Leveraging East Sussex for Lasting Business Success: Tips for Growing Your Business
Guest writer Stuart Cooke discusses how to grow your business
Every entrepreneur is looking for one thing. Lasting business success. To begin and grow a business may be a long and hard road with many ups and downs, where you might have to deal with more challenges than expected, but it is worth the effort and you can make life easier for yourself by selecting an area of the country with opportunities that align with your business needs.
East Sussex, home to some of the most innovative and market-leading brands, provides the South East’s most affordable commercial real estate. With that in mind, here are seven of the best recommendations for expanding your business in East Sussex…
Hire the best people
More than 4 million people with diverse skill sets across several industries are available to East Sussex businesses. With internationally renowned universities and colleges providing a rich supply of apprentices and graduates across a range of disciplines. You can also connect with ground-breaking researchers and access the next generation of talent.
Invest in yourself
Any small business with growth potential must have access to capital when required. Locate East Sussex can assist you in navigating the world of business finance by advising you on a vast array of business grants and loans and directing you to the appropriate funding options for your objectives. Since 2013, Locate East Sussex has supported the delivery of the East Sussex Invest economics development programme on behalf of East Sussex County Council, assisting numerous businesses in gaining access to millions of pounds in business funding, thereby bolstering the local economy and creating over 800 new permanent jobs in the county.
Understand the business know-how
As a business owner, you must understand the nitty-gritty of the day to day basics. A company has many moving parts that you need to be aware of. You don’t need to be an expert in these fundamental business skills but you should be familiar with them even if you wish to delegate them to others.
- Strategic management: Creating and executing a strategic strategy for your business.
- Accounting: Recognising which records to maintain and how to file them
- Financial management: Where to find money and how to manage it once you have it.
- Marketing: How to advertise your products and/or services through print and digital media
- Sales: How to promote your business via traditional and digital media
- Operations management: How to close deals and care for customers
Research your service providers well
You may require assistance to accomplish your enterprise goals. This is something that a service provider can assist you with. To ensure that a service provider will fulfil your objectives and assist you in attaining your goals, it is essential that you have a thorough understanding of them prior to selecting one. Your chosen service provider will be responsible for duties and procedures that ensure daily operations run smoothly. Consequently, it is essential to determine whether or not they can provide quality service and meet your company’s needs. Before selecting a service provider, you should consider the following aspects:
- Determine if they have worked on a similar endeavour
- Request references and samples of past work
- Ask how they intend to maintain effective communication with your team members
Extend your market reach
There are several ways to expand your business by making your product or service available to a larger consumer base:
- Establish outlets in new areas: An online store allows you to create a website-like virtual store. It gives you the opportunity to introduce your product to new consumers in a different market.
- Focus on a new demographic: Determine if additional groups could benefit from your product in the same way that your initial target audience did. Once you have identified a new market, you can create custom marketing campaigns or advertise in media that targets that audience.
- Promote creative uses of your product: By promoting new uses for your products or services, you can encourage existing customers to purchase more. It can also help you attract new customers who may need your products for various reasons.
All of these strategies help you increase your market share. Not only does it increase revenues, but it also reinforces your business model. You have a greater chance of surviving market shifts if you do not rely solely on one category of consumer.
Focus on your customer experience
Customer perceptions can make or destroy a business. If you provide them with improved experiences and products, they will praise you immediately on social media; if you don’t, they will inform the world even more quickly. To achieve rapid expansion, it is essential to ensure the satisfaction of your current and potential customers. Small businesses are more adaptable and frequently better able to foresee, anticipate, and respond to consumer demands than large corporations. Successful small businesses take advantage of this by introducing new and innovative products and services to the market more quickly and by establishing and cultivating long-term client relationships.
Choose the right growth strategy
A successful development strategy depends on the current state of your organisation and its resources. Consider the amount of money, time, experience, or employees you can invest, along with your current market, business goals, and customers’ interests. Not all plans are suitable for all businesses or appealing to all owners. Follow the instructions below to get started:
- Choose one or two business, and situation appropriate strategies
- Develop a new business plan in accordance with this strategy
- Establish growth, expense, and revenue benchmarks
- Follow these benchmarks on a regular basis to gauge your progress
Even with the fact that you won’t see results immediately, you will make progress if you adhere to your strategy and implement it methodically. Be prepared to take a step back, formulate a new strategy, and attempt again if one system fails.