Whether you’re in the midst of creating your start-up or running an established business which is keeping you extremely busy, all business owners aim to have a large focus on growing their business.
While this is the case, it’s important to note that it’s extremely difficult to increase revenue and profits directly without a specific strategy.
Many fall short when it comes to creating a plan specific to their business. This is mainly due to a lack of time, little experience in marketing and in many cases feeling completely overwhelmed. Another common element is that many business owners are in the situation where they have too many ideas and are unsure which is the best to proceed with.
Below are 7 tips for growing your small business:
Identify your 18 month goal(s). Once you’re aware of where you want to be with your business, this makes it easier to work out which strategies would suit the ‘now’.
It’s also important to action each strategy thoroughly so success can be evaluated for future activities.
Established Revenue Sources
Do you spend a large portion of time trying to acquire new customers? It’s just as important (if not more important) to focus on your existing core customers.
You can do this by implementing a referral program, a customer loyalty program or creating a retention strategy. What would be best suited for your business?
Trust and Credibility
Most people are aware of digital marketing, advertising and email marketing, however, it’s important not to overlook the fact that consumers are 90% more likely to trust a brand recommended via a friend.
Ask yourself how can you tap into local partnerships and collaborations to build engagement.
Are there opportunities to connect with new clients or customers? Past sales and enquiries will help lead you to the source. The focus then becomes building creative solutions to bring in further growth via an untapped opportunity.
Determine what Works
When it comes to business growth, playing it too safe can stall progress. My philosophy is to take calculated risks.
As you launch new services or products, expand your sales and marketing strategies, and identify your KPIs – there must always be a measure of success. This will help to decide quickly whether your approach needs to be refined or abandoned depending on the outcome.
Focus on your Customer’s Experience
Customer perceptions of your business are extremely important.
Be sure to deliver quality products, services and experiences. This will help to build word of mouth and referrals. Quick growth depends on cultivating satisfied and happy customers who are excited about their interation with your brand.
Do you need to upgrade or make changes to your customer’s experience?
It’s not unusual to stick to business as usual (BAU) marketing strategies. They are quick, easy and what you know best.
It’s also important to dedicate time towards learning and understanding new technologies and marketing techniques. Implementing streamlined processes to help save time, reduce operating costs and increase exposure will also enhance your business growth.
Find a Mentor
Beyond networking with other business owners, find a mentor who can assist with your business journey and learnings.
Choosing someone with experience across a variety of skills, knowledge and connections beyond your own will allow you to become upskilled along the way. It’s also incredibly important that you’re comfortable with your mentor too!
Whether you ask someone you admire, or work with a professional business coach, you’ll be inspired and motivated to do your best. Being held accountable will also see you moving ahead with added confidence.
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- 7 tips for increasing revenue for your small business - January 11, 2018