How to Grow Your Small Business

If your business has been in operation for over a year, then firstly, you should congratulate yourself. In the hyper-competitive world of commerce, it’s a fact that in the UK, approximately 20% of all small businesses fail in their first year of trading. Put simply, to get past this milestone is a real achievement in 2022. Once a business is starting to get increasing revenue streams and a base of loyal customers who are returning for repeat custom, thoughts can begin to turn to growing the business. There are several key strategies to consider that will help you to achieve this. In this article, three main strategies that are proven to help you grow your business will be discussed in detail.

1. Consider Renting Office Space

It is likely that in the early stages of your small business, the number of staff may have been extremely small, or even limited to yourself as the owner in charge of the start-up venture. As your company begins to grow and experiences increasing revenue streams, there will be a greater need to employ specialists to guide some of the important business processes. You may need a small finance team to control and analyse your budget whilst keeping a close eye on revenue streams. In addition, you may need to start building a dedicated sales and marketing team to reach out to new customers and accelerate the growth of your business.

Once your company has got to this stage and these choices become viable options, the thought of renting office space should be considered. Having your team in one location is perfect for boosting teamwork and encouraging collaboration in a way that remote working simply cannot match. Do some research into companies such as theworkstation.co.uk who offer a range of serviced offices in prestigious locations in Southern England. As well as cultivating improved team-working, the location of your rented office will help to boost your business credibility.

2. Extend Your Social Media Presence

Approximately 60% of businesses in the UK have a social media presence. If your company has limited or non-existent presence on these channels of communication, then it’s vital to start building and extending your social media presence. Using sites such as Facebook, Instagram and LinkedIn are an excellent way to boost your visibility online and can be a vital way to attract new customers. If you sell a product or service, harness the power of social media to let your customer base know about promotions, new product lines or flash sales. Ensure that you create short, snappy posts that link back to your company website and encourage increasing traffic to your website product pages.

3. Network

As your business grows, networking with other industry professionals should become a more prominent activity. By cultivating business relationships with key players in your industry, you may find that there are opportunities for increasing trade and collaboration.

Having a strong business network can also help you to be informed on current business trends and developments within your sector. When networking is undertaken effectively, it also helps to improve the visibility of your company and boost its profile within the industry. Be sure to attend business networking events in your sector as these are valuable events that allow you to meet other key players in the industry and share insights.