With the start of a new year, a small business owner in India looks for new ways to grow their business and take their small businesses to new heights. Expansion of business leads to increased sales and profits.
Let us have a look at 5 practices small business owners can adopt to expand their business in this new year 2019:
Set business goals
Setting business goals like financial goals is very important for small business growth. Set goals in a way they are easy to evaluate (achieved or not). Goals can be short-term and long-term both.
For example, if you have a garments shop and you want to expand it, then you must know some ways to do that without your work getting affected and also have an idea about the costs you will require for this purpose.
Pay your debts
Assess your ongoing debts accumulated in the past year/years at the beginning of the new year. Know about the existing business loans you had taken and the EMIs left.
Maintain book of accounts
Unorganized summary of accounts is an issue in small businesses in India. This can also lead to financial losses, therefore, it is important for a small business owner to properly maintain the record of finances and even the operations of the business. Rather than doing it on your own, it is better to take help of a chartered accountant so that you can focus on other tasks of the business.
As a small business owner who wants to expand the business, you might go for business partnerships. When a small business goes for partnership in the same field, competition in the market increases.
Getting new customers
Increasing the number of customers is also a way of expansion. But it is important to know how and when to attract new customers. To achieve this you can make some changes to your existing products and services and even offer some discounts. Using promotion techniques like advertising, marketing, and social media can also contribute to this.
If you are a small business owner in need of an unsecured business loan, visit Gromor for more information on the process.