Tips for Business Expansion
Jordan Sudberg knows that business expansion can be a tricky venture for any business. Before expanding your operations, many factors need to be considered before developing your procedures, from finding new space and hiring staff to establish trust with vendors and contractors. The process of successfully growing a business can be even more challenging for an SME than it is for large corporations. There are several vital challenges an SME faces when developing that have the potential to derail the expansion process, mainly if the company is small and lacks the time or resources to devote to solving them. It requires thinking through every aspect of running a new location—from securing a lease or buying space to hiring staff, advertising and marketing your services, and expanding your sales network. But it doesn’t have to be as challenging as you might think. Here we’ll give you tips on how to grow your business successfully.
1. Build a Sales Funnel
If you’re opening a new location, one of the first things you should do is build a sales funnel. This should be done before you even consider what kind of space you’ll need. A sales funnel is a process that helps you identify the best customers for your services and helps you focus on them to ensure your growth. For example, if your business provides pest control services, the best customers for you are those with pests in their homes. Identify these potential customers by building a list of all the people in your community with pets. Then, create a pipeline where they can be contacted and asked to provide feedback on their thoughts about your services. Once you have a list of potential customers, you can build a sales funnel to help close deals with these people.
2. Utilize a Customer Management System
Once you have a list of potential customers, tracking how they interact with your business is vital. A customer management system (CMS) can help you manage these interactions and track their progress. When setting up your CMS, ensure it includes tools to help you build a sales funnel and manage your customers. Jordan Sudberg, CEO and Medical Director of Spine and Sports Rehabilitation, says, “A customer management system is critical for any business. It manages all contacts with customers, online and offline.”
3. Research the Competition
When opening a new location, it’s essential to research the competition. This will give you a sense of how your business stacks up against the competition and what kind of space it needs to thrive. It would help if you also determined how much revenue your competitors are generating and their customer base. Doing this will help you determine what kind of space is right for your business and where you need to focus your efforts. Sudberg has the best advice for deciding the competition and what it will take to beat them. He says, “It is essential to identify the competition. What are they doing? Who are their customers? How do they get new customers? What’s their revenue like?
4. Create a Customer Loyalty Program
Once you have a customer management system, you can begin building a customer loyalty program. This program will help you encourage customers to become repeat customers and build a sales funnel for those already in your customer database. A customer loyalty program will also help create more incentives for existing customers to tell others about your business.
If you have the right kind of space and the right kind of staff, you can succeed at opening a yoga studio in your area. The key is keeping up with the trends in fitness and fitness studios while also focusing on building strong customer relationships. Once you have a solid customer base, developing your sales funnel and expanding your business will be easier.