3 top tips for growing your small business
Posted on by Katie Hook
Estimated read time: 5 mins
Running a small business takes a lot of work (not that we need to tell you that…) and more often than not, you can spend your time caught up in the day to day activities of producing and selling, but hardly any time at all focusing on how to scale and grow your business in the future.
The fact is, there are huge opportunities for small businesses at the moment – perhaps more so than at any other time. With just a little focus in the right areas you could start to see your own business reap the benefits…
1. Harness the power of your data
Your business has access to a huge amount of data and that data is incredibly valuable – or it can be if you choose to use it.
Think about how you can use the data you have about your customers to create a better experience for them. Perhaps you can give them a more personalised service? Perhaps a more convenient one? Perhaps both!
A quick and easy way to add personalisation to your service is to use your customers first names in communications. Or if you’d like to get a little bit more advanced, why not send tailored content depending on which areas of your business they interact with most?
Either way, the better the customer experience, the happier the customer and bigger the opportunity for growth.
Our free guide explains more on the opportunities surrounding business and data.
2. Collaborate with bigger companies
It may sometimes feel like larger corporations pose nothing but a threat to your business. They’re too big to even try to compete with so rather than trying to swim alongside them in the ocean, you stick to your little pond and stay out of the way.
However, you could be missing out on some fantastic opportunities to collaborate and grow. Small businesses and larger companies can complement each other perfectly in a collaboration. While bigger firms have the resources and manpower, they don’t always have the speed of delivery a smaller business has.
In a recent interview with Emma Jones, founder of Enterprise Nation, she commented that “What we see works really well is when big and small work together. The small company benefits from the expertise of the big company, and the big company benefits from the agility that the smaller business can deliver.”
A great example of this is Unilever’s platform, The Unilever Foundry. Here Unilever created a “pitch-to-pilot” system for start-ups and innovators who are looking for the opportunity to connect, and potentially partner, with Unilever’s brands.
3. Get support
If your business isn’t growing as it is, then it could be that seeking support could make all the difference.
Grow your team
It may be that you need to take on staff who can help you with some of the tasks in your business that you’re still doing. This could be in the form of permanent/temporary employment or even contract staff…allowing you to spend more time focusing on business development .
Identify tasks which are taking up too much time and which could be done more efficiently and effectively externally. A good example of this might be your book-keeping and accounts or perhaps your copywriting and social media management.
Access to finance
If you’re looking to gain access to finance in the near future, tools such as Experian My Business Profile can help you manage, monitor and improve the financial health of your business over time – helping you to secure better credit terms when you submit that application.
In a recent interview with Emma Jones, the founder of Enterprise Nation, she stressed the importance of start-ups getting advice, saying “businesses who have access to advice, grow quicker than businesses that don’t.”
Companies such as Enterprise Nation help small businesses gain access to the advice they need to grow and develop.
The opportunities for your business to grow are out there, but what are you going to do to seize them?
Experian Business Assist can support your small business by helping you to make better, more informed decisions about your business, suppliers and customers.