Building a successful small business in India begins with taking baby steps and dreaming big. Successful businesses are those that run-in profit. Which means everyone is eagerly looking for ways to improve business efficiency.
Is increasing profits enough for small businesses to grow? Consistent growth is vital for a company to sustain in the long run. And it is influenced by various factors. It includes monitoring transactions, strategic marketing, recognizing your unique selling point, and building on your strengths.
How to increase business growth? It is always a great idea to have a checklist to keep up with regular tasks. Here are eight simple ways to improve your small business in India?
1. Go Digital
Going from papers to paperless doesn’t necessarily mean eliminating manual processing. But, do not put it on papers unless it’s crucial. Start backing up all your paper documents digitally before you empty your file cabinets.
Going digital is beneficial for business owners as it primarily cut costs and saves time. It is not just associated with riding from the printer, toner, maintenance, or storage cabinets. But it has several critical advantages, especially when you are starting small. It includes:
- Accurate data maintenance
- Hassle-free storage and backup
- Tracking transactions and petty cash
- Cloud-based access from anywhere
- Quick payments
- Data directed decisions
- Lucrative business solutions
- Professional invoicing
- Easy tax compliance.
- Rids specific tedious administrative tasks & more
If you are wondering how to grow a business online or digitally, start this business by implementing accounting software. Imprezz.in is #1 billing software for small businesses. We offer a 14 days free trial software program for small businesses in India to benefit before investing. You can further subscribe to our user-friendly online software for advanced features.
Are you wondering what to do with the furniture and cabinets that you have already installed? Sell them and pocket the cash or donate them to a charity to use it in your tax write-off. All-in-all digitalizing your business operations is a great way to improve your small business.
2. Evaluate the Software – Shop Around
If your existing software is outdated, it’s time to move on! You must reap the utmost benefits when you invest in something. Saving time is not enough; software must provide you more than what you’ve paid for.
Are you wondering how to evaluate your business needs before implementing new software? Here are a few critical pointers for small business in India that you must consider during evaluation:
- Know your business objectives
- Create a checklist of your software requirements (functionality, consistency, integration, affordability, usability, etc.)
- Assess your service provider
- Start trailing the software that you think best suits your requirements.
Considering the current systems in place, evaluate the comparative advantages of implementing new software. Shop around to know what’s best in the market. Go for an ideal service provider. Negotiate a vendor’s offer while cracking the deal with another.
3. Lead Conversion – Paying Customers
For a small business in India, growing a strong customer base is crucial. It not only increases sales but also sustains the business. Have you been thinking about how to improve business sales? Its time for you to focus on converting your leads into paying customers.
- Re-structure your sales team to speed up. They must email or contact the leads and follow-up regularly.
- Qualify your leads. Your sales team must know how to qualify the leads. It is vital because every lead has the potential to become a sales lead.
- Don’t keep any leads waiting. Leads are more like a new commodity that expires the very next day.
- Monitor your sales pipeline. Record the sales process and prospects for each sale to have an overview.
Make enticing offers to the potential leads and new customers. Also, offer incentives to your sales team on closing deals to keep them motivated. To explicitly convert your leads into sales, you can use advanced software. Having a CRM system in place can change it all in a flash.
4. Bundle Your Products and Services
Are you a service provider? Do you sell products?
Bundling products and services is an ideal way to improve the efficiency of your small business. For instance, supermarkets and restaurants offer bundled products and services that are essential for a meal. It differentiates them from their competitors and makes them sound more accessible.
Bundling is one way to increase your sales by providing slightest discounts on your product or service. Do you want to know how to bundle products and services? Here are three quick pointers that can help you.
- Offer deals on your bundles
- Offer incentives
- Partner with freelancers
Bundling attracts customers without being overbearing on them. It is one way to thank customers, for using your services or products. It is what drives the customers back to you.
5. Use the Retainer Model – Offer Maintenance Contacts
Offering a maintenance contract based on your business model gives you the benefit of regular maintenance and repairs. However, for a start-up, this can be a great way to generate steady income. Here’s how you can sell a monthly retainer for small businesses in India
- Explain your services in a way your customer finds it valuable.
- Do not overstep the boundaries, offer a free trial for your product or service.
- Once your customer has tried your product or service, offer them valuable packages.
- Keep your maintenance contract tight and precise.
- Let your customers know why your monthly package is worth everything.
Routine maintenance rids you from system breakdown or any failures well in advance. Charging your customers for on-going contract benefits you as a small business. You can also provide your customers with exclusive offers or discounts on closing a long-term contract with you.
6. Tap Out of the Local Market – Expand
For a small business, you need to focus on how to increase your business growth. Tapping out of your local market and geographically expanding your sales can benefit you in the long-term.
You must first calculate the added cost and supporting modes that are required along the process. However, here are a few quick tips to economically expand your business.
- Improvise your mix – Add new products and services.
- Create deeper customer-base – Sell more to your existing customers.
- Open your ventures in different locations concerning a different segment of your customer.
- Target new customers with different sales and marketing strategies based on specific demographics.
- Tap into new delivery and sales channels.
- Merge or acquire other businesses.
To expand your markets, you need to focus on your financial condition, strength, and core management team. Your economic conditions do not dictate your expansion or growth. Implement more strategies for the sufficient growth of your small business in India.
7. Motivate Your Employees
Many organizations provide future career paths and training programs for employees, yet, they fail. As a small business, you must motivate your employees to learn and grow along with you.
Motivating your employees also includes providing incentives, managing to drive them in an ideal direction, enabling growth in the workspace, and more. Here’s how to motivate employees for small businesses in India.
- Implement employee development programs
- Formalize learning and development
- Provide incentives and promotions
- Offer intrinsic and financial rewards
- Reward upskilling and growth
- Link employee growth to business success
- Ask your employees for feedback and inputs
- Offer challenging and exciting work
- Customize the training program
- Show them you trust your employee
- Open doors for mentorship opportunities
The overall growth of your employee reflects the outcomes of your business. Offer purpose-built programs for your employee to stabilize your business in days to come.
8. Enhance Your Marketing Collateral
Marketing collateral and advertising strategies are vital for promoting your products and services. It is a great way to communicate with your customers. Enhancing your plan can drive an ideal customer base for your small business in India.
Here are some of the various marketing collaterals that can help you grow your small business in 2020
- Blog posts & Landing pages
- Branded content
- Brand stories
- White papers
- Corporate brochures
- Product catalogs
- Proposals & presentations
- Re-engagement emails
- YouTube Channel
- Social Media Platforms
Go through your current target marketing materials. Analyze to understand how you can bring changes. Eliminate outdated strategies to make room for new opportunities. Lower your expenses and increase your sales by implementing updated marketing collateral.
Every business is affected timely by events and changes that take place globally. To sustain your small business under any circumstance, develop a flexible business structure from the beginning. Stay relevant, updated, and trendy. Implement numerous growth strategies to increase sales and income for small businesses in India.
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