Growth is something that all businesses aspire to.Growth means more customers, success, and higher profits.Growth is the end goal.The thing about growth is, you cannot buy it.No amount of short sighted, temporary pricing, gimmicks, or tricks are going to result in real growth.How does a business expand in a way that lasts? What gives a business sticking power?
Look Past the End of Your Nose
It can seem like doing whatever is necessary to take business from the competition in the immediate future is a good choice. Predatory pricing and deep discounts, even at a loss, to get customers can look appealing if you are not looking past the end of your nose. It can be tempting to shore up any potential loss with lesser quality or smaller portions.
This may definitely bring in more customers, even probably taking some away from the competition. The thing is, this type of growth doesn’t last. Eventually you will have to raise prices to stay afloat, and they will notice the smaller portions and poor quality.
The Big Picture
The best way to grow is to see the big picture. Make decisions based on what will be best in the long term. This may mean increasing quality, offering new and unique items, and even beefing up customer service in an effort to remain competitive. A contest or coupon to get customers in the door so they can experience these products and quality customer service is a good idea, but the quality and service is what will keep them coming back. That is real growth.
Slow and Steady Wins the Race
Remember that real growth is not necessarily fast, but it is steady.It happens over time. It is organic, not bought. Enticing customers with short-term gimmicks is effective only in the short-term. The growth that results from temporary deep discounts does not last. They need a reason to come back when the pricing is where it should be for the market. That reason is great value, also knowns as a great product for a fair price.
This saves money in the long run as well, as steady growth is much more profitable than a fast influx of business that does not last. Biz2Credit can help you obtain the financing that you need to achieve true, organic growth. Our network of lenders offers various types of small business financing tools to a broad range of borrower types. From startup loans to expansion loans, lines of credit to equipment loans, and any other business financing you may need, our lenders can help. Visit Biz2Credit.com today to see what we have to offer.