Have you just been starting up your business and working to upgrade it to higher level? Are you making efforts to enlarge your business and expand wider market? Starting up business is an important step, and improving business is obligatory if you want to make it grow. No matter what your field of business is and what service or product your business serves, improving business comes in a number of essential aspects such as financing, product/service quality and market development. Here are several strategy to improve your business.
- Specify & Expand Your Niche market
Market and market development is important for your business growth. Specifying your market, in particular, will help you in acknowledging your expansion capacity, your distribution system and your potential customers. In this case, try to make your market and serving are specific. The consumer market, industrial, or choose resellers who buys mass amount of product.
Does your distribution go in a local, regional or national scale? Do your potential customers include specific social group and status, such as women, men, children, teenager, and students? With such identification, always maintain effort to enlarge distribution and customers. Such specification is also helpful to identify promotion and sale strategy.
- Improve your business knowledge & expertise
Not to mention, improving your expertise in your business specialization is essential to help you and your business grow. Improving your expertise comes in a number of ways. First, you can take formal education or training of business management that gives you fundamental ideas in managing business.
With such knowledge, you will be able to maintain well-organized business in every aspect: financing, employee management, and market control. Similarly, providing training for your staff and employee is also important to keep your business performance in standard quality.
Furthermore, professional development can be gained through business achievement and experience. Pay attention to how the nature of your business behaves in its various aspects like market development, costumer behavior, material availability and level of competition.
- Investigate market trends
Your business performance is very well influenced by external factors, especially market development. Development of market of your business field includes price development, product/service demand, and competitors move.
To keep your business growing, you need be well-informed with the change of these aspects. For example, you need to investigate price development to come up with pricing strategy to attract customers.
Pricing strategy includes coupons, discounts, free-shipping or extra service. In product demand, you need to calculate whether certain products will be well responded by the market to prevent production loss.
Investigation on competitors move is also important to keep informed with competitors’ products, distribution strategy and pricing strategy so that you can make adjustment of strategy in the competition.
- Give Extra service
To improve your business, especially in widening number of costumers, giving additional free service will be effective. Extra service can be executed in various ways.
For example, you can attract more customers with extra discounts or printable coupons to ease them in purchasing your product. Such strategy will also effective as promotion tool.
Besides you can satisfy customer by giving service more than normal dealing. For example, you can give normal price but benefit buyers with free shipping; or else you deliver product earlier than normal length of shipping.
Such extra services are effective in maintaining the loyalty of your costumers, as well as increasing the number of your customers.
- Strengthen Your financing Capability
Not to mention, good business necessarily has strong financing. For example in the effort of investment, partnership or incorporation, financial status of your business will be the first to evaluate.
Particularly to improve your start-up business into a higher level, you need considerably high financing for expansion, production increase and distribution increase. Financing can be done in some ways like bank loan, alternative loan or partnership.
Bank is a good source to come up with high financial aid, but it requires careful assessment to your financial status and regular financial report. Alternative loan, on the other hand is more helpful since it is often provided by government.
Government provides easy and low interest loan to help start-up business grow. As for partnership, it is helpful when you need investor to contribute in your business growth.
Partnership with similar business organization or smaller branches or outlets and stores can help you in maintaining financial status since you share the financing responsibility with other parties.
- Sustain network and business partnership
Especially when your business expands the market beyond your local region, you will need to establish partnership. Partnership comes in many ways, including franchise, outlet, branch office, banks, suppliers, clients and incorporation. Many business owners take partnership for granted. There’s a saying that reminds me to improve my network,”If You are not networking, You are NOT Working.”
Remember, partnership is advantageous for some reasons. First, it helps your business grow bigger through market expansion. Second it shares your business financing with other parties so that you can increase production with financial aids. And third, it helps smaller business to improve.
- Improve product/service quality
Lastly, in order to improve your business you need to maintain your product/ service quality. Quality control is very essential to keep your business on the track of development.
Quality control is important in keeping your business identity and specialty, including trade mark and copyright. Besides, quality control is essential in maintaining the loyalty and satisfaction of your customers.
And most importantly, quality of your product reflects the quality of your business organization.
Tom MC Ifle
CEO Top Coach Indonesia