Launching a small business or a startup is easy. Growing it is much harder. The long-term survival of your venture will be largely determined by how fast it grows in the first twelve months. All new companies, naturally, should show a rapid rise in growth during the first few months. If not, the business idea is a failure, or the company is being seriously mismanaged. Therefore, keep your small business or startup growing by following the helpful tips given below:
Don’t underestimate the power of cold calling. This time-tested tactic remains one of the most effective ways to attract customers, especially for new businesses. Clients prefer to buy from places they have already made purchases from before. So a new business can struggle in any given market. Therefore, one of the most guaranteed methods for building a customer base from scratch is to cold call. Expect to spend several hours a day cold calling people. Don’t forget the weekends either. Don’t be discouraged if a couple of dozens of people hang up on you. Keep trying.
Get Your Finances in Order
Most new ventures fail because of mismanagement due to inexperience. The biggest problem you will face as a company owner is managing finances. Unless you have an advanced degree in finance, you will most likely struggle with this aspect. It’s important to have a long-term financial strategy. This will be necessary to allocate your budget in a sound manner towards manufacturing, marketing and so on. If you don’t have a financial plan, your business will certainly suffer. If you haven’t handled complex financial matters before, you will need help in devising a good financial strategy. It’s best to hire an expert consultant like Global Resources LLC who will be able to design the plan for you.
Build a Marketing Team
Startups and small businesses often begin as a one-woman or a one-man show. Unfortunately, one person can only handle so much. Once your business gets off the ground, you will have to spend a significant amount of time per day conducting non-sales related activities. This can make your marketing efforts suffer. Therefore, hire at least one other person to assist you in your marketing and sales efforts. Overtime, build your team to execute a comprehensive marketing strategy.
Establish Yourself as an Authoritative Figure in the Industry
If your sales lag in the first few months, this is probably due to the credibility that your new company lacks. It takes a while for a business to establish itself as a trustworthy source. To fill this gap in credibility, you can establish yourself as an authoritative figure in the industry. This can be done much faster now thanks to blogging. You can blog or make content contributions as a guest to other sites regarding your industry. Publish high-quality, relevant and highly interesting topics that would attract potential customers to your posts and sites. Once you have established yourself as a knowledgeable source in your business, customers will hesitate less to buy from you.
Stick to the above tips, and your company will grow in no time. Remember not to be discouraged easily. If your sales numbers are low this month, do your best to increase them next month. Don’t give up easily.