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4 Growth Management Strategies for Small Businesses



Growing a business requires several strategies in order to be successful. Finding the right employees, navigating new business channels, and learning which marketing techniques work best are all time-consuming but essential elements of business growth, so starting with a well-organized plan is crucial. You’ll also want to find innovative ways to get your name out there. E3 (Encouraging Esade Entrepreneurs) is a great place to start when you’re thinking about branching out into new territories with your ideas. Here are a few tips on how to grow your small business successfully.


1. STREAMLINE CUSTOMER RELATIONS


As a business owner, one of the most important things you can do is focus on streamlining your customer service operations. Customer Relationship Management, or CRM, is such a crucial part of any business that there are entire platforms dedicated to handling it. Salesforce is a wonderful tool that can help automate marketing and provide analytics while offering customer service resources at the same time. Not only that, Salesforce can help get rid of redundant tasks so you and your employees can focus on bigger things.


2. PUT TOGETHER AND MANAGE A TIGHT TEAM


The right employees for your business will include self-motivated individuals who can work both alone and as a team, as well as those who aren’t afraid to tackle a challenge, and it’s important to know what your role is in finding them. Depending on the nature of your business, you might want to divide things up into departments so that everyone has a clear job description; this will ensure that there is no confusion and that everyone is on task. Once you have the right people on your team, it’s just as important to make sure that communication is a priority. Many small businesses have begun to utilize tools and tech that make project-sharing easier, including messaging platforms that allow multiple people to see updates in real-time.


3. BRANCH OUT


Once you have the best team in place for your business, it’s time to think about how to expand into new markets. While this can be tricky, it’s a great opportunity to be innovative and find an entirely new customer base. For instance, if your business is currently done online, set up a limited-time-only pop-up shop at the local mall, or partner with a local brick-and-mortar business that will help get your name to their customers. Set up a booth at a local event or convention, or create marketing on social media for a special holiday-themed event. If you own a physical business, consider branching out into new cities or states, or go abroad. Do some research on the competition you’ll have and find out what the need is like in those areas for your services or products. You can also consider offering a new product or service.


4. MAKE SURE YOU HAVE THE RIGHT SPACE


After you begin to expand, it’s essential to take a second look at your business space. Is your office or workspace big enough to meet the new demand? Do you now have the resources to allow employees to work remotely? Changing things up could save a lot of money, which can then be put back into the business. Keep in mind that major changes--such as a change of address or company name--should be included on your annual report, otherwise you could face a penalty or even lose the right to practice business in your state. Read up on the rules for annual reports at zenbusiness.com.


Expanding your business and serving more customers can be extremely rewarding, but it can also be frustrating without a good plan. Good time management, helpful customer relation tools, and organization will help you grow successfully without all the stress.


Interested in learning more about Encouraging Esade Entrepreneurs? Send an email to e3@esade.edu and get in touch today.









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