Bangladesh’s economy is booming. The country is on its way to becoming one of the biggest business hubs in South Asia and the second most thriving economy after the regional giant India. Following the recent pandemic, Bangladesh is now an attractive destination for foreign direct investments, and many businesses are all geared up to scale their operations both within and outside the country.
If you own a business in Bangladesh, now is the perfect time to expand its operations and reach new levels of success and growth. However, scaling a business is no walk in the park. It requires sheer hard work, an extra bit of planning, and overcoming challenges that come along the way. Although there’s no shortcut to success, some tips from the corporate gurus can surely make this journey easier. Keep reading to explore some tried and tested tips for small businesses to achieve sustainable growth and exceed their revenue targets:
1. Handle Money Matters Carefully
Many small businesses and startups in Bangladesh face the common challenge of limited financial resources. During the initial years, small businesses typically encounter turbulent market demand, unexpected expenses, and insufficient revenue streams, which makes it hard to reinvest revenues for future expansion.
The secret to successful scalability lies in how effectively and efficiently you manage your finances during the first few years. Gaining adequate knowledge of budgeting, bookkeeping, and financial planning is crucial. Enrolling in an accredited online MBA program in Bangladesh can provide you with the necessary skills and understanding to stay on top of your finances and pave the way for sustainable growth. This program is designed to help entrepreneurs and business managers develop the financial acumen required to navigate the complexities of managing a business successfully.
MBA programs provide a comprehensive understanding of all financial concepts related to business management. As a business owner with an MBA degree, you’re well equipped to develop detailed financial plans, analyze business feasibility, and track your cashflows more effectively. You can review your financial statements and figure out potential areas where you can cut costs and improve your expense-to-revenue ratios.
2. Have a Clear Vision for Your Business’s Future
Attempting to scale your business without a clear vision or plan is like throwing arrows blindly and aimlessly into the dark. After all, how can you expect to hit the target without a defined direction or even knowing the target itself?
If you want to reinvest in your business and expand its operations, you first need to outline your vision and set clear strategic goals. For that matter, think about what you want your business to look like a few years down the road, say 5 or 10 years. Reflect on your business’s values and figure out what’s important to you and your team. Plan out exactly which areas you need to focus on when expanding your business. Do you want to set a higher revenue target or expand your consumer base across borders? Do you want to create a solid brand identity, enter new markets, or expand your product line? Once you get a clear vision for the future of your business, you can direct your efforts towards achieving that purpose and achieve sustainable growth.
3. Offer Exceptional Customer Services
The way you treat your customers shows a lot about your business’s values and commitment to excellence. Providing excellent customer service is a way to show the world that you value your customers and prioritize their needs and preferences. Excellent customer service is also essential for building a solid reputation in the market and for winning customer loyalty.
Your customer’s experience begins with first impressions. So make sure you provide a memorable experience to your customers from the moment they interact with your business to making their purchase and requesting after-sales services. Make sure your customer support staff is always available to respond to queries and address customer complaints. This will encourage your customers to keep coming back for more and recommend your products and services to their social circle.
4. Use Social Media as a Tool to Scale Your Business
Internet and social media platforms have made it ever-so-easy for businesses to operate from any location and expand their services beyond physical borders. Social media platforms have a massive community of over 4.9 billion active users worldwide and 44.7 million users in Bangladesh. It’s a powerful tool to quickly multiply loyal customers and make your brand seen, heard, and appreciated worldwide. However, it’s important to choose the right social media platforms to reach your target markets and create effective social media marketing campaigns to maximize customer reach.
Reach Potential Customers on Social Media
Research your target consumer base and the social media channel your potential customers prefer the most. Once you have an in-depth understanding of your potential customers and their preferences, you can craft targeted marketing campaigns and create the right type of content to attract them.
Use Social Media Tools and Features to Increase Brand Awareness
Social media platforms aren’t just a way to engage with your customers. They also offer a variety of tools and features for businesses to expand their reach effectively. You can use paid ads, sponsored posts, influencer marketing, and targeted promotions to reach a broader customer base apart from your followers. Additionally, you can post engaging visual content or start unique social media trends or challenges. Most customers and followers forward or share this content on their profiles, which helps you promote your business without investing in paid advertisement.
5. Encourage Happy Customers to Promote Your Business
Paid advertisements and targeted promotions are a great way to increase your customer reach. However, winning the potential customer’s trust to engage with your business is an entirely different dimension. This is why user-generated content has become a critical marketing element for any business that yearns for growth.
User-generated content can be any visual or textual content created by your happy customers. You can encourage your customers to write reviews, create unboxing videos, and post testimonials on your social media profiles and business websites. When potential customers see reviews and videos of the actual product, they tend to trust the recommendations and prefer making a purchase. This user-generated content can significantly enhance your business’s credibility and increase your brand awareness.
Moreover, the views and likes on user-generated content help you assess customers’ buying behavior and preferences. You get to know which products are attracting customers’ attention the most and what are their opinions and observations about a specific product or service.
Your business’s scalability and sustainable growth rely on a variety of internal and external factors. Although you can’t control external factors such as economic instability or rising production costs, the above-mentioned simple tips can make a big difference in how well your business performs, competes, and achieves its scalability goals. It’s also important to consider both the short-term and long-term impact of each of these strategies and be prepared to adapt to changing circumstances as you scale your business.