We have seen substantial changes in the business sector for the past three years. Some had to recalibrate, while others ventured into an entirely different business to cater to what is relevant and in demand. Whatever the reason is for putting up a business, it is important to protect and nurture it in order to grow.
Whether you like it or not, growth is an integral part of survival. Businesses need to keep up with the demands of customers and their ever-changing preferences. So how do you keep your business growing? Here are some tips:
- Understand your customers and establish loyalty
Get to know your customers—their behaviors and needs. Observe their purchasing trend, preferences, what they value, how much they are willing to pay, and their choices of mode or terms of payment.
It is important to keep your lines open–get their feedback and suggestions and work on those changes.
While every customer is a priority, give a bit of special treatment to returning customers—knowing that they are valued and special will make them come back. Throw in a freebie, a discount, or a loyalty card and let them know that it is a reward for returning.
- Ensure quality product and customer service
The quality of your product is as important as your after-sales service. Make sure that both are able to satisfy the customer. Failing in one aspect might disappoint your customer which may lead to low customer retention. Pay attention to your product's quality and ensure that if a problem arises, you are ready to solve it.
If your business is solely online, try to sign up to as many safe online selling platforms as you can. While for those who are solely offline, it is about time you consider having an online presence. Be where your customers are. It is important to always be present and ready to serve your customers whenever or wherever they need you.
- Stay relevant in your customer’s lives
A "new thing" will always come to steal your customers away. Make sure that your customers know that you are better than the new trend, brand, or service and continue to pursue them so that they will choose to stay with you.
Maintain a presence in their daily lives, so that they are reminded that they need your product or service. So, whether it is a social media ad, an email, a Viber or SMS message – make sure your customers always hear about you.
Just make sure you do not overdo it. Customers might also be annoyed at the constant messaging, so try to keep it subtle but always present and available.
- Take steps towards expanding your business
A few ways to expand your business are by launching your own website, adding new product and service offerings, moving into new markets, seeking referrals, partnering with another business or acquiring a new one, and considering franchising your business.
However, before taking the next steps, you need to dig deeper and research what is best for your business. You have to remember that expanding your business will also entail additional capital.
- Do not be afraid to take out a loan
After you have done thorough research about how you can expand your business and what will work for you, now you can plan and strategize your expansion.
You may already identify how much you need for your business expansion plans and look for a bank that you can trust as your financing partner.
BDO SME Loan helps make it possible for businesses to build and grow. Avail of various financing options depending on your business needs—working capital, purchase or upgrade of equipment, and more.
BDO provides loan for SMEs and guides them on how they may grow their business. Video source: BDO Unibank Facebook page
Carry on with your expansion plans and get the funds you need.
Learn more about BDO SME Loan, visit the nearest BDO branch or the BDO website.
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