Grow Your Business with these useful tips.
Learning how to grow your small business isn’t a lofty goal but a necessity for your business’s survival.
In this article, OnPoint Advisory, Gold Coast Small Business Accountants, will discuss some additional ideas that can help you grow your business.
What can you do to get your business beyond the bare minimum?
What can you do to turn it into the income-generating dynamo you want it to be?
Try one or more of the strategies below. With some planning and investment, they can work for you.
Your existing market.
When you brainstorm ideas on how to grow your small business, the first thing that usually comes to mind is acquiring new customers.
But you already have your best bet for increasing your sales – existing customers.
It’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.
So focus on ways to keep get your existing customers coming back.
One of the easiest ways to get new customers do this is to ask your current customers for referrals.
Having great products and excellent customer service and just assuming that your existing customers are talking about your small business won’t do much to increase your customer numbers; you have to be actively seeking referrals.
During or after every job or sale, ask your satisfied customer if they know anyone else who would be interested in your products or services.
Innovate your product or service.
Discovering and promoting new uses for your products or services is a great way to both get existing customers to buy more and attract new customers.
Spread your market.
The most obvious is to open in new locations. New locations can also be a website with an online store.
Another idea is to extend your reach through advertising. Once you’ve identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, through means such as social media.
These can be a great way to grow as they draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line.
The trick is to select the trade shows you participate in carefully.
A niche market is a specific, focused portion of a market that is being serviced poorly or not at all by other firms.
Establishing a niche market gives you the opportunity to provide products and services to a group that other businesses have overlooked.
Contain your costs.
There are a few ideas to consider here:
– Review your utilities (electricity, telephone, internet) regularly and see if a better deal is available;
– Have your insurances reviewed by a reputable Insurance Broker,
– Revisit any debt you have and see if a better deal is available.
– liquidating your slow-moving products or removing the services you have that are not making money; and
– improving your inventory turnover.
Diversify your range.
The key to successful growth through diversification is similarity.
You want to focus on the related needs of your already established market.
Expanding into international markets can also be a powerful boost to your business’s bottom line, but requires commitment of both time and resources, but can be extremely rewarding.
Time to Grow
That’s just some ideas on how to grow your small business.
Pick one or two of these ideas that are suitable to your business and your circumstances and get your plan for growing your business underway.
If you would like to discuss some of these tips, contact us today for a free initial consultation.