When you first start a business, you are often dealing with a flood of information on finances, business taxes, employment laws, and so many other things that you now have to know about. Unfortunately, one of the most difficult subjects to understand is how to make sure your business continues to grow and thrive. Growing a small business from the ground up is a difficult and arduous process, but there are a few ways you can really help get the ball rolling to get your business to thrive.
Know Your Target Market
No matter what kind of business you run, the foundation of a successful business is knowing your target market. Think about who is most interested in your business—their gender, their age, their income, their special interests, and anything else that might be relevant.
This is important for knowing how best to market to your target audience, what kind of products and services should be offered, and how your business should handle customer communication, among other things. How you market to men in their 20s will be very different from how you market to mothers in their 30s, so demographic information is critical for any business to succeed. How you use that knowledge also matters, so be mindful of how you approach your consumer base.
Nurture Customer Loyalty
It costs a business significantly more to bring in a new customer than it does to retain an existing customer. Existing customer loyalty is a major player in any successful business. Happy customers want what you’re selling, and they’re more likely to advertise for you through word-of-mouth.
A customer loyalty program is available in almost every business these days, and it’s a good plan. When customers feel like they’re being rewarded for supporting your business, they’re more likely to keep coming back.
Engaging with current and potential customers on social media is an excellent way to maintain customer loyalty and bring in new customers, especially if your business caters to a younger generation that prefers online communication over more old-school methods such as phone calls, snail mail, or even emails.
Prioritize customer service always. There is a breaking point for dealing with problematic customers that should be identified and honored, but most of the time, a business should be taking care of its loyal customer base. Always make sure these repeat customers feel seen and appreciated, and keep communication lines open whenever necessary. If you leave a customer hanging, it could sour their relationship with your business.
Engage in Corporate Social Responsibility
Society has become increasingly worried about human impact on the environment as well as our fellow humans. Engaging in Corporate Social Responsibility (CSR) creates a favorable image for your business that makes people more likely to give you a chance and try your products or services. It makes your customers feel good about themselves when they support socially responsible businesses.
One way to do this is to go green. Focus on reducing your environmental impact by lowering your carbon footprint as well as your energy consumption—this doesn’t just make customers happy, it can also lower your bills!
Support your local community, and they will be more inclined to support you. Find ways to donate—whether it’s time or money. Proudly display your company logo during any charity or volunteer work. Let people know your business and its employees are making a difference and that they care about their community, whether it’s supporting the homeless, helping struggling families, or even finding homes for shelter animals.. People will talk about it favorably, and it will often result in a lot of word-of-mouth business.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.