Grow your business in 5 steps

Tap in to your existing potential

Most business owners start by trying to get more customers – which although is one way to grow – overlooks their existing clients. Your customers are already familiar with you, making it the first place to look when looking to expand.

An easy way to do this is to create a client database, so you can group them into categories, and make offers for each depending on their interests and needs. Businesses often create customer loyalty schemes, where your clients are rewarded for buying from you often.

Your staff also play a key role in your sales; don’t forget to train them.

Discover new clients

Once you move onto finding new clients, try different outreach methods, such as via email or mail. An often overlooked technique to advertise is free – word of mouth from your own clients. This could be incentivised through an offer for referring someone successfully.

Additionally, think about exploring new markets. This could involve different geographical locations, or simply a different niche for your existing products and services. As a result, new clients will come your way. Keep in mind, research is key before making an investment into a new market.

New products

Developing new products and services is the next step in growing your business. Keeping it aligned with your current business is key – asking for feedback from your clients can help with this, as well as looking for inspiration from similar businesses to yours.

Up the profit margins

The last option is simply reducing the money out, and increasing the money in. This involves finding any processes that can be simplified or automated to save money, as well as increasing prices. However, it is important to stay within a reasonable range, or else you may end up losing on business!

 

All information sourced from anz.com.au