Building Your Business

As a small business owner, you may reach a point when you are ready to move beyond running your business to building your business. You may be looking for ways to grow your successful and stable business, whether you're just getting started or have been operating for a while. Business growth is a goal for many entrepreneurs/small business owners, but it's important to understand that growth doesn’t happen by accident. It requires planning, strategy, and sometimes a little creativity. In this session, we’ll explore practical and actionable growth strategies that can be applied to businesses of all kinds, whether you own a food truck, a cleaning service, a daycare, or a sound design studio.

We will break down these strategies into key areas that can make the difference between staying in business and thriving in business: increasing your customer base, enhancing your product or service offering, leveraging partnerships, improving customer retention, and optimizing your operations. By understanding these areas for growth, you can pursue those that make the most sense for your business.

One of the most direct ways to grow your business is by attracting more customers. But how do you find new clients or customers who will buy your products or services? Here are a few ways you can increase your customer base:

Target New Market Segments

Identify new groups of customers who may benefit from your product or service. For example, if you own a residential cleaning business, you could expand your customer base by targeting busy professionals or even offering specialized cleaning services for Airbnb hosts. Think about what other groups might have similar needs or pain points and create targeted marketing messages for them.

How to implement it:

• Conduct market research to identify and understand potential customer segments. (To learn more about market research, visit MOBI’s Marketing session and watch this brief instructional video on MOBI’s YouTube channel.)
• Develop tailored marketing campaigns for these new segments. (For example, create ads or promotions for specific customer segments.)
• Reach out to new customers in ways that are likely to engage them. Learn what sources and resources your customers use to find information, such as social media, search engines, crowd-sourced review platforms, or email marketing.

Offer New Products or Services

Diversifying your offerings is another effective way to reach new customers. If you run a graphic design business, for example, consider adding services like web design, logo creation, or branding consultation. If you own a food truck, think about adding new menu items or offering catering services. If you own a daycare, consider offering “camps” or short-term engagements during the summer, school breaks, or holidays. 

How to implement it:

• Research what additional services or products align with your current business and customer base.
• Start small and test new offerings to gauge customer interest before fully launching.
  Use customer feedback to refine your new products or services.
  

Encourage Referrals and Word of Mouth Marketing

Word of mouth is still one of the most effective ways to grow your business. Encourage your existing customers to refer friends and family to your business. You could even offer an incentive or discount for every successful referral.

How to implement it:

• Create a referral program that rewards customers for bringing in new business.
• Promote your referral program through your website, email newsletters, social media, and signs in your store or location, if you have a physical space.
• Make it easy for customers to refer others by providing them with easy-to-share links or incentives.

As your business grows, you may realize that customers are asking for more or different products or services. Adapting and evolving what you offer is a great way to keep customers engaged and attract new ones.

Product/Service Innovation

Think about how you can innovate your current offerings to make them stand out. Perhaps there are upgrades or additions you can make to existing products or services. For example, if you run a residential cleaning business, you might introduce eco-friendly cleaning services to appeal to environmentally-conscious customers. You might offer seasonal “deep cleaning” or extras such as outdoor spaces, recreational vehicles, or boats. 

How to implement it:

• Keep an eye on trends in your industry and learn what your competitors are offering.
• Solicit customer feedback to understand what improvements or new features they’d value.
• Experiment with new offerings and track their success to determine whether to scale them.

Bundling Services or Products

Bundling can increase the perceived value of your products or services and can encourage customers to buy more. For instance, if you're a food truck owner, you could bundle a meal with a drink at a discounted price. Be sure that you carefully plan your bundle strategy so you don’t confuse customers or create an overpriced option.

How to implement it:

• Create bundled offers that provide customers with more value for a lower price.
• Highlight the benefits of bundled items through your marketing, such as creating special “meal deals” or “package offers.”
• Promote these bundles on your website, social media, and in-person at your business location.

Add Another Lane (Think Outside the Box)

Another way to enhance your product or service offering and leverage a loyal customer base is to increase your “customer touchpoints” (every moment a customer interacts with your business is a touchpoint) by adding something entirely different. For example, if you are a baker selling cakes and cookies, you could host baking workshops and create custom desserts for events. If you have a coffee shop, could you host live music one night a week, or rent out your space for private events outside of normal business hours? Do you have a popular food truck? Would your customers enjoy collecting stickers or other merchandise with your brand?

How to implement it:

• Consider ways to utilize the resources you already have in new ways.
• Brainstorm new ideas and survey your customers.
• Start small and leverage existing marketing efforts to promote new offerings, so you can test the market without spending too much.

Building relationships with other businesses can help you tap into new customer bases and resources. This could be in the form of referral discounts, collaborations, or strategic partnerships. Choose your collaborations carefully and make sure you establish a clear agreement to ensure the best outcome for you, the other party, and your customers.

