Nearly every business could use more growth. Here’s some steps you can follow to help grow your business. Some of them you may already be doing, but you’re likely to get some fresh ideas.
Review your business plan
You should make it a habit to regularly evaluate and review your business progress so as to test your business strategy. Check if you are achieving your goals or not. Check if you are utilizing all your strong points and making use of all opportunities that come by. Look at the where you would like your business to be next year and formulate a strategy that can help you reach there. Are you involving your employees in the plan? Come up with new objectives and set a strategy that can help you achieve the goal.
Refresh your offer
Check if your products are still as attractive and as popular as they used to. Come up with new strategies that can help you enhance the product’s popularity. Check if your competitors have left you behind or not. If they have, conduct a fresh research. A simple research should give you an idea of where you are and what ought to be done. Get as much information as possible from your customers through simple charting. Get information about your pricing strategy and what they think you can do to improve the services.
Check your cashflow and determine whether it is healthy or not. If there are any cashflow projects you have put in place for the year, assess them and figure out problems that could be hindering their success. Is your survival guaranteed? If not, identify potential problems that can hinder their achievement. In a case where you don’t have a cash flow projection find out why you’ve not had one.
Increase your revenues by increasing sales
Convincing your existing customers to buy more of your products is cheaper and easier than looking for new customers. You can increase the range of your products or sell the products in bundles.
Remember that the customer keep on buying from you because they appreciate the value you give to them. “This means you have already done the donkey’s work”, according to Tubz Vending. “ It’s a lot harder to win a new customer than keep an old one”. Franchises. Just ask how the business can serve them better. Establish a close relationship with them and add value to the relationship as you try to sell to them an extra product.
Target new customers
Of course this is what a profit minded businessman should do. Unfortunately, most businesses rely so much on the existing and loyal customers. This is not just dangerous but it is risky for the business since some customers inevitably have to drop off each year. Singling out the new customers you should target and how to do it can help you succeed. Set your monthly new sales and monitor them check your existing marketing methods, single out those that work and those that do not. Use offers to attract customers away from your competitor and work towards retaining them. Monitor any newly acquired customer to ensure that they become loyal.
Ensure that you open new channels
Many businesses will just focus on one or two channels. Look for another avenue. Why not try selling your products online. According to statistics from UK, in 2012, close to £711 million was spent online weekly. Thus, going online can help you get one or two of these clients. It also opens an avenue of selling your products to international clients. This is what can help you turn your business in to a franchise.
Promote your products online
It is not a must that you sell your products online. However, you can use the platform to market your business. Your website must be ranked high and embrace social media marketing. You can get more clients through Twitter and Facebook.
Revitalise your business
A businessman can also become jaded. When this happens, you must step back and build a relationship with individuals who can give you new business opportunities and ideas. Use both offline and online networks to meet new friends.
Recruit new people
If your business has the capacity to create a new opportunity, use it to bring new faces into your firm. Ensure that you bring in new people with new ideas to the business.
Reinvest in your business
To grow your business, reinvesting in it is important. You may use a mentor or a consultant to help you figure out how best you can grow and attract external investment. Incorporating a private investor could be a good idea.