by constructaquote - 9 March 2017
Every entrepreneur dreams of growing their business and one thing that successful businesses tend to have in common, is the uncanny ability to change direction at any time in response to market needs in the best interest of customers.
Having a flexible approach to developing your business means you can change and adapt your plan in tune with demand and trends and anything else it needs to grow.
Depending on what stage your business is at the moment, consider these 9 ways to grow your business in 2017:
Rather than looking for a fat profit margin in the early years of your startup, understand that most of the money you make should go directly back into insuring the business can grow. The extent to which a small business can invest in itself determines the rate at which it can grow, and so redirecting revenue back into the business is crucial in the formative years and could produce sweet fruits for you to enjoy in later years.
Adding a team of passionate individuals is one of the great ways to grow your business. However, this should only be attempted at the right time and with the right people in mind.A solid staff of specialists and all rounders who are not afraid to roll up their sleeves will ensure you stay on your growth trajectory right from the get go.
Being present in the digital space is a standard part of business in today’s world. By simply making sure that you are not only present but visibly active online, you could find your business reaching new heights as it engages with new and different people on a daily basis. The best part about this is that most digital services are fairly easy to operate in-house and plenty of them are even free.
Strengthen your presence in the industry starting from where you are by taking stock of your own experience and sharing what you have learnt. As you compile your stories and learnings into publications, eBooks and interviews, you will find that you begin to gain momentum and build a reputation as a credible source in your industry.
Growing your presence in the local vicinity of your business will not only do wonders for the people you help but will also reflect positively on your business too. Taking a Closer look at your community and providing a service or filling a need goes a long way towards your own goodwill and also warms the hearts and minds of those you help for years to come.
Meeting and greeting with the people in your industry is one simple way to grow your business. Things like trade shows, workshops, talks and seminars attract people who are already interested in your product or service and can do wonders for your contact list. It is, however, crucial you only choose the events that will serve you and the business well. Do not waste time going to everything in the hope that you might meet someone when you already know the calibre of people attending will not be a good fit for you.
If you have a proven business model that you can write down in a way that allows others to duplicate your results, you may find that franchising is the path to fast tracking growth for your business. If you’re prepared to hand over an element of control of your brand to other entrepreneurs, you could grow much faster than doing it all by yourself.
By diversifying your offering you will find that you can meet the ever-changing needs of your customers without losing them to a competitor that offers something similar. Being a one-stop-shop is not about taking all the business from your neighbours, but more about offering your customers something that you already know they need or will need. Look out for diversification opportunities in the form of products and services that are of no extra hassle for you to provide on the side, but could be big wins for you and your customers.
Of all the ways to grow your business none is more natural than opening up a new location and making your product or service available to a new pool of customers. Consider opening up a new store location, mobile kiosk or stand somewhere. A new location doesn’t even need to be bricks and mortar and an online store allows you to access anyone you’re prepared to sell your product or service too.
Whilst your business may not be at the right stage to try all of these growth tactics just yet (nor should you do them all at the same time), hopefully this post can give you some inspiration on which area you need to focus on next for a successful profitable future.
You should also checkout our post on How The Right Business Insurance Can Affect Your Business Growth.
by Charlotte Houghton - 7 October 2020
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