Last week we published the first five tips for growing your business in a significant way. In this article we will look at five more tips to round out our top 10, but first a recap on last week.
Last Week’s Ways To Grow Your Business – In Brief
- Open In Another Location
- Launch New Products
- Upsell To Existing Customers
- Expand Online
Here are five more ways that you can grow your business.
Automate and Become More Efficient
If you take a critical look at your business and its day-to-day processes you are likely to find a number of areas that could be automated. This could be through things like software solutions, or outsourcing.
When you automate these tasks, you and key members of your team will have more time to concentrate on what is really important – growing your business.
Business is about personal relationships so if you want to grow your business you must develop relationships with new people, and work on improving your existing relationships.
How you do this will depend on your business but some ideas are to get involved in your local chamber of commerce, participate in industry bodies, work with charities, and take part in online discussions. These things are not necessarily about making a pitch and getting a sale. Instead they are about building relationships with people who might offer support in the future. They could become a supplier, introduce you to potential customers, or become customers themselves.
Partner With Other Businesses
Depending on the nature of your business it might be beneficial to form strategic partnerships to help win more orders. You can do this to broaden your geographical coverage, or to supplement skills or services that your business currently cannot offer.
You see this all the time where concessions have space in a shop. The arrangement is beneficial to both parties as the shop gets a new offering for its customers, while the concession increases its reach. To make it work look for partners who can complement your current offering and add value.
Advertising is a key part of business growth, however successful you are. If you are advertising and you are not getting a result you should make changes to the medium, the ad, or your offer. If you are getting results you should look to push it further to maximise the business that you can bring in.
Here are two further tips when advertising. The first is to treat it a bit like your investment portfolio – ensure it is diversified. If you are only advertising on one medium or publication you are potentially missing out on customers. The second tip is to test, measure, and amend constantly. This will ensure your campaigns are always fresh and effective.
Can you expand your business into a new area that you have not explored to date? This is a great way to grow your business because you can often sell the diversified services or products to your existing clients. You are also able to trade off your existing brand which will help you get established in your market quicker.
Just remember that diversifying should be treated the same as starting a new business. For example, you should thoroughly research your market to ensure you have good prospects for success, and you must make sure you are able to deliver.
If you would like further help or advice on how to grow your business you should contact one of the expert advisors at Gilroy Gannon today.