5 Tips to Keep in Mind as You Grow Your Business

By Miranda Marquit

Starting a business can be a great way to earn extra money and achieve your financial and life goals. However, once you getting going, it’s just as important to grow your business.

If you’re hoping to take your business to the next level — whatever that is — consider the following tips that can help you grow it.

1. Focus on Profitability

One of the best things you can do to grow your business is to take the time to pay attention to profitability. What works and what doesn’t? What’s are some of the most profitable products or services you have?

You might have an aspect of a business you’re passionate about or a product you like a lot. However, if those items aren’t offering a solid return, you might not be able to grow your business effectively.

Pay attention to profitability and make sure you’re developing the aspects of your business most likely to bring in better profits. That way, you’re more likely to focus on the items that have the biggest impact on your company’s bottom line.

2. Understand Your Customers

Knowing your customers is key if you hope to continue to grow your business. Take the time to get to know your customers are clients.

What types of products and services do they use? What features can solve their problems? Is there something your clients wish you offered that you can add to your available services and products?

When you make an effort to understand customers and provide them with what they need, you’re more likely to expand. Paying attention to your customers and making an effort to understand them can make a big difference in the long run, especially if you’re using the information you receive to focus on improving the customer experience.

As long as you can improve the experience for the customer, you’re more likely to see better results.

3. Advertise

Today, there are numerous ways to advertise your products and services. There are plenty of traditional options, of course, but you can also go online. Look for different ways to reach your customers (and potential customers). Pay attention to where your customers are. If they are on Facebook, advertise on Facebook. You can also make a difference by advertising locally if a lot of your clients live nearby.

You can’t just throw money at advertising and expect it to be successful, though. Part of effective advertising is trying different outlets and approaches and seeing what works. As you get the word out about your products and services, you need to measure where the customers are coming from and see what is most effective.

Advertising requires ongoing tweaks. Make sure you set up a measurement and feedback system so that you can better evaluate what’s working and move forward in a way that makes sense for you and your business.

4. Use Events to Your Advantage

One way to help grow your business is to use events to your advantage. There are a few different ways to use your events, no matter your type of business.

  • Host events: Hold your own event. This can be an in-person event that you host at your place of business, or at some other venue, or it can even be an online event. If you offer an online service, it can make a lot of sense to host some type of webinar or other online events to grow your customer base.
  • Attend others’ events: You can also use others’ events to your advantage. Go to networking events and conferences. Get involved with a joint webinar with someone else. Simply attend and show a presence at another event. Just raising your visibility can be a big help.
  • Pay attention to ongoing events and news: Finally, you can also use local and world events to drum up support and visibility for your brand. By posting online about events and offering solid insights, you can take advantage of the popularity of what’s going on now and make yourself relevant.

Carefully think about what type of involvement might help you grow your business, and focus on events that make sense for you.

5. Give Back

It might be a little counterintuitive to give something away in order to grow your business. However, giving back can be a great way to reach new customers and clients and raise your visibility.

Consider ways you can give back and express gratitude. It might be through a scholarship or sponsorship. Maybe it’s through volunteer service and participation in the local community. However you do it, the important thing is that you’re likely to meet people who could use your products and services — and who are now likely to trust you because they know you’re willing to give back.

No matter which strategies you use, take the time to develop a plan and focus on activities that are likely to offer you the best return.