How to Grow a Business? | Robert Paul Rodish

Learning how to grow your business isn't just a worthy goal; growing your business is often a necessity for your business's survival and your economic well-being, said Robert Paul Rodish. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? Try one or more of these growth strategies. Other businesses have successfully used all and, with some planning and investment, will work for you.

When you think about how to grow your business, the first thing that probably comes to mind is getting new customers. But the customers you already have are your best bet for increasing your sales; it's easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.

That's not to say that getting new customers is a wrong approach. One of the easiest ways to do this is to ask your current customers for referrals. But notice the verb. Having excellent products and excellent customer service and just assuming that your customers are passing the word about your business isn't going to do much to increase your customer base; you have to seek referrals actively. During or after every job or sale, ask you are a satisfied customer if he knows anyone else who would be interested in your products or services.

Discovering and promoting new uses for your products or services is an excellent way to both get existing customers to buy more and attract new customers. Think petroleum jelly and duct tape—and how few of these would be sold if they only had one use!

There are several ways of growing your business by making your product or service available to a new pool of customers. The most obvious is to open stores in new locations, such as opening a store or kiosk in a new town. New sites can also be virtual, such as a website with an online store. 

Another approach is to extend your reach through advertising. Once you've identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, you may want to use social media for advertising.

Remember the analogy of the big fish in the small pond? That's necessarily how this strategy for growing your business works. The niche market is the pond, a narrowly defined group of customers. Think of them as a subset whose needs are not being met and concentrate on meeting those unmet needs.

A nursery, for instance, might specialize in roses while a home design business might focus on window treatments.

Focus and follow your strategies; don't drop and pick new every few days, said Robert Rodish. Focus on your existing customers instead of focusing on getting further if you want to stay in the long run. Provide the best customer service and be there when they need you.