Ever since the pandemic, a remarkable shift has taken place in how people perceive their careers. Many people are showing a propensity toward starting their businesses and turning into successful business owners. But here’s the thing. To build and grow a profitable business, there is a lot more required than just intent. It needs clear thinking, forethought, and streamlined plans.
Let’s look at the pre-requisites of growing your business, the challenges you may face along the way, and lessons to learn from some other growing businesses.
DO THIS TO MAKE YOUR BUSINESS MORE PROFITABLE –
Cater to your customers
The secret to a successful business is happy customers. So as a business owner, your goal should be to keep your customers pleased with your product quality and the services and experiences you offer. Give your customers enough reasons to be loyal to you, and they will never leave your side.
Watch your expenses
Many business owners do not realize it, but high expenses are eating into their business and its profitability. The worst part - so many of these expenses are avoidable, especially if you are a smaller business with a limited budget. One way is to cut down on expensive promotions till you have the money to support them. Until then, tap into social networks like FB and Instagram to spread the word about your products.
Make your staff accountable
The people who work for you can make or break your business. That’s why you should hire employees who are not just good at what they do but are also sufficiently motivated to deliver their 100% to your business. Hence, make sure to use productivity-enhancing techniques and time tracking tools, and hire the most suitable persons to work for your business.
BUST THESE CHALLENGES TO GROW YOUR BUSINESS –
Building the right teams
it is simple to hire people, the challenge comes when you wish to hire the perfect people who gel with your business ethos. Before you build a team, ensure that the people you bring on board will contribute more to the business than you spend on them. Remember, a competent team can take your business to newer heights, while a team that slacks will take your expenses through the roof.
Planning your budget
One mistake many new businesses make is spending more than their budget. While expenses cannot be avoided especially as your business grows, unnecessary expenditures are a red flag that should be kept low at all times. Hence, make financial planning a part of your agenda and stay within budget.
Trends come and go. Markets evolve, and the one thing that is impossible to control is change. As a small business owner, you may find it challenging to adopt new ways of selling, growing your business or interacting with your customers. However, these are the things that you must not avoid.
LEARN FROM THESE EXAMPLES –
1. Reward your loyal customers: Starbucks
Today’s customers are seeking meaningful connections with your brand. They need to feel valued and want to feel pampered. Rewards points are a great way to keep the connection going even after the purchase. A good example is Starbucks. It offers customers opportunities to collect stars and redeem them for free drinks and size upgrades, etc.
2. Create a unique brand image: Apple
Differentiating your brand from others is crucial if you want to stand out and build a direct connection with your customers. It is where the brand building becomes important. Start with your company logo, letterheads, website, social media presence, and anything else that creates recall value in the mind of your customers.
3. Build meaningful partnerships: Renault
Tying up with other reputed brands is a positive way to grow your business. Automobile giants like Renault have shown how partnering with the right businesses can increase sales and profits.
Brand building is a lot about careful thought and consistent action. Whether you are a small apparel retail business or a fast-expanding garment manufacturer, remembering the importance of keeping your expenses low, your customers happy, and your staff accountable can help make your business more profitable. Focus on building a dedicated team, and a clear budget and stay relevant to build a successful business enterprise. Most importantly, learn from other brands and implement what’s relevant for your business.
Do you need an expert opinion on growing your apparel business? Contact me for a 1-2-1 session over ZOOM, and I will be happy to help you to crack the code!