The latest data from the ONS shows that around 10% of businesses fail after year one. Spotting the keys to growing your business after the first year is vital if you’re to escape this cycle and create lasting success.
After a full year of trading, you should be able to use your sales data to identify which products have sold the best and what you’ve done to drive traffic to your website. Therefore, finding what’s most reliable and lucrative for your business should be relatively straightforward.
If you’re confident you’re already well-positioned to meet your customers’ needs, you could investigate expanding your brand into new product categories. Growth from diversifying works on two fronts: existing customers recognise your brand in the new products they find, while new customers find an established and reputable brand available to them.
Refining your marketing strategy can also be an effective way to grow your small business. You can generate revenue by making your advertising more targeted and effective at demonstrating your business’s value.
Find more ways to grow a small business in domestic and international markets on the WorldFirst website.