5 Top Most Ways to Grow Your Business in 2020

Entrepreneurs never stop thinking about what’s next for their businesses. But the time we live in demands much more than just planning. Smart companies welcome change. Those with vision can thrive by adapting and figuring out how change can translate into future opportunities.

Getting in front of the trends can be especially challenging for one-person businesses and other tiny firms, which usually don’t have a big budget for market research or marketing. These are the people who are constantly looking for tips on how to grow a business. Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance.

It involves having to interact with customers daily. Whether you run a small business or a massive enterprise, you are expected to have all the answers from problem-solving to engaging employees to marketing to managing finances to delivering superb customer support. And so much more.

At the end of the day, it takes its toll on you. Even after doing all that you can to grow the business, but the bottom line, you’re a little tired of asking yourself what else to do to grow your business. The thing is, the results won’t happen overnight, but with time and effort, your business will reap the benefits. By following along with our tips to grow business, you can and will grow your business.

Here are five current trends smart companies can leverage for growth in 2020.

1) Know your customer

Everyone knows that only customers create value. In any business, there is only one boss that is a customer; he can fire anyone from chairman to down. One of the essential tips to grow a business is to satisfy the customer. Expanding services or products that will help develop business will work if you know what are the needs and wants of your customer are through research.

This research will also help you better understand which areas need improvement. Remember, customer service represents your brand image, mission, and value. You can create all the products in the world, you can have all the inventory in the world, but if you don’t have a customer, you don’t have a business. It doesn’t matter how excellent your service or product is, if your customer service is spotty, then customer satisfaction isn’t possible.

2) Use social media to the fullest

Every customer reads reviews before purchasing a product or service wants to know what their peers think of the item in question. Therefore, it is also essential to have social media accounts up and running. You may have an idea of what your brand represents. However, your customers can’t get into your head. They will make assumptions based on your social media presence, advertisements, content, and other external marketing.

Traditional advertisements and marketing efforts only get you, limited customers. Today is the era of social media; social media is a relevant and powerful tool. 80% of the population follows Instagram alone. Engaging with your customers and potential clients is a lot easier thanks to the many social media channels available — doing so keeps your business relevant.

This platform allows you to reach across the globe to promote your business. You must read through comments to learn what people your customers have some excellent ideas you can implement. If you want your business, stand out, and grow in your business, all you need to do is brainstorm some ways to get satisfied customers to post reviews online. Additionally, you could ask for clients to review on your website and social media pages. You might even want to offer perks to customers who leave reviews.

3) Happy employees create happy customers

Another tip to grow a business is to engage in employee engagement app that provides you with real-time access to how your employees are feeling. You can add features to boost engagement such as sending birthday wishes, acknowledge personal achievements, send positive customer reviews, share the employee of the month, discuss announcements and updates, and so much more.

Invest in your employees; an employee helps raise engagement and morale, reduces turnover, makes it easier to gain honest feedback, and improves everyday productivity. One and the only way to get the most out of your employees is through engagement.

4) Network

Just because social media has made it possible to connect with customers and connections online doesn’t mean you should stop trying to network in person. Whenever the opportunity arises to join a networking event, go!

From town and city events to business seminars, networking events are a great way to build relationships with others in your field. This is a considerable chance to expand your brand and extend your networks. You might even be able to partner with a related company in order to cross-promote each other’s services.

Are you struggling to find a relevant event in your area? Consider hosting your networking event or open house, so customers can get to know you and your business. Building relationships with other people can be highly beneficial for your business growth. Networking is a great way to connect with others that can help build and grow your business, like investors, mentors, customers, employees, and so on.

5) Reward Loyalty

Returning and loyal customers are what make it possible for the business to make sales and stay profitable perpetually. Did you know that finding a new customer costs three times as must as selling to a current one? If you want to build your business while boosting profits in 2020, an important tip to grow your business is to make customer loyalty a top priority.

While there’s no one way to keep customers engaged, small businesses can earn major brownie points by creating loyalty programs. Many companies offer stamp cards to repeat customers. For example, a customer who buys 10 items might receive the 11th one free. These perks go a long way toward incentivizing clients to choose you over your competition. All you need to do is think about offering perks and rewards to customers who regularly honor you with their business.

Conclusion

Try all of these tips to grow a business and stick to what works best for you. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves. Set the foundation in place, water it, and watch it grow. Any strategy that fails isn’t one worth pursuing, instead stay on course with the plan that actually works. If something fails, refine your approach and focus on what’s working. Find what works for you and stick to it.

Keep on learning new things every day. In order to stay relevant, it is important to innovate, regardless of your industry, as well as want to get better. Always look at ways of improving your customer service, processes, upgrade your skills, and become more efficient at what you do, which ultimately drives higher profitability. Recognize that you don’t know everything and be open to new ideas and new approaches to your business.

At the end of the day, you will see results but be patient. It’s a marathon, not a sprint. Handle obstacles one at a time and continuously implement strategies to build your company, you’ll get the results you want.

Looking to start a business in Hong Kong! Contact Startupr!