Partner with Complementary Businesses

If you're a graphic designer, for example, consider collaborating with web developers, marketing consultants, or even event planners who might need your services. If you own a food truck, you could team up with a local brewery or event planner to offer your services at their events. If you have a residential cleaning business, consider partnering with a landscape company to provide discounts for referrals.

How to implement it:

• Identify businesses that share a similar customer base, but aren't direct competitors.
• Reach out to discuss possible collaboration ideas, such as cross-promotions, joint events, or bundled offers.
• Work together on joint marketing campaigns to reach a larger audience.
  

Collaborate on Events or Promotions

Hosting or participating in events can increase your visibility and reach. Whether it's hosting a community event, collaborating on a pop-up shop, or participating in local fairs, events allow you to interact with potential customers in person and give them a reason to learn more about your business. 

How to implement it:

• Organize a local event, such as a pop-up shop, product demonstration, or special promotion day.
• Partner with other local businesses to share event costs and increase promotional reach.
• Promote events on social media and local community boards to attract attendees.

While attracting new customers is important, retaining your current customers is just as essential. A loyal customer base can help sustain your business growth and provide valuable referrals.

Build a Loyalty Program

Loyalty programs are a proven way to keep customers coming back. Whether you offer discounts, exclusive offers, or rewards, a loyalty program encourages repeat purchases.

How to implement it:

• Offer a rewards system, such as earning points for each purchase, that can be redeemed for discounts or free products.
• Make your loyalty program easy to understand and promote it regularly to your customers.
• Use your point-of-sale or point-of-purchase system (some examples might include Square, Shopify, Toast, Mindbody, Clover, etc.) or a mobile app to track customer points and reward them.

Ask for Customer Feedback and Act on It

Customers want to feel valued, and one of the best ways to show them that you care is by asking for their feedback and acting on it. This could be as simple as sending out surveys or having a conversation with regular clients.

How to implement it:

• Use tools like surveys or direct feedback to understand what customers love about your business and where you can improve.
• Implement any necessary changes or improvements based on the feedback you receive.
• Show your customers that their feedback matters by thanking them and letting them know the changes you’ve made.

Visit MOBI’s Customer Experience and Feedback session to learn more.

As your business grows, so too does the complexity of your operations. Streamlining your processes, automating tasks, and improving efficiency are all crucial steps in supporting growth. 

Automate Administrative Tasks

Automation tools can save time and reduce errors. Whether it’s managing appointments, scheduling social media posts, or invoicing customers, there are many ways to automate tasks that would otherwise be time-consuming.

How to implement it:

• Use software like scheduling tools (for example Calendly, Microsoft Bookings, Acuity Scheduling, etc.), invoicing platforms (for example QuickBooks, FreshBooks, Wave, etc.), or customer relationship management (CRM) systems (for example HubSpot, Salesforce, Zoho CRM, etc.) to automate administrative tasks.
• Set up email marketing automation to engage your customers with minimal effort.
• Invest in technology that can streamline your workflow and increase efficiency.

Improve Inventory Management

Managing inventory effectively ensures that you always have enough products or materials on hand without overstocking. By streamlining inventory processes, you can avoid unnecessary costs and ensure smooth operations.

How to implement it:

• Regularly review your inventory to make sure you’re not overstocking or understocking key items.
• Set up a process to check your stock regularly to maintain accuracy.
• Understand your suppliers’ requirements, lead times, and deadlines to ensure you order with enough time to receive your inventory. Anticipate busy times of year for you and your supplier.
• Use an inventory management software system if it would be helpful for your business and can be supported with your budget.

Embrace Artificial Intelligence (AI)

Artificial intelligence (AI) tools and applications can help small business owners in many ways. Entrepreneurs and small business owners wear many hats, doing different jobs at the same time. AI can help make some of those jobs easier and/or less time-consuming. AI is quickly evolving, so research the newest tools and applications that best fit your needs. It’s also important to verify critical information since AI can make mistakes.

How to implement it:

• Creative projects: use AI tools to draft emails, write social posts, create product descriptions, and respond to customer questions.
• Data analysis: use AI tools to analyze sales data, website traffic, customer behavior, marketing results, and cash flow patterns.
• Learning and planning: use AI tools to brainstorm ideas, compare options, explain business concepts, policies, and contracts in plain language.
• Customer experience: use AI tools to answer frequently asked questions, book appointments, send reminders, track customer history, and host a chatbot on your website.
• Administration: use AI tools to summarize meeting notes, create to-do lists, and transcribe meetings.
• Translation support: use AI tools to help translate customer comments, emails, messages, and social media interactions so you can respond more effectively to a multilingual audience. Always review translations for accuracy.

