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3 Tips for Effectively Expanding Your Small Business

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Survival rates for small business are about an even best, with only 50% of small businesses surviv HYPERLINK “https://www.sba.gov/sites/default/files/Business-Survival.pdf”ing HYPERLINK “https://www.sba.gov/sites/default/files/Business-Survival.pdf” five years or more, according to the Small Business Association.

However, in order to be successful, one of the main things that many small businesses strive for is expansion. From social media networking to the importance of risk management and simply focusing on keeping your current clients, here are three need-to-know tips for how to do so in an effective way.

Build your brand via social networking

Building your brand is perhaps one of the biggest ways you can expand, no matter what sector you’re involved in. With that said, having a high level of brand recognition is imperative for gaining new clients, and obtaining it doesn’t have to be difficult. In fact, one of the best ways you can build your business’ brand is by social networking via various platforms, such as Facebook or Instagram. For instance, businesses in the restaurant or retail industry can give potential customers an up-close look at their products via social media. In addition to showcasing product, it can also give you a chance to interact with your customer base directly while allowing you to reach a much wider audience, thus allowing you to get your brand name out into the world.

The importance of risk management

Running a business can be stressful enough as it is, and it’s important to realize that risks that lead to accidents within the workplace can place financial strain on your business and prevent it from expanding. It’s important to ensure that you and your employees are safe and will be taken care of in the event there is an accident by focusing on risk management techniques — no matter what industry you’re in.  For instance, risk management for healthcare businesses should entail the proper safety training in order to eliminate risks among those in the workplace (such as when operating medical equipment and machines). Having a good workers compensation insurance plan in place will also protect your employees, yourself and your business as a whole, thus allowing you to focus on other aspects of growing your business.

Client retention

According to Small Business Trends, a mere 6% of small businesses focus on client retention — an important aspect that helps to set the foundation for expanding any business. Perhaps one of the most viable ways of doing so successfully is focusing on what your current consumer base wants by getting feedback. After your client makes a purchase, asking them to fill out a feedback survey can allow you to get valuable insight on important aspects of your company — like customer service, what could have been done better, and the overall quality of your products/service. Afterwards, you can assess where you may need to make some changes in order to keep your current — and new — customers satisfied.

Expanding a small business can be a stressful endeavor, and in order to do so successfully, it’s important to have a strategy. The most valuable strategies you can employ to succeed in your expansion are to focus on retention and risk management, and to build your brand’s recognition.

About Doria Koci

doriak@thebusinesswomanmedia.com'

Doria Koci is a mompreneur and business coach focusing on advice for women who want their business to boom.

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