Practical tips on how to grow your business
Let’s be fair, growing your business doesn’t always happen in a linear fashion. There are a lot of components to think about, and it can be hard to know what to focus on first, in order to see the wood for the trees.
Below we share our top tips to get you on the right path.
Work smarter not harder. It’s always a good time to review your product and service offerings, and brainstorm how you can produce them more efficiently and effectively. Write down a bullet-point review of your production/service process, from start to finish, and get feedback from your team on how this could be improved.
Look at your pricing model. In a time where inflation is at a 30-year high, its likely you are paying more to produce the same output. Without a review and increase of your own prices, you will be making less for each sale (i.e. your margin will be squeezed). An instant price increase might not necessarily be the right option, but what you do need is clarity of information.
Consider what area you want to lead the market in. Is your focus consumer experience, and therefore you need to revamp your website? Or are you more focused on a new and innovative product and want to lead the market through your product design? Alternatively, are you planning to compete on price, and therefore need to keep a closer eye on what your competitors are offering?
Consider where your customers will find you – and invest in marketing to them. Are they likely to search for your services via Google? Or spot you on their socials? Are they more likely to see you in a magazine article – or perhaps even a blog? Once you work out where your customers are looking for you, you can better target your services to these channels and convert leads to sales.
Refine your unique selling point(s) – your USP’s. Think hard about what will make you different from your competitors. Why is it important that they buy from you as opposed to others? Ensure your content and branding explain this cohesively and articulately. What is your purpose?
Build trustworthiness in the market. To do this, you need to do what you say you are going to do. Ask customers to leave you testimonials and google reviews whenever possible.
Have a plan. Considering your overall strategic direction will help you stay focused on the bigger picture, when growing your business. Include how you are going to grow your business, in your annual business plan. When you have your goals and objectives written down, you are much more likely to achieve them.
Have a mentor. Engaging expert advice can bring a new perspective on how you could make your business better. Combine your expertise, with theirs, to create something even greater. It will also make you far more likely to do what you say you are going to do.
Know your sales funnel. Also known as your customer’s journey. Come up with ways that incentivise your prospective customers and clients to move through your sales funnel. This is an active journey with many touch points - from brand awareness at the top, right down to a conversion at the bottom. How do you move your customers through this funnel to the point of engagement and conversion?
Form strategic partnerships. Building a partnership between yourself and another business can open your prospective client list, and introduce your product or services to a broader network. The key is to find a business that aligns with a similar vision or mission to your own, but is not a direct competitor. A great example of this, is Starbucks (coffee) and Barnes & Noble (the book store).
Unsure where to start? Get in touch for a no-obligation chat, so we can help you get on the best path for your business.