Have you ever thought about opening a business, but are unsure of how to grow the business to become sustainable for long-term success? The good news is that you are not alone. With so much innovation taking place among companies around both the United States and the world, it is not surprising to learn that new businesses are being created daily. To maintain a sustainable model, it is important to remember these tips as you move forward.
Be Aware Of Trends In Your Industry
This one may seem obvious, but it continues to be an important strategy for long-term success, particularly for those who are trying to grow their business. To give an example, it was not uncommon for diners around the country to have a cash-only policy and could include an on-site ATM. In recent years, more Americans are relying on their debit or credit cards to pay and may be discouraged to go to diners that are considered cash-only.
Network With Your Current And Potential Customers
This may seem obvious, but smaller companies, in particular, should always be finding ways to make your customers happy. Going back to the diner example, customers may feel more compelled to tell friends about their experience when it is overall positive. Providing options to fill out feedback to implement could be beneficial in a few ways. To begin, it can determine what meals are worth keeping, as well as what meals can be eliminated. Understanding what your customers do and don’t like can help your business continue to grow in the future.
Go Online For Increased Awareness
While most companies have created a social media presence of some sort, it is important to understand the benefits of growing your online presence. Not only can your company connect with both current and potential customers, but it can also help bring new customers in as well. For example, the diner can use social media to post about some of the meals that they offer, to increase awareness about your menu’s variety. Having an online presence can also make you aware of any negative messages, giving you the opportunity to reach out to make amends.
While these are great ways to help grow your business, it is important to remember to create a unique strategy based on your company and what it does.
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been featured in notable publications, including the Wall Street Journal, California Business Journal, Bloomberg Law, and Forbes.