Every business needs to grow to survive. It doesn’t matter if you’re just starting out or you’re well established with a couple of years trading under your belt. Growth increases your profits and frees up cash to invest further in your company. You can reach more customers and make more an impact in your marketplace. All you need is a strategy that’s right for your business. Here are just 5 to explore:
Diversification offers your business the chance to dip its toe into new markets. It might also be just the opportunity you need to diversify your customer base too. Market an existing product with fewer features for a budget market. This gives you an additional demographic to work with. Alternatively, add a few features and some luxury packaging to reach the higher end of the market. If you sell TVs, consider selling peripherals like TV brackets or sound bars. Adding a couple more products to your catalog could help you reach new customers for the future too.
Take On Bigger, More Complex Jobs
If you act small, you’ll always be small. But if you’re willing to approach clients and customers with a bigger offering, you can start to grow. If you shift heavy items about, consider investing in more equipment to take more weight. Something like a Kito electric chain hoist can make light work of lifting heavier goods in small spaces. This means you can take on more complex client requirements. If you provide social media monitoring services, why not offer full analyses and reporting as well? Offer more and attract bigger clients as you go.
Become More Efficient
Improving the efficiency of your processes and working models can allow you to take on much more work. You’ll work faster with fewer resources. This might mean you can cut your costs at the same time. If you can reduce your price, you might then be able to attract even more clients. If you have a warehouse business, consider restructuring your rows to better suit the needs of your biggest client. If you offer regular services to clients, consider using apps or automation to reduce your workload and cost.
Acquire Another Business
Buying another established business immediately gives you access to another customer base. This offers you the chance to reach them for marketing purposes to sell your first company’s products and services. Most importantly, it makes you a bigger fish in the market pond. You’ll have more buying power and a second brand. The additional company might complement your own by providing services or assets you had to pay a premium for in the past. Or perhaps it was a direct competitor? Together you are stronger.
Develop Your Brand
Taking the time to develop your brand can help you to attract more customers. The bigger your brand’s voice, the better. Be present on social media, and become an industry spokesperson. As a journalist’s go-to guy, you can keep your name and your brand in the media regularly. This builds trust in your brand and helps bring more customers in. How can you grow your business this quarter?
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries