5 ways to grow your small business this year
The New Year is a great time to step back and evaluate your small business. Are you happy with your business, or is it time to expand? If you are looking to grow, consider these business-building ideas that could take your company to the next level.
Embrace the Internet: Create a Web site
In today's digital age, having a Web site and e-mail address is expected of a business, and can make a critical difference in building name recognition and attracting new customers. A Web site is a 24/7 portal to your customers where you can provide information about your company and advertise your services--and it does not have to break your bank account. There are numerous companies that offer reasonably priced Web hosting rates and services, and there is a wide variety of software available to design and maintain a site yourself if you choose not to outsource it.
Expand Your Niche
If your company currently takes aim at a certain niche market, consider whether you could expand that market to offer new products or services, expanding your reach and appeal. If you sell camera supplies and equipment, consider branching out and offering photography classes. If you run a public relations firm, think about expanding to offer marketing consulting or Web design.
Be cautious when targeting a new or broadened niche, though, and do your research. Start small, offering your new product or service on a small scale, in case it does not go over as well as hoped. Stick with what you know and sell your new products to existing customers to expand with less risk.
Hire Support Staff
While it's important to be involved in all aspects of your business, there comes a point where delegating tasks becomes necessary. If you find yourself unable to focus on your clients' needs because you're buried in bills or payroll every week, hire an administrative assistant to take the load off. Does your office have several networked computers, a sophisticated phone system and a Web site? Hire an IT specialist to maintain your systems and keep your office up and running. Even if you can only afford a part-time support staff, that's a couple days more a week you can focus solely on your area of expertise--bringing the best product or service to your customers.
Open Another Location
Entrepreneurs who have found their business growing steadily over the years might benefit from opening another location. Before jumping in, though, experts recommend you create a business plan for the new location and ensure it will have top-notch management and support staff to get it on its feet. Opening a new location is risky but the rewards can be great if you do your homework.
If you run your business out of your home and are bursting at the seams with boxes and paperwork, it might be time to rent office or warehouse space. If you find your productivity--or sanity--waning due to clutter and cramped space, money spent on a dedicated work site could be well worth it. An even bigger reason to consider moving out of the house is if you'd like to host client meetings. Discussing business while your dogs wrestle on the floor can be a little distracting for both parties, not to mention unprofessional.
Secure a Government Contract
Thanks to extensive work by NFIB, small businesses now compete on a level playing field with Federal Prison Industries when seeking federal contracts. While a government contract might sound like a sure way to increase revenue, it's vital to make sure the job is the right fit for your small business before bidding. Be sure you understand exactly what will be expected of you before submitting your proposal, and that you will be able to meet the government's demands and comply with regulations. And do your homework to determine your costs. Don't low-bid a project if it will hurt your bottom line or jeopardize your company.
NFIB has several resources to help you grow your small business. To find out more, visit the Tools & Tips section on NFIB.com.
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