Did you know that only 50% of startups survive more than five years? Or that many of those won’t see their tenth birthday? If you’re serious about your business, then it’s vital that you consider its growth. In this article, we’ll walk you through the best ways to consider when growing your business…
Add additional products or services
If your clients regularly ask you for a product or service that you don’t provide, then it’s evidence that there is scope for you to grow your business by adding more to your offering. Your clients are likely to be looking for a complete package because it makes their lives easier, so you should do your best to make sure that you’re providing them this. Think about asking your clients whether there are any products or services they would like to see you offer. This will give you a good insight into the potential obtainable revenue from your existing customers, as well as letting them know that you’re diversifying your offering to them in advance. If they are happy with your work, then there is no reason why they won’t buy more from you once it becomes available.
Look for investment to grow
There are entrepreneurs out there waiting for business people like you to offer them an investment opportunity. Many of them will be incredibly skilled business people and be able to give you funding so that you can invest in marketing or employ talented people. These two ingredients are vital to the growth of a business, but often they are forfeited because of monetary restrictions. An investor can grow your business by giving you the opportunity to spend money in the places you need to bring in more clients, increase your brand recognition or offer that extra service through a new talented staff member.
Franchise your business
If you have a successful and proven business model, then there is the capacity to give someone else the opportunity to launch a franchise version of your business from another location. You won’t have to invest in the new staff or new offices, but the extra sales of your products or services will increase your revenue through franchise fees, plus there is the opportunity to acquire the franchise at some point in the future and increase your assets. Franchising is great for brand awareness, too. Extra locations mean extra eyes on your brand.
Reduce your costs
The less you have to spend the more money you have to invest. You might have to take a salary cut, lower your office space or barter for goods or services, but every penny you can save is an investment you can make elsewhere, perhaps in advertising that brings you new customers or extra staff members to take your business to the next level. Every penny you’re spending should be a necessary spend.
Consider strategic partnerships
If you’re not in a position to offer a complete package of services or products, why not consider partnering with a company that can provide the items that you can’t? This way you can agree on terms with your partner company and offer a complete service to your customers.
Your new strategic partner should be willing to refer clients to you even when there isn’t something in it for them, and you should agree to do the same. When there are projects that require both sets of skills, you can decide to work together. Your clients will be grateful that you’ve done the quality checks on their behalf and are working to give them what they’re looking for with a company that you know you can trust.
Lots of web developers recommend copywriters they frequently work with when they’re building new websites, and many advertising agencies work alongside SEO marketing experts to offer a complete package of digital marketing. This means that even though there are two separate teams, they’re all working together towards one objective.
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