Growing a Business: 5 Key Points You Need to Consider
Wanting to grow your business? If you have been in the industry for years and believe it’s time for a change and that it’s the right time to expand or if you’re just starting out and want to improve your business growth potential for the future.
Whatever the reason we have broken-down 5 key points in which you can utilise for your business growth, we also recommend speaking to a business valuer to get you on the right path to help you make any informed decision regarding the potential growth of your business.
At the end of the day this will be one of the biggest assets you will own apart from residential property. So having the right information and understanding of how your business stands within the market will give you an insight into how you can add value to your business to have a good return on your investment.
A business valuer is an essential tool to have as part of your team in your business, highly skilled and specialised in all business-related purposes you can’t go wrong with a valuation to help understand the ins and outs of your business.
5 Key Points
#1. Get to Know Your Customer
No matter the type of business, you will have a customer, and its important to know why they choose your business above any other business that might offer the same or similar services.
Ask yourself, why do they choose me? the answers are endless for this question, the reason being your business is in the right place or offers the better price for the product or service you are offering.
When you know why they have chosen you, you can then take this for the future growth of your business. If it’s something that can be repeated easily then that is the first step in your growing business journey.
On the other hand, if you know what sets you apart from the other, you need to figure out what you need to keep the same structure/ process going to retain the customers you have as well as expand to new customers.
#2. Social Media
In the world today, social media has become a big part of our everyday lives, and for many businesses this is the best source of advertising to get their business out there and seen.
Social media can become a key point of contact and communication for businesses. Providing feedback from customers as well as helping you know what your business is doing right and what is not working giving you the opportunity to fix the issues that your customers have informed you of.
With social media the opportunities are endless, increasing the number of of people who know your business through posts that have been shared to Facebook ads and now TikTok, the presence of your business is important, and it needs to fit the platform on which you tend to grow your businesses personality and aesthetic.
What we mean by “personality” of your business is that it needs to be appealing to the type of person you are targeting.
The tone in which you come across needs to match that of the customer, for e.g., an older group would need a more subtle warm but professional tone, whereas younger groups are more open, funny, and relatable, just don’t overdo it, it’s all trial and error when it comes to a business.
#3. Always Think Ahead
No business wants to go through downfall or any unfortunate surprises. if you’re looking to expand its important you take in all the possible pro’s as well as cons and think of ways that if that certain issue were to arise, how do you plan to resolve the issue even before it comes up.
Things may not always go as planned or perfectly, we all face obstacles at some point especially when running a business, as a business owner it’s important that you are informed and prepared when they do, that’s why it is important to have a sturdy foundation in which you run the business and hope things should be handled if any issues were to happen.
But don’t fret always look to the future opportunities for your business, as the industry is always changing there’s always room for improvement, so have a clear plan and set goals, so you a business owner as well as your team have something to work towards.
Having a plan is great, and although you cannot plan for everything, thinking ahead of all possibilities is important and being able to adapt to any situation that may arise is key.
Being focused on your plan is great, but to focused can lead to missed opportunities or you may become overwhelmed when things do not go the way you hoped.
Compromise and adaptability are an essential part of any business success.
Whether your business strategy is not currently working, you may need to change and adapt to meet your needs as well as the businesses.
Trying the same thing and getting comparable results? then time to step back look at your options what you expect and all the options in which you believe can get you there. Ceasing an opportunity even though it wasn’t part of your plan could be exactly what your business needs.
Finding the right mix of forward thinking and on the spot, adaption is what makes this big named business successful.
Having a strong well-researched plan for growing your business, a decision-making process, solid foundation and supportive team, that’s how these businesses have a steady growth but are accelerating in expanding when the opportunity presents itself.
#5. Know Your Competitors
You may think your business is unique, but you are not alone, there are others similar although they might not have your exact product or service they are still within your industry and are your competition.
Having a clear understanding of these businesses will give you insight into what makes your business stand out from there’s and how you can drive more traffic towards your business.
Don’t always look at passed successes, it is just as important to know what failed. looking at why certain businesses have tried to expand but failed and learn what you as a business owner needs to avoid.
Knowing what works and what doesn’t will put you in a better position to determine whether expanding your business will be successful as well as add value to your investment.
These are the 5 key points we believe will get you on the right track to understanding what needs to be considered when growing a business. A a business grows so does the value of your investment, it’s important that you have a clear reliable view of your business potential and where you stand within the current market.
Previously, we mentioned the importance of a business valuer and how a business valuation is an essential tool for any business owner. Depending of your business-related purpose, our team ensures you will receive a tailored valuation report giving you an in-depth analysis of your business and the tools you need to measure the growth and profitability.
At the end of the day having a successful business is what any owner wants by having a strong foundation and the right tools you are able to not only grow your business but adding value to your investment for future financial success.
About the Author!
Jennifer Anderson is a Senior Valuer at Valuations QLD and an Associate of the Australian Property Institute. With over 20 years’ experience, Jennifer is dedicated to providing specialised valuation services across residential, commercial and industrial real estate to her ever growing client base. Academically, Jennifer holds a Bachelor of Property and has had a hand in designing training programs for onboarding valuers and often speaks at her local TAFE as a guest lecturer.