How to Turn a Small Business into a Large, Successful One
A small business needs to grow to achieve its full potential and the level of growth depends on you, the owner. In order to turn a small business into a large one, goals need to be set, you need to diversify and increase in size. As the business expands, it's important to develop strategies that will encourage and continue that growth. Ultimately, you'll be able to earn alliances and if you choose to, merge with other businesses, ultimately becoming a large, prosperous company. Following are more details regarding how to turn a small business into a large, successful one.
Set Clearly Defined Goals
It's impossible for your small business to grow, at least not at a rate you'll be happy with, if you don’t set clearly defined goals and have a plan of action in place that will help you reach them. As a small business owner, it's important to be knowledgeable enough to recognize opportunities when they present themselves and be ready to act quickly on them. Your marketing of products and services must deliver crystal clear, definable benefits to consumers and you need to provide a challenging and rewarding work environment for your team members/employees. Anytime these factors are firing on all cylinders, you'll be able to increase sales, which will boost your capital and consequently increase your business’s growth.
Leave the Door Open to Diversifying
As a small business, you can experience a certain level of success, however you won't experience significant growth if you only center your business on one product. Your favorite soda company doesn't focus on one type of soft drink or even only soft drinks. Most diversify, selling sports drinks, juices, sparkling water and even plain bottled water. This is just one example of how companies manage to grow into major players due to diversity. You shouldn't limit yourself, either. Having said that, don’t start focusing on other products until your principal products are selling effectively and your customers are happy with the results. Spreading your resources too thin, too early on in the game can actually impede your small business’s growth instead of promoting it.
Expand Your Horizons
Once you have a firm goal and plan in place, along with a diverse variety of services and/or products, the next thing you'll need to do to grow your business is to expand. You'll need capital in order to expand, particularly when it comes to financing. Lenders need to see growth in the business’s net worth and revenues. In some cases, expansion involves opening up new locations. First, you’ll start with one new location in an area that you’ve determined (in your business plan) to be accessible and profitable. Once the location is shown to be successful, providing a stable income, you'll be able expand to another location, etc., etc. In addition, whether your business is brick and mortar or online, you can license your products to be sold through other retailers, all helping you grow your profits and earn more exposure.
If It Makes Sense - Merge
Should your small business grow to the point where it starts to outgrow your competitors, you can expand even faster by merging with another, smaller company. You'll be able to add on the acquired business’s products, locations and staff. You can choose to keep it as a subsidiary of your business or integrate it, changing the name and solutions to mirror your own. In any event, at this point your small business will have grown significantly.
Market, Market, Market
You can't successfully grow a small business into a large one without marketing. You'll need a professional, well branded website (you should already have one if you're running a business) and take advantage of social media, content marketing, SEO strategies, printed material and more. The most important thing to remember to market yourself consistently.