If you have successfully navigated the first few years of trading as a small business, you will be fully aware that hard work and dedication are needed to ensure the ongoing viability of your firm.
In the beginning, you will need a comprehensive and realistic business plan that helps you map out the first five years of operations and secure any outside financing if required.
A thorough understanding of your target market and niche within the sector will also be vital to cultivating sufficient levels of sales that can support your organization.
Once your business has reached the level where it is bringing in sufficient revenue streams that support your net profitability, it is time to start considering strategies that will encourage business growth. In this article, some top tips will be explored that will help a wide range of small businesses achieve sustainable and meaningful economic growth.
Serving international markets
Once your business has gained a foothold in local and regional markets, consideration can be given to exploring international trade. This can be especially profitable if the demand for your products and services is not adequately met by suppliers in the foreign market. Conduct international market research to determine which countries show sufficient demand for your product range.
Next, it is important to factor in shipping costs to international customers. One of the most cost-effective ways to ship products on an international scale is by using firms that offer pallet shipping services. This can be an ideal solution when shipping goods in bulk to other countries. Goods are typically packed onto pallets and transported by sea and land, which is generally far cheaper than by air freight services. Search online for pallet shipping firms to find companies that can work with your projected order volumes and offer the most competitive prices.
Improve your business website
It is estimated that approximately 20.8% of all retail purchases will take place online in 2023. Today, e-commerce represents a significant proportion of all retail sales, and any growing business should take advantage of this fact.
It is expected that your business will have a professionally designed website with secure payment features to enable customers to make online purchases. If this is not the case, it should be made a business priority as soon as possible.
If your business already has a dedicated website, time and effort need to be spent to ensure that it performs effectively and exceeds the expectations of online visitors. Check that web pages load quickly, as slow page speeds can discourage visitors from continuing to use your site.
In addition, the site should be accessible on a range of tech devices (including smartphones and tablets). Ensure that smaller screens can easily navigate from page to page and that all information is easy to read.
Finally, it is vitally important that your business website obeys the latest best practices of search engine optimization (SEO). Put simply, these techniques help you to gain increased traffic to your site from organic web searches. When this web traffic is effectively converted into sales, the profits of the business will increase substantially.
Remember that SEO best practices may change several times a year as search engine criteria become more sophisticated. Update web pages as and when needed to ensure that they continue to perform effectively.