Starting a new business of your own is challenging enough as it is; surviving against competition, a volatile economy, and an often unpredictable marketplace is even more difficult. In the following article, we provide some tips and tricks for business owners looking to sustain company growth.
When you first start up a business, it can be easy to neglect paying attention to details like expenditure. Entrepreneurs can often get blind-sided by the excitement of their new business venture, leading to poor management of finances.
For this reason, one of our first tips for sustaining growth is to try and reduce even minor costs wherever possible. Avoid overspending and only put your money into things that will help maintain the company in the long term.
For example, when trying to market your business and to create brand awareness, it is advisable that you take advantage of free or inexpensive marketing and advertising tools. Rather than overspending on expensive advertising material, use social media platforms to give your company a collective voice and get your brand name out there.
Keep an Eye on Trends
A major part of sustaining company growth is your ability to remain competitive against other companies in your industry. Trends come and go, and if your products seem outdated or lose relevance, your customer base will decrease, and growth will stagnate.
Our advice is to do your research and to do it regularly. Keep an eye on trends as they come and go and try to make sure your products follow suit. This will ensure your customer base stays strong, which is key for sustaining growth.
Focus on Customer Service
When you first start up a new business, you may find yourself bogged down with paper work, accounts and everything else that goes on behind the scenes. But in the process, ensure that you have systems in place to maintain strong customer service.
Keeping your customers happy is the key to maintaining them, and therefore maintaining growth. Make sure you have a system in place where customers can easily contact you with any queries, compliments and concerns, and make resolving the latter your first priority.
Embrace Inventory Software
Stock taking is key to maintaining a healthy inventory, especially as your company begins to grow. Learn to embrace new technologies like inventory software, which will speed up the process of counting stock and give you real-time information about your inventory. Sticking with pen-and-paper record keeping will only suffice so long, so use inventory software to keep up with your company growth.
Hire the Right People
As your company grows you will soon find it necessary to hire more hands-on-deck. However, this should be a carefully thought out process where you consider all aspects, both long term and short term. Hiring quality employees will help sustain your company growth, so it’s important to choose people who proactively add value to your business, rather than detracting value from it.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.