One of the exciting parts of being a negosyante is seeing your business grow. A good business person should think and focus on business growth and how to keep up with the ever-changing situations, especially with the pandemic and changing consumer behavior. It is not smart to be complacent as it does not provide long-term growth. As a trusted refrigerator brand in the Philippines and a trusted partner for negosyo, Condura provides better home solutions for the Filipino family toward a richer and more successful home life. With that, here are tips on how to grow your small business this 2022 and beyond!
When to Consider Business Expansion
If you want your business to thrive and explore more opportunities, maybe expanding your business could be your next move. Diversifying your assets can minimize the potential loss in the long run. If you are engaged in selling bags, why not expand it and offer shoes and women’s accessories? How about expanding your business from one city to another city? How about offering your service online for greater market reach? With that, you can look for resellers or distributors there to help you sell your products. By proper planning, you can make it happen.
Helpful Methods to Help You Expand Your Business
Business expansion is vital to sustaining its success and achieving growth. Being a good and responsible business owner, you should know that your business needs to expand to increase profit and gain new customers. You could extend your services, add new products, or target a broader audience. You may also consider growing your business by optimizing your processes to decrease overhead expenses or expanding your operations to serve more people.
In doing so, however, you must understand that expansion isn’t free from any risk. You must be mentally and emotionally prepared when making life-changing decisions. If you’re set on expanding your business, here’s a list of ways to help you move forward with your expansion:
Tip #1: Manage and constantly monitor your finances
As you grow your business, you need to know how to organize your finances. It’s recommended to open a bank account for business to separate your income from your assets. It will be easier as well for managing taxes, so you would know where to get the money to pay for it.
You can also develop a better bookkeeping system to help you become more familiar with your day-to-day transactions and to see if there are possible financial crimes. Explore and take advantage of the free tools available online, such as Wave and Peakflo.
Tip #2: Revisit marketing strategy
Marketing strategies such as social media marketing will help your business reach a wider target audience and turn them into customers of your products or services. It can also provide you with the overall direction and goals for your marketing. You can put them both online and offline and help your business to go forward to reach sales goals. As part of creating a marketing strategy, it can also include an evaluation of your demographics and competitors as well as a plan of action for the next few years.
How to Set Business Goals for Your Business
It will help if you also give yourself time to write your strategies. With this, you can identify your business goals by setting SMART criteria.
- Specific — know what you want to achieve
- Measurable — set tangible measures to gauge your results
- Achievable — set your objectives that are within your capacity and budget
- Relevant — set objectives that will help you improve your business or that aligns to your company’s mission
- Time-bound — set objectives you can achieve before your deadline
Tip #3: Review your Marketing Plan
It can save you money if you know how to evaluate your marketing plan. Your plan consists of all the activities you need to achieve your goal. Constantly review and adjust your plan to suit the needs of the business and the wants of the customers. This will help you adapt to changes and ensure the success of the business. It would help if you could do an evaluation of the actions of your competitors. If your competitors copy what you have done, it means that your plan might be working.
The customers’ response can be a big help in the evaluation and may help you determine the kind of reactions your marketing efforts create. Putting up a survey or getting customer service feedback can reveal what your customers are thinking and possibly would want. For sari-sari store owners, you can do this by simply asking your neighbors or suki.
Also, looking at your sales performance and return of investment (ROI) can be the fastest way to determine if your marketing plan is effective or not.
Tip #4: Develop fresh ideas
Once you have your target and data, it’s time for you to plan on how to get your goal. Growing a business is not easy, so it’s important that you do not stop yourself from developing ideas. You can get ideas by revisiting your customers. Understanding their needs or knowing if their behavior has changed will be able to pinpoint if your product and/or service still meet their needs. If there are changes, you can also target new demographics in similar ways to your initial target audience.
Tip #5: Develop sales strategy
A sales strategy is a plan to achieve and secure the long-term revenue of the business by retaining and acquiring existing and new customers. It includes specific tactics, objectives, and marketing strategies that will help you attain your goal—to make sales. You can train your team to learn some tools required to help sell the products and/or services.
To be able to build a successful sales strategy, you need to put your customer at the center of your business. Meaning, thinking about what the customers want will help you with your strategy. Giving them a first-hand experience of your goods or services can also help shape their opinion towards your business. Your sales team must provide information relevant to your customers’ needs to help them make a decision about purchasing your products and/or services. They can also connect your customers and prospects through various sales practices such as pitches and demos to make them understand what you are offering to them.
Your customers can share this good experience with others and can create more sales for your business.
Read more financial tips for your business here: Ways to Raise Money for Your Business
Tip #6: Prepare additional capital
All these things will help you achieve your goals, but growing your business isn’t just about getting more money. It’s also about giving you and your business better opportunities. If your business has more money, it will be easier for you to take advantage of opportunities that will come your way, such as moving your store to a bigger and better location, buying faster and better equipment to increase your production, buying delivery trucks to expand reach, and more. It will also be easier for you to attract investors and get credit loans to further expand your business.
Once you’re able to reach your financial goals, remember to spend your earnings wisely. Instead of spending your money right away, use it to fund your expansion plans further or invest it in investment vehicles that will let your money grow over time. You may also consider buying assets and quality sets of equipment that you will need in your business to help you improve your services.
Choose the Best Refrigerator for Your Business Expansion
Growth begins with an honest assessment of your business. You must learn how to identify and develop structures that will enhance your business’ capabilities. Look for ways to improve. It’s better to take risks, adapt to changes, and learn from other companies’ success. These will help you plan and create more products and services that will last in the next three to five years. Though it’s a daunting experience, it will develop leadership, and it will create more opportunities for you and your employees.
If you’re planning to expand your food or sari-sari store business this year, Condura refrigerators and freezers are here to help you. Our Negosyo Inverter Pro Two Door refrigerator is equipped with an Inverter Compressor for 2x faster freezing. For hassle-free maintenance, you may opt for Negosyo No Frost Inverter Pro refrigerator which prevents thick frost build-up in your fridge. If you’re looking for an upgrade, you can choose Negosyo Chiller Pro which offers more wire shelves and an anti-moist glass door for faster loading and unloading. Plan your chiller upgrade and browse through our website for freezer prices. Condura provides better home solutions for the Filipino family toward a richer and more successful home life, because Condura, being a Filipino brand, knows the Filipinos’ unique needs well. Visit our website for details and refrigerator prices in the Philippines or check our partner stores such as Shopee and Lazada for promos!