There are several benefits for the EIS, or Enterprise Investment Scheme, to make this an interesting...
If you want to grow your business, you need to have a plan. You can't just keep doing the same thing and hoping for growth.
In today's article, we'll discuss our top tips to grow your business. Remember, don't just grow for the sake of it! As the government help page explains:
Many businesses think of growth in terms of increased sales, but it’s also important to focus on how to maintain or improve your profitability.
Increasing sales generally comes down to one of three things:
- Make better products / offer better services
- Improve your marketing to make your offerings more attractive and more widely known
- Improve your sales so customers are more likely to buy from you
The key to step 1 is finding out exactly what your customers want. Have you asked them? Do you ask for feedback? Do you send out questionnaires? Pick up the phone and give them a call. You may be surprised at what they say.
If you enjoy marketing and have a natural talent for it, then you should already have a good idea what to do. If it's an area you struggle with, consider working with a marketing agency or marketing consultant.
We have a sister company called Key Business Marketing which offers:
- Copy writing
- Social media management
- Paid advertising
- Marketing consultancy
- Website design
Finally, look at your sales. How do you manage your sales funnel? Do you have a script? Do you have a system for keeping track of leads? Are you busy enough to justify bringing in a small sales team?
Launch New Products & Services
It's sometime easier to launch a brand new line of services than to supercharge the sales of your existing portfolio. Think of ways you can use your existing customer base to:
- Up sell - encouraging customers to buy a more expensive item or service than they were considering
- Cross sell - persuading customers to buy a related or complementary item or service in addition to the one they were considering
You can also think about finding new customers entirely. What are your strengths as a business? If you have superb logistics and a rock solid supply chain, it shouldn't be difficult to branch out into different products. If you primarily sell to younger adults, consider products for retirees (or vice versa).
A number of businesses continue to resist moving online. Modern shoppers love spending money via websites. They don't have to travel into town, park or use public transport. They enjoy being able to browse at their own speed, rather than being hassled by pushy shop assistants.
It doesn't take much. You only need a simple website and a basic social media presence. If you'd like us to help you grow your business, please get in touch. Our experts have hundreds of combined years experience helping small businesses just like yours.
We'd be happy to have a no-obligation chat to discuss your needs. And please check out our case studies to see exactly how we work.