Tuesday 7th of December 2021
Business growth is the goal of every entrepreneur, and they put every effort towards accomplishin
...g it. Although it takes time to move up the ladder...
Business growth is the goal of every entrepreneur, and they put every effort towards accomplishing it. Although it takes time to move up the ladder of success, seasoned business owners use tried and tested techniques to progress quickly through the stages of development. Growth is connected to profitability, expansion of market share and increase in sales. Thus, entrepreneurs looking for a business for sale in South Africa need to know about a few hacks that can help them grow effectively.
Hacking involves creating pathways of development that are cost-efficient and less time-consuming. These methods are highly significant for small business owners as they can expand in a short period with fruitful results. So, here are the top ten growth hacks that every small business owner should know.
Every venture needs a business plan that contains short-term and long-term goals. The short-term goals need to be aligned with the target for the next quarter and financial year. Defining the objectives will allow you to have a clear sense of the destination and give your team a direction. It will provide you with a growth roadmap so that all the effort is directed in the right direction and there is no wastage of resources, time, or capital.
Setting goals gives the business owner the ability to lay down the path for decision-making and keep the stakeholders and employees informed about the operations. It aids in keeping the team motivated and energised throughout their journey.
A winning team is an essential ingredient for creating a success story. Skilled and experienced employees are dedicated and trustworthy and have the competence to work with maximum efficiency. They are committed to business goals and are motivated to achieve growth. It becomes easier to communicate with people who are devoted to improvement and innovation.
They are responsible and provide insightful inputs that help in developing new policies and procedures. It is easy to build a productive work environment with passionate people who are enthusiastic about growth and expansion.
The pandemic made businesses suffer and most of them had to pivot to sustain themselves. With the advancement of digital technology, it has become essential to have an e-commerce website that allows sales 24x7 without any downtime. It allows selling through lockdowns and reaching customers in far-off corners. It is the best way to grow your business and enter new markets and acquire new customers.
Also, it is highly imperative to have a responsive website that works well on all screen sizes. Most of the customers are using their smartphones to search for products and services. Thus, creating a user-friendly website that offers an immersive experience to visitors is helpful in gaining traction and increasing the popularity of the business.
Small businesses often do not have the capital to advertise through national media. However, social media has revolutionised marketing for ventures. It aids in increasing awareness among potential buyers, building a relationship with customers through effective communication, establishing the company as a credible brand, boosting traffic to the website, and much more.
Besides connecting with customers through social media profiles, businesses can take advantage of Facebook and Google Ads for targeted advertising. Digital marketing is also needed for reputation management and offering customer support by responding to their queries, remarks, and suggestions instantly.
Customers always look for suggestions and reviews of others before buying a product or trusting a company. Thus, business owners should ask their loyal clients to write customer reviews and provide ratings on social media. It influences potential buyers and improves their confidence.
The feedback received from the buyers is also valuable for the entrepreneur to make upgrades in the products or services. It helps in filling the gap and fulfilling the needs of the customers perfectly. The testimonials act as social proof and help in enhancing the search engine rankings. User-generated content is considered reliable and not a marketing gimmick by potential buyers and aids in business growth.
Rewarding customer loyalty is vital to retain them. Loyalty programs make them stick to the brand rather than choosing competitors. It helps in building a lasting relationship and creating an emotional connection with the company and its products. It is easier to upsell and cross-sell to loyal customers, which is helpful in improving sales.
In addition, the loyalist can act as your brand ambassadors by creating word of mouth publicity for your products. You can ask them to refer friends and relatives and get discounts on their next purchase. It works as a win-win situation for both the business and the customers. Since acquisition is costlier than retention, it makes sense to go with the latter.
Content is the king in the digital world. With efficient content marketing, businesses can achieve higher search engine rankings, brand credibility, awareness, lead generation, and increased conversions. At a fraction of the cost of traditional advertising, marketers can achieve their business growth targets through the marketing of engaging and valuable content.
Thus, business owners must use the company blog, social media posts, infographics, videos, images and emails to woo the target audience and provide them with share-worthy content that gets them talking.
Local SEO plays a significant role in bringing customers to the physical store. You can find a lot of new buyers in your local area when they view your contact details while searching for products and services online. Buying locally has gained momentum after the pandemic and it is highly beneficial in rising above competitors.
So, business owners should get their business information listed on citation sites, local directories, partner websites, Google My Business Page and wherever required. The information should be correct and help customers locate the business.
Networking is a vital tool that helps business owners to grow quickly. It allows liaising with like-minded industry people and veterans to get funding for the expansion plans. It aids in getting suggestions and advice from mentors and investors to improve the operations. A wider network is beneficial in finding the right people for the organisation and getting help in the identification of new growth opportunities.
Thus, business owners must keep adding people to their contact list who can prove helpful in strengthening their brand. They can find them easily through social media groups, LinkedIn, industry webinars, business events and trade conferences.
Growth can be confirmed only through the measurement of the company’s performance. Therefore, entrepreneurs must analyse their progress with the help of key performance indicators and assess whether they have been able to achieve the targets they defined at the beginning of the growth process. It aids in determining the strengths and weaknesses of the procedures and creating ways for improvement.
Comparative analysis allows the entrepreneur to compare the past and current performance and identify the weak links that need to be eliminated. Without evaluation, it is challenging to examine the growth of the business.
Conclusion
If you intend to purchase a business for sale in South Africa, you must be aware of the shortcuts that can put your venture in a safer position. These growth hacks are key to gaining success with limited capital and resources.
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