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5 Principles For Growing A Small Business

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Setting up a small business can be scary. In time you’ll be able to reap the rewards of your hard work, but the initial few years will likely involve stress, strain and a lot of hard graft. 

Nevertheless, in 2020 nearly half a million new small businesses were set up in the UK. Joining the nearly six million already in operation as of February 2020. Although some small businesses did have to close due to the pandemic, many found the adaptable nature of small business a benefit in trying times. 

There may be lots to consider when setting up a small business, such as getting the right small business insurance and incorporating your company properly. However, no small business will thrive if they don’t get the following five principles right. 

Timing it right

For small businesses, timing is everything. If your products are not solving customers current needs, then they will never get off the ground. In fact, most small businesses end up failing because their products are not capitalising on current marketplace desires and trends. 

Luckily, small businesses have the advantage of adaptability. With usually only one or a few stakeholders involved, decisions can be made more efficiently. This allows you to launch your products and services at the right time to capitalise on consumer demand.

Staying on brand

Consumers are now acutely attuned to branding and brands. Many will shop only with brands that share their values and who have a clear and identifiable personality. Setting up your small business with a strong, coherent and consistent brand message will help your small business thrive.

Scaling your sales

Timing and brand are not enough to reach your small business goals though. To find real success as a small business you must be able to scale your sales. Consider all your marketing channels, how you are going to inspire repeat sales and customer loyalty. And above all ensure you customer service is on point to encourage repeat business. 

Innovating with tech

As the world moves wholesale into a digital future no small business is likely to survive without technology. Ensuring your products or services are easily bookable and accessible online is one part of it. You will also need to ensure you are keeping your data and your customers’ data safe online. Investing in tech will help.

Going stress free

Beyond anything else, you will never get your small business off the ground if you are in a near-constant state of undeniable stress. Keep calm and find time to relax as you build your business. Rome was not built in a day but it has lasted for thousands of years. Keep going, you’re doing great. 

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