How to grow your small business

Running a small business can be exciting, rewarding and challenging, all at the same time.

From the big successes to the inevitable bumps in the road, any small business owner will tell you that it can be a rollercoaster. Undoubtedly one of the biggest challenges a small business faces is how to manage the ups and downs while continuing to grow.

It can be a difficult balancing act; some businesses experience rapid growth, and for others, it’s a gradual process. The key is finding the right approach and balance for you and your organisation.

At Moneypenny, we have experience of working with businesses of all shapes and sizes. A crucial part of what we do is supporting our clients’ business development. Based on our experience growing Moneypenny to what it is today, and the great examples we’ve seen watching some of our fantastic clients develop, we’ve compiled some advice to help small businesses do the same.

Have a focus

Think carefully about what you want to achieve. Bigger doesn’t always mean better. Some businesses have ambitious plans to scale up whilst others may have different goals. What does success look like for you and your business? Is it more sales? Or perhaps it’s actually fewer sales but with better margins? Growing a business might not always be about increasing your sales or the number of customers, but whatever it is, make sure you have a plan of action.

Plan ahead

Good planning is crucial at any stage in a business’s development, but never more so than when experiencing growth. Have a strong, detailed plan in place which considers how your business will manage growth as it happens. This should include operational considerations such as whether processes and systems are in place to cope with additional demand. It is also important to be practical and address concerns, like whether you have the right people in the right position, your software is as good as it could be, or your current space is working well for you.

Take care of your customers

Keep your customers at the forefront of everything you do. Take every opportunity to engage with them, find out what they want and what they value about your product or service. Take feedback and criticism on board and use it to improve wherever possible. Never lose sight of existing customers in the pursuit of new ones, unless that is part of a conscious plan to take the business in a new direction. Provide excellent customer service at every touchpoint and customers will be loyal and hopefully continue to support you.

Prioritise people and partners

Ask the founder of any large business and they’ll tell you they couldn’t have done it without the right people around them. Invest in recruiting good staff, make this a priority and when you have your ideal team in place, make sure to take good care of them. Listen to them, communicate effectively, reward and motivate them and they will become your brand ambassadors. Finding the right people to join our team has been key to the growth and success of Moneypenny.

Finding the right partners can also make a huge difference to how a business operates and its capacity for growth. Whether it’s choosing the right marketing agency or utilising a telephone answering service, putting the right services and support in place is key. In the early days of a business, outsourcing can really help a small business to perform like a much bigger, more established company. It can ultimately mean the difference between standing still and achieving your targets.

Find your niche

Look at what you are offering and carry out thorough competitor analysis. This should help you to understand the market you are operating within and give you insight into where you can add value. Is there room for improvement or something you can offer which differentiates you from your competition? If you can find your niche and excel then that will put you in a strong position.

Give back

When things are going well, and you and your team are busy, it’s easy to get caught up in the day-to-day running of the business. Finding time for worthwhile projects like fundraising for a charity is a great way to find perspective and encourage team working. It can also offer an opportunity to get involved in local initiatives, contributing to the community and raising the profile of your business at the same time.

Are you looking to improve customer service for your business? Whether you want to ensure all your calls are answered or you want to utilise the power of live chat, our expert team here at Moneypenny can help, contact us today on 0333 202 1005.