Having your own business is hard work but you hung in there through the tough times and made it a success. There comes a time where you feel ready to expand but how do you proceed? First thing to do is to take a look at your original business plan. Have you achieved what you expected to when you first started on this venture? If you haven’t, take an honest look at the reasons why. If your focus has changed, do you have new goals for the direction of your business? Set forth a plan on how you will reach these goals.
Now that you have been in business for a while, you have a better understanding of what it takes to succeed. Even with the ups and downs of the economy by now you know how your business stays profitable. If you haven’t taken a look at the competition, do some research. Learning from others mistakes and successes can help you. If you have a partner or close friend look for some honest feedback on your plans. Overall, do not get greedy. Many successful businesses get into trouble because of greed. Growing your business for the sole purpose of making money at any cost is a sure recipe for disaster.
Look at what is working with your business and also at the areas that could use improvement. Get feedback from your customers by sending out questionnaires. To ensure that you get valuable feedback, offer a coupon with the return of their opinion. Customer service can always be improved upon. Remember without your customers you do not have a business. You want to find the balance between having satisfied customers and running a professional and profitable business. Your business should also adapt to the changing technological advancement like complete event management software.
Take a look at your web site. Make sure that it is not only professional but contains a good understanding of what services you provide. Make it user-friendly and keep it updated. Include a professional picture of yourself and a business philosophy that will give new customers a good impression.
Figure out what kind of advertising has been working for you. If you spent a lot of money on advertising that did not bring in business, eliminate that cost from your business budget. Ask new customers how they heard of your business. Surveying new clients will be beneficial in determining how they found you. Show appreciation to your regular customers who refer new clients by giving them a discount on a service. Don’t give your service away for free but a coupon or throwing in a free service will make your customer feel special.
If you belong to a business professionals group, attend seminars whenever possible. Continuing your education or taking additional business classes can only help you enjoy a successful business for years to come.