Small Business 101: 6 Steps You Should Take When Expanding Your Small Business

Written by: James Carnell

Small businesses are the lifeblood of the American economy. While many eager entrepreneurs attempt to start small businesses every year, few survive within highly competitive market spaces, and fewer still know how to grow their small businesses once they experience their initial success.

If you are seeking to expand your small business, you should implement these six workplace upgrades and strategies.

1. Upgrade Your Phone System

Streamline your business by utilizing a virtual Private Branch Exchange (PBX) phone system. A virtual PBX works like a digitalized version of an old-fashioned switchboard operator. It can route calls, create conference calls, use automated greetings, connect to fax machines, queue inbound calls, prioritize messages, and more.

The benefits of online hosted phone systems include low start-up costs, few hardware requirements, and work-from-anywhere flexibility. And the best part of using a virtual phone system? Because your provider takes care of network maintenance, you will need no on-site IT support.

2. Expand Your Website

Your growing business needs a more intricate website. In particular, your website needs three things: an online sales platform, a gallery, and a testimonials page.

E-commerce is on the rise. If your website does not already support online transactions, you should enable them. If you are not sure how to implement online payment gateways, consult this step-by-step guide.

Your website should have a gallery where you can display examples of your best work. In a study conducted by eBay Research Labs, product listings that included large, clear pictures experienced an average conversion rate of 29.5% in terms of sales. If you have a gallery, customers who browse your website will have greater trust in you and increased confidence when purchasing your products.

You should also have a testimonials page. Consumers tend to trust other consumers when it comes to their experiences with products and services. Encourage your customers to leave honest, candid reviews on your website. Even negative reviews will benefit you because they will tell you how you can improve as a business.

3. Create a Social Media Presence

Social media platforms are much more than fun online servers with which you can connect with family and friends; they are also viable business marketing tools.

Facebook is a great way to interact with your current customer base; plus, you can expand your reach via the “Likes”, “Shares”, reviews, and recommendations of your followers.

Instagram easily allows its users to upload high-quality images; thus, it can act as a second, more detailed gallery.

TikTok can be used to offer your customers quick and fun updates about your business, as well as behind-the-scenes glances about how it operates.

YouTube is a place where you can have frank conversations with your viewers. Additionally, if your product is difficult for the average layman to understand, you can use YouTube to post detailed informational videos explaining how to use your product.

4. Attend Networking Events

As a business, what you do is important, but who you know might be just as vital for your long-term success. Once you make a name for yourself, start attending networking events, such as conferences, workshops, roundtables, and lectures. There, you will be able to meet your competitors, see what makes their businesses tick, and potentially create mutually beneficial business partnerships. Not only that, but you will also be able to gain a wealth of knowledge as you learn from your peers. If you make a good impression, you might also gain customer traffic via professional referrals.

5. Open Another Location

If your current brick-and-mortar store is in optimal condition and you have extra capital waiting to be utilized, you may want to consider opening a second location. By opening a second location, you will gain access to an entirely new customer market and should, in theory, be able to increase your overall profits. This is a step that should be taken with caution, but if you take the time to assess your options and plan far in advance, a second location may take your business to the next level.

6. Hire New Employees

As your business expands, you will have less time to perform day-to-day tasks and will need to dedicate more time to the overall operation of your business. Thus, you will likely need to hire a few additional employees.

If you hire new employees and are finding it difficult to manage them while also attending to your regular duties, you should consider hiring a human resource generalist. This specialist will handle the daily management of your staff, organize payroll transactions, and schedule shifts and time off, among other tasks. Experts recommend that small businesses should establish a fully-fledged Human Resources Department when they reach a staff size of about 40 employees.

Your small business is your pride and joy, and rightfully so. To ensure its long-term success, take the necessary steps to expand it. Preparation today can lead to prosperity in the future.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes