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Crucial Factors That Contribute to the Growth of a Business

Crucial Factors That Contribute to the  Growth of a Business

Handling a business is not easy. There's always that fear that it may no longer be relevant, that the growth of a business may slow, or that it may not work out in the near future. This is true for most startups that had just recently established their company. There is a high rate of failure for most startups. As of 2019, there is a failure rate of about 90%.

With this, you need to keep thriving, and to do so, you have to make improvements. Evolving your business is a must to thrive more and reel in more profit, too. You may not be able to make improvements all at once, but you can always start with the factors or assets of your business that are crucial to your operations.

The following are some aspects of your business that you can utilize even further for your growth.

Demand

One of the very crucial aspects for the growth of a business is demand. It is the need of an individual to purchase something at a specific price. Your business exists because it answers a specific demand. What you could do is find out which one of your products or services is the one that people mostly go to your business for and take advantage of it.

You can attract even more customers by highlighting this specific service, maybe through advertising, or giving discounts, especially on holidays. However, it would help if you also did the same for the other products or services. You could perhaps give them a package deal for a reasonable price, or do some couponing with a combination of two or more of them. 

Another option if you're feeling generous is the employment of free samples and freebies, especially businesses that focus on selling products. You can go out and offer some samples to a nearby area and then advertise them yourself. Alternatively, you may also give a small extra free product for every customer's specific purchase.

Such tactics make the customer get not just one but multiple of these products and services, and maybe you can even get loyal customers in the long run. Price reductions may be a risk, but it gives them hope that more people might purchase more than usual. If timed perfectly with specific occasions, this trick might work to boom your business.

Advertising

Hand-in-hand with demand is the advertisement of your products or services. The more endorsements reach people, the more you invite customers to your business. There are several ways you can advertise your business. The most accessible and in-touch option is advertising it on social media. This is especially helpful if your target demographic is those who love to use the internet.

A simple social media account is all you need for these. You can make accounts for your business on popular social media sites like Facebook, Twitter, or even Tik Tok if you feel extra. You could make extra creative videos on your brand for entertaining promo content. It would help if you were active on those sites, primarily because they serve as a channel for people to send messages and inquiries about your business.

Another method is through being available in delivery services, for people to make purchases without going through your store. Additionally, those services can also advertise your business on social media for you. Being available in different ways can get you more customers too, ultimately impacting the growth of a business in a positive manner.

Method of Payment

If you only accept cash payments, you are missing out on many things. Being flexible with payment options for your customers gives them convenience on their part. Of course, the other mode of payment you could offer is cashless payment, where you can use something else to pay equivalent to the value of money. 

Examples of these are debit and credit cards, as well as e-wallets. You could apply for and purchase a card swipe from the bank. Want to make the most out of your credit card transactions? Learn more at https://www.cardpaymentoptions.com/.

For e-wallets, you may do a more contactless transaction by simply scanning a QR code, as done by companies like Paypal. Overall, the more options you have available for customers, the easier things get for them.

Customer Feedback

Have you ever had people complain about any troubles related to your business? Or has your business social media accounts received several bad reviews? There is a reason why customers take their time to tell their complaints. They expect how they wish to see the business work or how they would be treated by it.

With this, it would be a great idea to look at your reviews, both positive and negative, constantly. Read the good reviews to see your business's strengths, and read the bad reviews to know its weaknesses. Know what makes your business great and what makes it worse. Give extra focus on the negative reviews and see if you can improve something.

Additionally, be open to suggestions, whether from your coworkers or random customers. You can ask what else could be done or listen to them talk about what they like and don't like. Whether it's praise because you have promos or a complaint because the air conditioning or heating is broken, you might find something that can help your business, mainly if they discuss the same thing.

To Conclude

Growing a business takes a long time, and you need to stand your ground to keep thriving. Innovation should always be thought of and done, one tiny step at a time. Just keep going, take risks when you can, and listen to what you can do to improve.

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