It is never an easy task to grow a small scale business into a larger one. There are shreds of evidence that even with years of dedication, determination and doggedness, many businesses cannot live up to their reputation or fail to grow big due to lack of strategic initiatives for long-term successes. It is always necessary for value-additions in a business every day. There are very few companies that reach the landmark of $1 billion annual revenue, and stats suggest that it is approximately 0.036 percent of companies that reach this staggering figure.
What are the extraordinary measures taken by these few companies to reach this figure? Let’s read -
- Marketing is an inevitable part for any business to remove the ‘small-scale’ tailing tag. With marketing, the large scale businesses have given equal importance towards the steps for increasing sales. Small scale business owners have the tendency to do all the things by themselves which actually backfires most of the times, but they can invest in hiring good sales and marketing individuals to raise their business growth curves.
- 21st-century customers have no singular need. So, one of the key strategies adopted by businesses is product/service variation. They have expanded their offerings keeping the long-term needs of the customers in mind.
- With whatever revenue the small scale businesses (which eventually turned big) have earned, they invested in research and development schemes by analyzing the future needs and growing demands of certain products and services.
- A mainframe policy is maintaining a good relationship with the customers. It is essential to retain customers and build a solid reputation. This increases profits at an unimaginable rate and creates a formidable platform, from where only growth happens.
- Building strategic partnerships with other industry leaders is another way of increasing business visibility. It helps businesses in legality, finance, and taking the right steps for customer acquisition.
- One of the ways is getting recognized as a thought leader. This increases reputation, branding, and attracts ideal customers. It can be done through blogs, podcast, or any other content sharing platforms.
- Increasing business presence globally. It is one of the foremost parts of building a big business. And in this era of internet dominance, it has become easy to promote business in other parts of the world from where the business is operating.
- Creating new strategies every day for developing a new client base is a critical point for creating a sustainable business. More or less, words spread from mouths, and new customers get added to the business database if the reputation of the company is good. Reaching potential customers through online and offline advertisements is another way of doing that.
- Business is not saying yes all the time. It is vital to learn to say no and walk away from customers that are ill-fitted. It’s a tough task for small business owners to do so confidently. But, it is also a significant growth strategy.
- Turning a small scale business into big takes courage and it cannot happen without taking any paramount risk. At times, business owners will need to move out from their comfort zone.