Do you want to push your business forward to increase its profitability and make it more financially secure? Do you regard increasing the rate of growth in your business as being essential to your survival? Do you want to employ more people, make your company more valuable, or improve your legacy?
These are all laudable aims in business, and you might answer yes to more than one, but how do you achieve these objectives? The answer is that you have to grow your business. Most business owners do this instinctively, pushing for a five percent, seven percent, or 10 percent increase on last year’s sales. But how do you really push your business forward to grow faster and/or substantially bigger?
We have looked at 10 ways to grow your business – the first five are in this post. We will outline the next five in our next blog post.
Open In Another Location
Expanding into a new geographical location takes many forms. At its simplest it could involve putting a sales team on the road in a different area, or it could mean physically opening new premises. It could be in the next town, or it could be in a county on the other side of the country.
Wherever you are thinking of expanding you must do thorough research. Just because your product or service is successful in your current location doesn’t mean it will be successful elsewhere.
Also make sure you have sufficient administration and management structures in place to give the new location the support it needs to become properly established.
Launch New Products
Innovation is the key to success for many businesses – look at car manufacturers, phone manufacturers, or supermarkets. All of these businesses constantly bring out new products or services to keep the interest of customers.
This is particularly important now as consumer patterns are becoming more fleeting, and consumers are less loyal to traditional brands than they used to be because of the internet and mobile commerce.
Upsell To Existing Customers
This is one of the first things you should look at when thinking about growing your business. After all you don’t have to introduce existing customers to your brand or convince them that you are capable of delivering to the same extent that you do with new customers.
Do your customers know about all the products or services that you offer? Make sure that they do, and offer them an incentive to move more of their business to you. This could be a discount, more favourable terms, etc – it will be worth it in the long run.
If you are not offering your products or services online you are missing out on a large opportunity to reach potential new customers. And given the low cost of entry to online selling, it is an opportunity that most businesses should take advantage of.
You can offer a better service to your existing customers, even if they are local. Plus you can ensure they remain loyal to you rather than drifting to a competitor who has a better online offering. Plus you will reach new customers online, including those outside your usual geographical catchment area.
This won’t apply to all businesses but if you have the right type of product exporting could be an option. The method of entry into new markets will vary. For example, you could use some of the tips already on this list – opening a new location in the UK, employing a UK-based sales team, or tailoring your website to cater for international sales. You could also look at different options for exporting or expanding overseas, such as franchising your business model, or finding a foreign distributor for your products.
In our next post we will look at five more ways that you can grow your business. You can also get advice on business growth that is specific to your business from the experts at Gilroy Gannon. Call us today.