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Let’s face it: scaling your business requires a lot of time, dedication, and skill. The good news is recent statistics on the success rates of small businesses are encouraging: only 30% of newly founded businesses are likely to fail within the first two years and 50% of businesses survive five or more years, Fundera reports. Success comes down to the right planning, flexibility, and investment ineffective methods of business growth.
Invest in a company car
If you or your employees regularly travel to meet clients or customers face-to-face, upgrading to a company car can be useful — particularly if you regularly pay your employees a lot in mileage to cover wear or damage to personal vehicles. A company car also presents a professional image to clients and customers — the people you need to impress. Before purchasing the car, it’s important to research the make and read both reviews and ratings. You want to make sure you choose a reliable, quality vehicle. It’s important you’re confident you’ve chosen the right car for your business before spending money to avoid disappointment.
Create a customer loyalty program
Establishing a customer loyalty program is an easy way to boost sales. Acquiring a new customer is anywhere from five to 25 times more expensive than selling to an existing one. That makes customer retention vital — you don’t need to spend time and money on attracting new customers; simply focus on satisfying your existing ones. An attractive customer loyalty program can help you do this. If customers see clear incentives to keep buying from you, they’ll continue to do so and your sales will increase.
Form a strategic partnership
A strategic partnership can allow you to grow your business by collaborating with other businesses in mutually beneficial ways. Depending on your goals, a strategic partnership can help you reach a whole new audience, develop a new product or service, or even expand in new locations. First, research suitable businesses which have the resources you need to achieve your goals — and identify ways you can also help them. Also research their reputation before approaching them. This will help you determine whether a company is a good fit as a strategic partner.
Above all, growing your business takes hard work. Always keep your eyes on long-term goals, rather than focusing on the short-term results of your efforts. As long as you’re proactive and put in the work, success will come.