4 Tips For Expanding Your Small Business

  • February 18, 2020
  • Written by : REIL Capital

As a small business owner, REIL is sure one of your goals is to grow your business.  Unfortunately, many small businesses rush into expansion without a plan. Is it worth risking everything to rush the process?  Research suggests small business owners answered with a resounding no. Take things slow. Develop a plan and avoid the stress of losing everything you’ve worked so hard to build.  

REIL has some tips to help you expand and grow your small business, the right way, below: 

Create a Culture 

Every company or business needs a foundation.  As small businesses, your foundation is your company’s culture.  A culture is cultivated by the mission, vision, and goals your company emphasizes or strives to reach.  Ask questions such as, “Why do we do what we do? What are our company’s values?”  

When employees feel immersed in the company culture, they are less likely to leave during uncertain times.  Growth is definitely uncertain. However, it can be managed by your strong company culture and consistency.  

Employ the Right People 

Employment is critical for businesses everywhere no matter the size or industry.  Employees keep your business running, and are the first and last interactions your customers typically have with your company.  You want to make sure customers have good interactions with those who represent your business. Consider recruiting people based on their skills and former experiences.  However, always make sure their customer service and personality is up to par no matter the position. Determine if they will be a good fit for your business, and be honest with yourself.  Your business may not be for everyone, so it’s important to find employees who can represent it well. 

Innovate 

Expanding a business goes hand in hand with being innovative.  You may be tempted to spend your money on creating more products/ improving those you already have.  Yet, innovation can be so much more than that. Try innovating your employee and customer’s experiences, or even your technology.  Innovating your current processes and resources is critical to growing your company. Fixing and improving what you already have is more important than introducing new processes. 

Be Recognizable 

As a small business, you want to be recognized.  You want customers to know your brand, want your brand, and represent your brand.  Build your brand up. Create a phrase or tag line so that customers know instantly who’s behind the product or service.  Implement a logo that represents your business, your values, and most importantly your reason for being. An easy way to become prevalent is through social media.  The more times customers see your brand, logo, or phrases, the easier your company will be to remember.  

REIL Talk 

If your small business is looking to grow, speak with one of our REIL representatives today! Our financing products and services could be extremely helpful throughout the process of expansion.   

Leave a Reply