How to grow a small business and build a passive income

CEO Ram Tumuluri Tips – “How to Grow a Small Business and Build a Passive Income”

Hard work and attention to detail, rewards you with a successful business and a passive income’, says CEO Ram Tumuluri! In this article, our business strategy team takes a look at what it takes to start a small business and build a passive income. 

How to grow a small business and passive income

Get To Know Your Competition As A Way To Improve Your Business

To grow a small business, healthy competition is essential for long term success. How else would you set goals and strive to improve? Keep tabs on the competition to learn new things, like strategies which may help to grow your business. Looking at businesses offering similar services in alternative markets, cities and even other countries is a great way of running market research which will save you time and money. Always do your research and look for gaps and opportunities where demand is high and competition is low. And finally, if there is a massive gap in an obvious place in the market, ask yourself why as there may be a reason. 

Take Time To Understand The Customer – Don’t Underestimate The Importance Of This

The lifeblood of any business is the customer or consumer. Hence, you must go the extra mile to understand your customer and know their needs and wants. Allow them to voice their concerns. And view all customer feedback positively, as a means to improve your services or products.

Reading Recommendation: Permission Marketing by Seth Goddin

Strive To Be Creative With Your Small Business

Creativity will help your business to grow and stand out amidst the competition. Strive to innovate and deliver above and beyond customer expectations and be open to new suggestions; advises Ram Tumuluri who, having held many leadership roles, understands the importance of innovation.

Build Up A Good Website To Expand Your Small Business

A helpful and up to date website is an important link to your business. A well-functioning modern website will ensure your small business enterprise keeps growing while offering an overall conversion rate of about 30% (with the right planning, strategy and delivery). Remember, always carry out a number of interviews with digital marketing experts and don’t underestimate the importance of paying someone who has more knowledge than you. Investing £500-2000 might sound like a lot at the start but this could save you thousands down the road which is what will happen if you end up using a cowboy developer or company who can’t deliver what they say they can. 

Learn To Use Social Media To Showcase Your Small Business

Finding social media tips for small businesses owners is essential. Social media is a good tool for increasing your customer base, receiving consumer feedback and reaching new customers directly. You can update your brand following tips and suggestions while using popular social media platforms to advertise your company.

Sign up and follow the following social media websites to stay up to date with top tips and industry trends

Make The Right Contacts To Grow Your Small Business 

Here’s the truth – it’s who you know and not what you know that’s more important. Create a network to not only grow your business but your professional insight and relationships. This will help you connect with investors interested in enhancing your business.

Increase Your Businesses Visibility To Grow A Small Business

For a business to thrive and grow it must be well known. Increase your visibility by optimising your SEO’s which in turn will put your site on the first page of an internet search. If your business has a physical address, list it on Google maps.

Maintain Good Relationships With Your Supplier

As an important link to your business, keep your suppliers happy. They in turn will help you out in times of need. To maintain a good relationship make sure your payments are timely and exchanges are beneficial to both parties.

Train Your Staff To Maintain A Successful Business

A successful business is built on efficient leadership and a competent staff. Provide your employees with adequate training, responsibility and importance. This will motivate them to work-hard towards improving your business. Reading up on management tips can really help you understand how to manage people and your business. Afterall, if you can get others to run your business, you’ll have more time to focus on business development, strategy and enjoying life. 

Check out these recommended management books for small business owners and entrepreneurs

Essential Managers Leaders by Christina Osbourne 

Management in Minutes by Philippa Anderson 

Management Take Charge Of Your Team by Alan Anderson

Keep Track Of Your Finances & Get Small Business Accounting Software ASAP

Maintain a healthy bottom line by keeping track of your company’s finances. Stay updated on depts and know how to handle your future finances accordingly. Using small business accounting software like xero or quickbooks, can help you save hours or time and it will help you invoice quickly.  

Remember a little hard work, lots of dedication and determination will ensure your small business grows!