Many small business owners who are looking to expand their companies' reach and grow their sales numbers may know that doing so is far more easily said than done. However, there are a number of ways to do so with minimal costs that can certainly help to make an enterprise more successful going forward.
While many owners may focus on ways they can improve their small businesses' chances for survival through methods including increased advertising and other efforts that may cost them at least a little bit of money, there are also ways to do so without taking on added expenses in this way, according to a report from the Direct Selling Education Foundation and the Better Business Bureau. One of the best ways to do so is to simply figure out which customers are the best one's company deals with on a regular basis.
When it comes to top customers, it may be helpful for companies to do more to encourage them to do a larger amount of business with them, the report said. Starting "VIP" programs, or introducing other incentives, may allow customers or clients to find greater perceived value for the many dollars they may spend with a small business. These may include special promotions, the ability to earn bonuses, or priority access to new products a company introduces. In addition to adding value for customers that are already extremely engaged in what a small business is doing, this may further serve to bring in new customers that may be likewise interested in taking advantage of the better deals that may be available through these programs.
Of course, small business owners likely know that it is the more direct attention they can pay to customers or clients that may set them apart from their larger competitors, and it is therefore vital to make sure every one is treated with that kind of personal touch, the report said. Customers may want to have their specific interests catered to when dealing with small businesses, and those that go out of their way to interact with customers and clients in this way could reap greater rewards by creating a feeling of a real relationship that increases loyalty and satisfaction with the entire process from start to finish. For example, reviewing a customer's previous order history may help to give companies a better idea of what they may need in the future, allowing for a more customized feel to the service provided.
Setting sights higher can help
In addition, it's important for companies to think a little bigger when it comes to what they can accomplish than what they might think is possible, the report said. For instance, setting larger goals in terms of sales figures or other areas that might seem a little difficult could serve as a very important motivator for getting things really moving. As long as entrepreneurs or employees know what they need to do to accomplish those loftier aims, sales might likewise increase. Even increases of small percentages here and there can really add up over the course of a year and, in turn, give businesses major boosts going forward.
However, it's also important for small business owners to keep in mind the higher costs they might face as they expand. Higher expenses for small business insurance policies, for example, can eat into growth efforts by taking more money than they might want to spend on these issues. For this reason, it might be wise for owners to look into more affordable workers' compensation or liability insurance policies so that they can keep their costs as low as possible and devote more dollars to these expansion efforts.