Are you looking to drive your small business forward but don’t know where to start? Unsurprisingly, the two key challenges SMEs face when trying to grow include lack of funds and lack of time. However, there are things you can do to counteract these challenges and expand your business. Here, we’ll look at some of the best methods for driving growth in SMEs.
Ensure you’re focused on customer satisfaction
One of the most effective methods of driving growth in your small business is ensuring you’re keeping your customers happy. The happier your customers are, the more likely they’ll be to refer you to their friends and family. Word of mouth remains a popular marketing method and it can drive significant growth with minimal effort.
So, take a look at your current customer satisfaction levels and whether they could potentially be improved. Pay attention to feedback you’re provided and the reviews your company receives. Is there any element your customers aren’t happy with such as your delivery service? If so, focus all of your efforts on improving the business and this will ultimately drive growth.
Take advantage of invoice discounting
If funding is an issue, you can take advantage of financial services such as invoice discounting, to free up cash to push the business forward. This gives you early access to any money which is tied up in unpaid invoices. So, you won’t need to wait for your invoices to be cleared before you can utilise the cash.
There’s a lot of business finance options available so it’s definitely worth looking into them if funding is your main issue.
Another option to get you the cash you need to expand, is crowdfunding. This form of financing has become really popular in recent years. You’re basically pulling in funding from individuals, rather than a bank or corporation. There’s no up-front fees and you don’t need to give away any equity in your business. So, it’s a great, affordable way to generate the cash you need – particularly if you require quite a large cash injection to push the business forward.
Boost employee motivation and satisfaction
As well as making sure your customers are happy, you should also focus on boosting employee motivation and satisfaction. The happier your workers are, the more productive they’re going to be. Also, boosting productivity aids in innovation – one thing that’s crucial to business growth.
Adding employee perks and schemes is a great way to enhance their satisfaction and motivation. You could also consider offering rewards for the teams or individuals who perform the best each month. These types of rewards really do work and also increase employee loyalty.
As you can see, there are lots of ways you can drive growth for your business. It doesn’t matter what your current financial status is, these days there’s lots of ways to help secure the funding you need. If you follow the tips above, you’ll soon be able to start pushing your business forward.