The best way to grow your business in 2020 - Part 1

In modern times, we pursue profits as priority in any business whether it is physical or online. We always seek profits, business opportunities and investment routes. People always asks "How can I grow my business?" "My business isn't growing, What is the best way to grow my business?"

Starting a business from the start is not as hard as growing and maintaining it because we always seek to grow our business, be it physical business or online businesses.

In this post, I will thoroughly explain the best way to grow your business in 2020 and beyond.

There are currently 2 most broad classifications I will be using, which are:

1. Physical Businesses
2. Online Businesses

Physical Businesses

I classify all business that has a physical location or sales point as physical businesses. Physical business mostly deals with buying and selling of product. Getting the margin between original cost of product and profit per unit of product is a very important information, that is knowing your profit per unit of your product.

Starting your business can be quite tasking as you have to take into account every little detail so as to help you get ideas and method of improvements so as to grow your business. When planning to grow your business, certain questions need to be answered in order to provide you the best pathway to success.

Questions like 

• Who needs your product?
• Where is your sales point located?
• How widespread is your business?
• What is the reputation of your business?
• What is your relationship with your customers?
• How presentable is your product?
• What are your methods to attract customers?
• What is the price of your product in comparison with your competitors?
• Is your business trustworthy?
• What is your customers review on your product?
• How do you aim to improve your product?

Who needs your product?

Who needs your product? Now, this is a very important question. Products are formed with the aim of improving life or solving problems. 

The product that you are selling or you want to start selling, you need to ask yourself "Who needs your product?"

Clothes are sold because customers need it to protect themselves from weather and to cover their bodies. Now, clothes solves those problems that is why clothes are sold and customers buy them. The question of who needs your product is a very important question in the sense that it can help you kick-start your business and grow your business in no time.

Where is your sales point located?

Where is your sales point located? This is also a very important question. Where your sales point is located is very important, be it a store or booth.

You need to ask yourself "Will I get customers if my sales point is located here?"

If you have a drug store and it is located beside a hospital or a healthcare center, it is very likely that your business will grow astonishingly because of the location of your sales point because when patients or sick people goes to the hospital, they are diagnosed and recommended some drugs that will relieve their ailments. When they go out of the hospital to purchase those drugs, they see your store beside the hospital and they go to your store to purchase those drugs and as such you make huge amount of profits in a little time.

How widespread is your business?

How widespread is your business? Is your business limited to a single location or do you have several branches located at strategic points to grow your business?

When growing your brand it is important to expand, that is to improve your reach.

If you have a large drug store as your headquarters and your aim is to grow your business, you should try to improve your reach, you can set up several branches or small stores beside other healthcare facilities and manage them, in a while a whole town or city might be depending on your business solely for their drugs.

What is the reputation of your business?

When growing and expanding your business, the reputation of your business is very important as it determines the future of your business.

If you have a business reputable for being honest and trustworthy, it is important to keep it that way because it is an important factor in the growth of your business. When your business has a bad reputation of cheating people, customers lose interest in your business and instead goes to your competitors which will cause further deterioration of your business. Keep your business on a clean slate.

What is your relationship with your customers?

Your relationship with your customers also determines your business in the sense that it can improve your reputation and it can also serve as a means of free advertisement.

If you have a business that provides services and you succeed in giving your customers a good user experience and satisfying their need. Your customers will most likely recommend friends and acquaintances that will also come to your business in hopes that you will satisfy their needs and when you succeed in satisfying that customer, it creates a chain reaction of referral which will boost your business.

How presentable is your product?

How presentable is your product? How does it appeal to the interest of your customer? Giving your product a good look is important, it helps to increase sales.

If you have a restaurant that sells Italian or French dishes and you create poster as a means of advertising your brand, it is important to include in the poster an image of a dish made by your restaurant and it has to be appealing, that is to say it has to be a feast for the eyes. 

What are your methods to attract customers?

What are your methods to attract customers? Many physical businesses choose physical promotions because of their limited reach of their physical sales point. Posters and banners are usually used in this method of promotion.

The mistake that most businesses make is promoting products or services and including fake or over-hyped promises.

When a customer sees your poster and is interested in your business it is because he saw something on the poster that piqued his interest and when he arrives at your sales point to get the promised discount or product or services that was promised on the poster, he doesn't get what you promised and as such it decreases your reputation and trustworthiness.

"The way to gain a good reputation is to endeavor to be what you desire to appear.”

 

What is the price of your product in comparison with your competitors?

Price is a very important factor, if your product is over-priced, customers wouldn't buy it because it is over-priced and if it is under-priced, customers wouldn't buy it because it is thought to have no value because of it's low price.

The price of a product or service is important because it determines how much your product will grow. There are 2 types of pricing which include:

• High Ticket Sales
• Low Ticket Sales

High Ticket Sales

High Ticket Sales is the pricing of products where the products are usually high priced with low volume of customers. That is, more money, less customers. This strategy of pricing usually works for high end services and products. For example, luxurious cars.

Low Ticket Sales

Low Ticket Sales is the pricing of products where the products are usually low priced with high volume of customers. That is, less money, more customers. This strategy of pricing usually works for low end services and products. For example, books.

Is your business trustworthy?

Trust is important in all businesses, it determines how far your business will grow.

If you have a business that requires investment or a normal business of buying and selling. When your business is reputable for being honest and trustworthy, it aids investors and customers to see prospects in your business and to have interest in your business which then helps to improve your business.

What is your customers review on your product?

Feedback is important to your business. 

When your customers leave a positive review about their experience using your product or services, it helps new customers have a high expectation of your product or services and it makes them have a little confidence that your product will satisfy their need.

How do you aim to improve your product?

After you get a feedback from your customers. What do you do? Do you leave it unanswered? Do you give a reply to your customer? If you do give a reply, how do you aim to solve their problem and improve the user experience of your product.

When you get the feedback from your customers, it is important to make adjustments and improvement. It might be in the reception, in the purchase of the product, in the payment of the product, in the usage of the product, in the after-effects of the product, you should always aim to satisfy your customers while making your profits.

In my opinion this is the best way to grow your business in 2020. This is the first part of this post giving you the foundational knowledge on the best way to grow your business in 2020.

Part 2 is upcoming.....

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