Tested Strategies for improving Small Scale Businesses

Growing a small business can be likened to nurturing a child - it requires time, hard work and attention. However, there are basic principles that work on nearly every business, and most likely would work on yours if you follow through.

There’s always room to improve and grow your business by staying abreast of the times, adjusting your strategies and upgrading your solutions. The Strategies that drive most successful businesses today are not entirely new, they have evolved over and over again to arrive at an improved version.

Growing a small business can be likened to nurturing a child – it requires time, hard work and attention. However, there are basic principles that work on nearly every business, and most likely would work on yours if you follow through.

These Strategies will be helpful in improving your business

1. Smart Branding

Firstly, your business outlook is your point of attraction and largely determines your client base. People like to associate themselves with big brands, therefore, you need to brand right to grow big. The question is how can you too grow into a brand to reckon with? Simple, if you have the following items below ticked good, then you are close to the goal.

  • Catchy Name – What is your brand called?
  • Clear mission – What’s the brand about?
  • Remarkable Logo – What symbol represents your brand?
  • Outstanding Slogan – What is the brand’s catch phrase?

The moment someone can recognize your business name and what you stand for by a look at your logo, you are already aiming at sustainable growth.

2. Make your products/services dependable

After improving the exterior of your business, the products or services rendered also need to match up with the brand’s outlook. For instance, you open an African restaurant in the heart of Lagos with a very nice name, logo, and slogan but do not have local foods like amala and ewedu, ewa agoyin or afang soup on your menu, you have already failed in your mission to provide major indigenous dishes to your customers.

3. Advertise

Now you have a reputable brand, you need people to know it exists – put it in their faces! With the rise of technology and social media, you really don’t need to break a bank to be heard. Small businesses are all over Instagram, Facebook and Twitter, and the Sme MarketHub platform, advertising to their numerous followers at little or no cost. Take a cue from some popular business handles, observe the trends, and patterns of their posts then replicate on the social media platform that best suits your business.

4. Go Mobile

If you have to go to the mountains to meet Mohamed, why not? People love convenience and will be more than happy to have their order delivered at their door step. Adjust your business strategy to go beyond the four corners of your office space to meet the needs of your clients. Irrespective of what solutions you provide, your clients should be able to access you from anywhere – go to them.

5. Create Sales and Freebies

This is a killer business strategy that has worked for a lot of small businesses overtime. The truth is you really have nothing to lose when you create sales and freebies. During sales, most business owners scale up the original prices by two and then slash it by half to say it’s a 50% sale. At the long run, you end up enticing the customer with the new price while you are selling at the original price. The ‘Buy 3 get one free’ strategy also works in a similar way – the price of the free item has already been added to the cost of product so you have nothing to lose.

6. Time Right

Applying the right strategy at the right time ultimately translates to a more successful business. In the case of ‘sales,’ you are bound to attract more patronage at the beginning of the month than at the end or middle of the month. Also, when it comes to social media adverts, you gain more visibility towards the end of the week than at the beginning when work is more intense. Lunch time and late evenings are also a good time to catch the attention of your social media followers for effective marketing.

7. Aim for Premium Customers

As much as you need the masses for numbers, you also need more high-end customers in your clientele. Premium customers usually have bigger budgets and most times do not only facilitate the proceeds of your efforts but add prestige to your business. Make use of these strategies and watch your business grow in leaps and bounds.