Small businesses and employers have faced several challenges over the last two years. While your business may have survived, has it been able to thrive? How can you grow a small business? A business has to go through several stages and at each stage, you may face challenges.
Small businesses in New Zealand represent 97% of all the firms and account for 28% of employment. They form an integral part of the economy and culture in the country. How can small businesses fight the growing competition and evolve? Below we list 3 ways small businesses can grow and develop:
Focus on your strengths
Small businesses offer unique products and services that engage consumers. Find out what your strengths are.
Are your clients loyal due to your exceptional customer service?
Is it your prices that draw customers?
Is your product special and high quality?
Once you have noted down your strengths, it becomes easy to focus on them. Ensure you maintain the standards customers expect regularly. Having key strengths is also important when you want to grow a small business.
Invest in yourself
Employers and owners are so worried about managing their books, salaries, and expenses that they forget to invest in the key asset – the business. Are you cutting down expenses without thinking of the big picture? It is recommended that you take a step back, rethink, re-evaluate and consider investing in yourself and the business. Things such as expert help and support can be outsourced and is always a good investment as it saves your time, efforts, and energy. Having worked with over 6,000 employers in New Zealand, Peninsula understands the importance of cost-effective services.
Build a team
Look at each staff member or employee as your team member. Consider values and beliefs while hiring. Discuss their attitudes, motivations, and attributes.
Are they passionate about the role?
Can they see themselves growing with the company?
Will they fit within the company culture?
Having contracts and policies in place to communicate these things can ensure you hire the right employee. See how you can stand out in the market to potential employees.
Peninsula has worked with 6,000 small business owners across New Zealand by offering cost-effective services for employee management and workplace safety. Call our 24/7 FREE Advice line today for further information.