BDS Chartered Accountants

10 more quick growth tips for small business owners

10 more quick growth tips for small business owners

Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips.

 

1.  Improve your customer service

Businesses with good customer service retain consumers and attract new business through word-of-mouth. Even if you think you’re already providing good service, make it a priority to provide refresher training to frontline staff at least once a year. Alternatively, hold regular meetings to discuss any issues as they arise.

2.  Try out new products

Even if you have multiple products selling well, be on the lookout for opportunities to expand your product line and satisfy customer demand. If you’re unsure how well a product will sell, order a small amount first. Just remember to update your marketing material to let customers know about your new offerings.

3.  Rejuvenate your marketing material

Holding on to old, outdated marketing material can make your business appear out of touch or even unprofessional. Review your marketing material at least every 12 months. If you’re on a limited budget, focus on producing basic material that is stylish but functional.

4.  Enhance other people’s good ideas

Be aware of great ideas, or new ways of working, from other businesses and think about how you could adapt them to your own business. The best ways to find out about new ideas are to research the latest trends in your industry, subscribe to industry publications, attend conferences and keep up-to-date with your competitors’ websites.

5.  Team up with another business

Joining up with another business to promote a special deal or offer is a great way to get your business into new markets with new opportunities. Another option could be getting your business listed on another business’s website, or in an industry directory.

6.  Test your marketing ideas

Before you implement a marketing campaign, test it on a limited basis and fine tune it before a full-scale rollout. The easiest way to do this is to target selective customers and see if you receive a response. Ask your best customers for feedback before implementing any marketing ideas.

7.  Create regular customers

Keep a record of client names and details for future marketing material or special offers. Starting up an e-newsletter is also a good way of keeping in touch with clients – just make sure you have their permission before hitting the send button.

8.  Consider expansion

Think about whether your current premises will meet your needs over the next five years. If you’re looking to target new customers, will your current location appeal to your new target market? Keep an eye out for competitively priced lease arrangements, or deals on neighbouring properties that could enable you to expand at your current location.

9.  Guarantee your products and services

If you want to build future sales through repeat customers, you need to make it clear that you stand behind your offerings. A good start is to offer a money-back guarantee for any product sold, or to back up big sales with after-sales support.

   10. Pay attention to your customers

Take any feedback from customers seriously and make an effort to thank them for sharing their thoughts – even if they are raising concerns or making a complaint. If you have a regular customer who isn’t happy with a new marketing strategy or product line, listen to what they have to say – there’s a chance that other customers might share their concerns.

Don’t be afraid to try new ways of generating growth. Consider the tips above and decide whether they can help enhance your overall product or service.

Good luck and let me know how you get on.

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