When you hold meetings with your small business’s investors, you talk about your current sales data and budget. However, your investors always want to know what you’re doing to expand your company. If you have a meeting soon and you’re not sure what ideas to propose, here are a few to consider.
1. Redesign Your Website
Websites are no longer optional for companies that want to thrive; they are necessities. However, there’s a big difference between a website you set up in 2005 and a modern version that improves your search engine optimization.
Work with a web development company to relaunch your site with features such as a blog, a chatbot, and a comments section. Educate yourself about user-experience design and other developments in the world of website creation. Don’t forget to test every feature of your website before you launch it so that you can catch any mistakes.
2. Create an App
To increase your accessibility and appeal, turn your website into a mobile app with the help of a software development company. An app should have the same main content as your website, including your mission statement, blog, and contact information. However, these features are optimized for smartphone screens rather than computer monitors.
Frequently, apps are more interactive than computer interfaces, so they’re a good place to experiment with graphic design. Consider offering special programs such as incentive systems to encourage your customers to download the app. Finally, avoid charging for app downloads. If your app is well-designed, it will pay for itself with the increased customer base it accrues.
3. Open a New Location
As soon as you have enough money saved up and your business is secure, open a second branch. Ideally, your new location is close enough to your first store that your current customers can tell their friends about your new business. Once you’ve chosen your premises, you must decide what you want to change.
Making your new branch exactly the same as the original makes your company seem like a chain rather than a small business. On the other hand, you want your customers to realize that you own both branches. Use the same signs and color schemes, but shake up your interior decor to encourage your customers to visit both branches. Additionally, offer mostly the same products, but consider offering a few specialized ones, especially if they relate to that branch’s town.
4. Create a New Product
Most business owners stick to the same products because they know these items are profitable. Don’t be afraid to take risks on a new product, though. Reach out to your customers and ask what they’d like to buy from you. Do they wish you sold an accessory for one of your current products, such as a cleaning solution or storage container? Do they want an entirely new product in your style?
Through surveys and informal conversations, generate a list of products that are likely to be popular. Then, work with your developers to create prototypes of the proposed products and test them out. Bring a few to your next investors’ meeting and ask for their feedback. Avoid putting lots of money towards a huge order of products until you know how popular they are. It’s much better to sell out and have to wait for your next shipment than to have items sit on your shelves for months.
It’s easy to get stuck in a rut when it comes to expanding your small business. Try one of these tips to create a concrete plan for your business’s growth. While it may be uncomfortable at first, soon you’ll have lots of ideas on how to move forward.
