4 Policies that Can Encourage Small Business Growth

While business growth has always been important, more leaders see growth as a symbol of success now than ever before. Indeed, business growth is often used as a predictor of a company’s viability. To some, growth is even more crucial than profits, product quality, or business reputation. In any case, it’s safe to say that growth should be a priority for small business leaders. And they can inspire growth at their company by enacting the following policies:

Internal Promotion

One of the best –– and most efficient –– ways that a company can successfully scale up is to enact a policy of internal promotion. That is, business leaders should try to fill positions that come open with employees already on the payroll. Promoting from within is a beneficial policy for several key reasons. First, it boosts retention rates and reduces time businesses must spend hiring, onboarding, and training new employees. Second, internal promotions should bolster employee morale. And third, internal promotion encourages businesses to invest in employee development, which is key to long-term business success anyway.

Marketing Investment

How does a business grow? By getting more customers. How does a company get more customers? By marketing to them, of course! Though this is an oversimplification, it is true in the sense that businesses need to invest in marketing and advertising in order to grow –– and not necessarily in reaction to growth. For example, if a company wants to expand their customer base, they need to launch market research and awareness campaigns in new areas. This, of course, is much easier said than done, but regular marketing investment is an essential policy to implement all the same. 

Customer Rewards & Loyalty Programs

Customer retention is just as key to growth as finding new customers. After all, if you lose customers at the same rate as you find new ones, you’re not really growing so much as replacing one set of customers for another. On that note, it’s no surprise that so many successful businesses use loyalty programs and customer rewards to support overall growth. Plus, anything that improves the customer experience is likely to generate further income in the long run.

Transparency

No one wants to work with –– or for –– a company that hides in the shadows. So whether you’re running a medical clinic like Northwest Surgery Center or a new department store, it’s a smart idea to promote transparency in all that you do. Let your customers know important things about your products and services up front. (This includes price.) Also, volunteering information about your business and your values (both on your own site and elsewhere) will let prospective employees know what you stand for. Do this and you should have no problem connecting with employees and consumers who want to partner with you!