The U.S. Small Business Administration (SBA) has a resource page entitled, AI for Small Business with additional information. 

Visit MOBI’s Business Operations session session to learn about planning operations for all areas of your business.

With more people shopping and searching for services online, a strong digital presence is essential for business growth. Digital marketing is a cost-effective way to communicate with existing customers and reach new audiences. Whether you’re building a website, engaging on social media, or using email marketing, your online presence plays a significant role in driving growth.

Build or Improve Your Website

Your website is often the first place potential customers will go to learn about your business. It’s important that your website is not only informative but also easy to navigate and mobile-friendly. (To learn more about building your website, visit MOBI’s Marketing session.)

How to implement it:

• Invest in a simple, user-friendly website design that showcases your products or services and includes essential business information (for example your location, hours, and contact info).
• Optimize your website for search engines using search engine optimization (SEO) to make it easier for customers to find you online.
• Make sure your website is mobile-friendly.
• Consider how artificial intelligence (AI) is impacting internet search, and learn different ways you can increase your discoverability by AI tools.
• Include clear calls to action (CTAs) such as "Contact Us" or "Shop Now."

To learn more about building your website, visit MOBI’s 5 Steps to Set Up a Website for Your Business downloadable PDF.

Use Social Media to Engage with Your Audience

Social media is a powerful tool for connecting with potential customers and building brand awareness. It’s important to post regularly and engage with your followers to build relationships and keep them coming back.

How to implement it:

• Create a content calendar and post regularly on platforms that are popular with your target audience.
• Use social media to engage your audiences with a mix of content. Four categories of content to consider are: convince, inspire, educate, and entertain.
• Practice social listening by monitoring comments, messages, reviews, and mentions of your business (and similar businesses) to better understand customer needs, answer questions, and identify opportunities to improve your products or services.
• Respond to comments and messages promptly to show your followers that you value their interaction.

It can be helpful to look at your customers’ overall buying journey and consider what digital marketing strategies and tactics would work best for each stage. Typically, this journey includes five stages: awareness, discovery, consideration, conversion (when the customer makes the purchase), and customer relationship and retention. Visit MOBI’s Advanced Digital Marketing session to learn more about the digital marketing funnel and ways to plan your social media activities for each stage of the customer’s journey.

Growing a business requires careful planning and consistent effort. Whether you’re focusing on attracting new customers, retaining existing ones, or optimizing your operations, each strategy plays an important role in building long-term success. Start with small, manageable changes and gradually scale up your efforts. Above all, stay focused on delivering value to your customers, and be ready to adapt your approach as your business evolves.

THE TOP 10 DO'S

1. Identify new market segments and customers in your plan for growth.
   
2. Diversify Your Offerings: Add complementary products or services to attract new customers without straying from your core business.
   
3. Encourage Referrals: Implement a referral program and reward customers for bringing in new business.
   
4. Innovate Your Products or Services: Regularly improve or upgrade your offerings based on trends and customer feedback.
   
5. Bundle Products or Services: Create packages or deals that increase value and encourage higher spending.
   
6. Build Strategic Partnerships: Collaborate with complementary businesses to reach new customers and share resources.
   
7. Focus on Customer Retention: Create loyalty programs and consistently engage with current customers to keep them coming back.
   
8. Collect and Act on Feedback: Listen to your customers and make improvements based on their input.
   
9. Optimize Your Operations: Automate administrative tasks, improve inventory management, and streamline workflows to make them more efficient.
   
10. Invest in Your Online Presence: Build a user-friendly website, optimize for search engines, and actively engage with customers on social media.

THE TOP 10 DON'TS

1. Ignore Market Research: Assuming you know your customers’ needs without research can lead to wasted resources.
   
2. Overextend Your Offerings: Adding too many products or services at once can dilute your brand and overwhelm your operations.
   
3. Neglect Word of Mouth: Underestimating referrals means missing one of the most effective growth channels.
   
4. Don’t Stop Innovating: Failing to adapt your products or services can make you fall behind competitors.
   
5. Overprice or Underprice Bundles: Poorly structured bundles can confuse customers or reduce profit margins.
   
6. Partner Without Planning: Collaborating with the wrong businesses or without clear agreements can backfire.
   
7. Forget Existing Customers: Focusing only on new customers while ignoring loyal ones can harm long-term growth.
   
8. Ignore Feedback: Dismissing customer input can damage relationships and hurt your reputation.
   
9. Forget to Evaluate Your Operations and Processes: Inefficient processes or poor inventory control can increase costs and limit growth.
   
10. Ignore Digital Marketing: Without an online presence, you’ll miss opportunities to attract and engage new customers.