Picture this. You start a new business and it becomes more than successful than you anticipated.  Now, you are ready to expand. Here are some tips grow your business—-the right way.

If you have not already, develop a company culture. Consider your values and beliefs as a company and how that translates to your employees.  Writer Syed Balkhi says “when employees feel connected to your company, they’ll be more likely to stick it out through uncertain times.”

Hiring the right people is essential to grow your business because the right people can expand your vision. Here’s a tip: hire people based on their technical skills and experience. Balkhi states: “For instance, you could ask a candidate how they interpret your company’s vision to see if they’ll mesh well with your team. Startup life isn’t for everyone, so find employees who will be eager to take on the challenge.”

Innovation in your business is important, but only if it’s done correctly. Innovation does not always require that you spend a lot of money to improve your product. Consider taking the focus on other areas such as things to improve customer service. That in turn will create stability and allow you to expand reasonably.

Customers need to be able to recognize and distinguish your brand from the rest of the market. When you think about a brand like Nike, what comes to mind first? Most likely their iconic logo or slogan. Balkhi advises, “Your small business might not be able to reach Nike levels of immediacy, but you can still work to become a well-known brand among your target audience.” In addition, your presence on social media matters. Remember this: “the more you appear online, the easier your company will be to remember.”

Lastly, it is imperative that while you are expanding, you don’t forget about existing customers. According to statistics from Small Business Trends, “just six percent of small businesses focus on customer retention.” You can beat this statistic by creating customer satisfaction surveys to gage what aspects of your business your customers enjoy the most and what you can improve upon. Satisfied customers will be more inclined to return to your business and even recommend your service/product to their close family and friends.

Source: https://www.entrepreneur.com/article/337134

For help with your small business needs, please contact the Elon Law Small Business & Entrepreneurship Clinic at businessclinic@elon.edu.