Business Growth Strategies are Best?
Business growth strategies take many forms. You might consider opening new stores or offices in a new location, acquiring an existing competitor, adding to your product line, or simply hiring more staff.
No two business growth strategies are alike. One company’s path to success could lead to problems for another. But across different business models and industries, one rule generally remains the same: if you focus on your existing customers’ needs, you’ll keep them coming back for more. Your existing customers are your easiest and most predictable source of new revenue.
According to a senior business strategist at Salesforce, too many businesses of all sizes ignore this principle. They often invest more in acquiring new customers, rather than retaining the ones they have. While expanding your audience may seem ideal, this strategy does not guarantee high returns long-term.
Instead, business expansion strategies should focus on boosting the lifetime value of existing customers. Build a relationship with your customers by making service a priority and showing them you value their business. Set up a loyalty program, offer conveniences, and engage with them on social media or at public events. Look at what your competitors are doing so you stay a step ahead. When you can, provide a product or service that’s superior to what’s currently on the market, and business expansion is sure to follow.
Financing Business Expansion
Ideally, business growth is fueled entirely by rising sales and strong profit margins. But most small businesses find they need more financial support. Access to capital is the biggest challenge small business owners face as they aim to increase profits while maintaining stable cash flow.
With business expansion loans, small companies have an additional resource to help boost lifetime customer value. Short-term financing solutions from QuickBridge can be used to:
• Pay for store renovations to improve customer experience.
• Cover operating expenses while you expand at a new location.
• Revamp business websites and online customer tools for added convenience.
• Develop and improve products to generate sales.
• Create targeted marketing campaigns aimed at loyal clients.
With smarter financing from QuickBridge, small business owners can put their business growth strategies into action. Talk to us for more information on business expansion loans, and how to use them to fuel your most ambitious business growth strategies.