Expansion is an exciting stage in a small business owner’s journey. It means your company is thriving, and it’s time to think bigger and better. But taking a company to the next level takes strategic planning.
There is more than one way to do this, and Rapid Formations' company formation experts are here to guide you through their five steps to scaling up.
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Invest in your team
Your people are your business's powerhouse. They bring indispensable skills, unique perspectives, and invaluable experience that drive success. They also develop into brand ambassadors who spread the word and market your business to others.
You could think even further into the future. Your staff may one day become potential successors who take over the organisation, so your commercial growth strategy should include building a resilient and capable workforce you can trust.
Whether you have a small team or have yet to hire your first employee, investing in your team is a worthwhile way to grow your small business. And with a strong team behind you, each growth stage will be easier.
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Launch new products or services
If your products or services have proven particularly popular, it might be time to grow your small business by expanding your offering. This is a great way to give your customers more of what they love, providing more choices and reasons to continue shopping with you.
Launching new products or services is also an excellent way to win new customers. And now that you have a base of loyal shoppers who trust and recommend your brand, attracting new ones will be easier this time.
Launching new offerings can be done in several ways. For example, consider selling complimentary items for existing products, collaborating with another brand, or introducing alternative ways for people to buy your products or services (e.g. subscriptions).
Be sure to do thorough research and find out what your audience would find most valuable.
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Stay focused on customer retention
While acquiring new customers is essential, it’s not a sustainable growth strategy. Also, securing a new consumer costs considerably more than retaining an existing one. That’s why your loyal customers are integral to growing your business.
You can increase customer retention by:
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Launching a loyalty programme that rewards returning shoppers and incentivises them to keep shopping with you.
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Introducing a referral scheme. This rewards loyalty whilst gaining new customers.
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Delivering exceptional customer service that makes people feel appreciated and valued
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Engaging with your audience on social media.
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Personalising your online visitors’ shopping experiences with tailored recommendations and timely customer service interactions.
The aim is to show these customers that you recognise and appreciate their business and that being a part of your brand is much more than a financial transaction. Build a community of customers who are passionate about your brand, and give them a reason to keep coming back.
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Embrace new technology
In 2024, the British Chamber of Commerce reported that most small businesses in the UK are still reluctant to use artificial intelligence (AI). However, according to a recent study by Venture and GoDaddy, companies that invest in AI and new technologies generate more revenue than those that don’t.
Therefore, if your business does not already use AI, this could be a key area to focus on. It can help you simplify time-consuming tasks, automate repetitive processes, and even manage customer queries. This could significantly free you and your team and boost productivity, giving you more time and energy to focus on growing your business.
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Reduce your administrative burden
Managing and growing a company involves specific administrative duties. For instance, filing annual confirmation statements, maintaining statutory registers, and reporting changes about your company to Companies House and HMRC.
You must adhere to these tasks by law. However, they can be burdensome when you want to grow your small business.
A practical solution is to find someone or a service that can handle these tasks for you. Luckily, we specialise in company secretarial services at Rapid Formations. Our Full Company Secretary Service is designed to help companies with their secretarial requirements.
We’ll take care of everything from reporting your company changes and preparing your registers to offering dedicated support as long as you need us. That way, you’ll have plenty more time to focus on growing your business stress-free.
Summary
Scaling up a small business is an exciting but challenging journey. By investing in your team, launching new products or services, focusing on customer retention, embracing new technologies, and reducing administrative burdens, you set the stage for sustainable business growth.
Contact Rapid Formations for more support and advice on growing your small business.
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