Building a business is hard work. As a small business owner, you wear many hats, perform numerous activities to offer the best value to your customers, and even with a sizable number of employees, the task still doesn’t get easier.
A business without a sales strategy is like a zombie, it is not dead because it still has a few sales trickling in, but it is not living either. When you just started out you can tolerate this freelance approach to getting sales but it is not effective in the long run.
It’s not a good way to run a business that you want to grow; barely surviving, with sales relying more on hope than any plan of action.
You know it is time to expand your market reach when your sales begin to peak.
Because at that stage, increasing your marketing efforts or increasing the incentives for your salespeople would not bring you any valuable results. The market has reached its capacity for your goods and you simply have to expand.
Now, expanding your market reach is a great way to achieve business growth because it would mean more customers, products, a larger addressable market, etc.
Growth and scale have been used interchangeably for a very long time when we talk about the progression of a business. But these two words are distinct in so many ways that are relevant to small business owners like yourself.Growth which is most familiar to small business owners means that the business is expanding in one or more ways. It may be indicated by expanding sales, revenue, profits, number of employees or customers over time.
Are You Itching To Start Your Own Business And Don’t Know Where And How To Begin?
The Small Business Handbook provides a detailed guide to starting your business. It also offers a road-map to grow it.
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