Saturday, November 26, 2016

They keys to growth

So if like me you own a small business, one of the things you think about is how to make your business grow. The answer is both simple and complex. It is simple because you just need more customers. It is complex because depending on the type of business there are many ways you can make your business grow. 

So what are the keys that can unlock growth?

It is a cliche for restaurants "There are three keys to growth, location, location and location". So the first key is location. The easier it is for customers to find you, the more likely they will patronize your business. A restaurant with a lot of passers by, will simply get more business than that same restaurant hidden on a back street. That is simple, but that also carries start up costs. A good location will cost you more, sometimes a lot more and the return on that investment is determined by many other factors including the quality if your products and services. 

So is location the key?  NO! Location is just one way to help your potential customers to find you and like amole parking, make it easier for them to patronize you. 

Let me expand on this concept.  Recently I was looking for a dry cleaning shop near my condo. I did a search on google maps, and found three within 1km and one was located on the main street that I use to walk to work and home every day during the week. I did not know it was there before. I must have walked by many thousands of times given my daily walk for more than 4 years. Even after seeing where it was on google maps, I did not find it. I thought it might be a stale listing and may have closed or moved. Then just by chance I saw the sign. Hooray!  Well not so fast, I saw the sign but it was only about 24"x 36" and faded. Then I went in or tried to and they were closed, there was no "Hours" posted, no phone number. I asked the clerk at the store next door and she didn't know the hours but thought they opened at 9:00 am. The next day after 9:00 am I returned with my cleaning. Nope not open. Their location on the main drag did NOTHING 
I did find a dry cleaner that was actually closer to my condo but did not have a google map location, but only by asking around. Their location was on a back street. 

The keys to growth, that I will be talking about further in future blogs include:

  • Location - physical address, digital address, social media address
  • Business Networking - meetings, blogging and more. 
  • Affiliate Marketing - help others grow as they help you grow. 
  • Promotions - Events, actions, methods. 
  • Consulting - who can help you and why this works. 
  • Side Hustles - other things you can do to get additional revenue to help you grow. 
Next Post will be on Business Networking. 

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