The Dos and Don’ts of Growing Your Small Business

This small business story may have a familiar ring to it””

·           It started with a great idea

·           The great idea turned into a product

·           The product goes to market

·           Customers buy the product; sales grow!

·           Inexplicably, sales fall off, and growth slows

Sometimes called the ” hockey stick” curve, this growth pattern is a common one. Wondering what next step to take, business leaders know they need to do something to invigorate sales. But what?

The short answer: Innovate!

Experts point to innovation as a critical contributor to business health and growth. An innovative company is one that can create new ideas and put them into play quickly. With innovation being so critical, what are the dos and don’ts to fostering an inventive spirit within your company?

Do have a flexible strategy

Setting goals and a long-term strategy to reach those goals is an essential function of an effective business leader. However, a business that can’t flex to changing market situations is going to struggle to keep up.

Change the game by looking for market ” white” space or customer problems that haven’t yet been solved. Rethink, retool, or repackage your current products and services. Get out of a rut by bringing new products to the market, finding new customer niches or implementing leaner business processes.

Don’t ignore your customers on social media

Savvy companies understand the value of listening to their customers. Instead of continually trying to anticipate customer needs, they rely on customers to help them create new value. When you are in touch with customer problems, questions and demands, you can discover what will really impact their buying behaviors.

Not listening to customers can create negative word of mouth and lost business. Surprisingly, however, a recent article reported that only 13% of customers who interacted with companies via social media ever received a response. Social media is an exploding channel to get feedback from your client base and clearly, ignoring it can be bad for business!

Do encourage risk-taking

Would you believe that many of the top companies have a high failure rate for new product innovations? In fact, some even encourage the failure of new ideas! These companies know that growth means taking chances and trying new things. Moreover, they recognize that many””if not most””new ideas won’t make it.

Businesses that don’t periodically go out on a limb are likely to see diminishing revenues over time. To minimize the risk of losing too much investment on new ventures, start small, get into trial market quickly and move onto the next one if it doesn’t work.

Do consider local outsourcing to stay agile and flexible

It’s clear that innovation has many potential benefits, but it also comes with risks. Instead of jumping in immediately with both feet, you might consider incremental changes such as refreshing packaging or creating new products by combining multiple SKU’s from your current line-up. Outsourced ” kitting services” can help you do this quickly and cost-effectively.

Working with a local outsourcing company like Ohio Valley Goodwill Industrial Services will help you innovate your products and streamline your processes. You can be more responsive to customer feedback more quickly than going it alone. Additionally, businesses which partner with Ohio Valley Goodwill for services such as kitting contribute to our mission of providing meaningful employment to individuals with disabilities. It’s a win-win for your business and your community!

Want to learn more about the benefits of outsourcing business services to Ohio Valley Goodwill? Contact us and take a free tour of our facilities today!