Most new business owners have a variety of goals when first starting out. These can vary depending on the industry or sector, but one common aim most will share is rapid growth. While there’s no guaranteed instant results, there are seven handy tweaks and tricks which, when implemented, can accelerate business growth.
1) Put your energy into established sources of income
While acquiring new leads should always be a goal, it’s much easier to grow your business by focusing your attention on your current customer base – offer incentives for customers to return in order to achieve a higher return on investment.
2) Identify risks – and reduce them
All fledgling companies have a certain risk factor – it’s an inevitable part of business. By identifying risks to your business, you can act to reduce them as best you can in order to ensure continued growth. Are there any holes in the understandings between you and your suppliers or customers? Consider a contract review to ensure things are watertight.
3) Don’t be afraid to adapt
One advantage new businesses often have is the ability to quickly respond to market changes. Established firms don’t usually have this flexibility, so if you spot a niche or a gap, don’t be afraid to dip your toe in.
4) Get social
A good social media presence helps you to engage with both existing and potential customers on a large scale with relative ease. There are now over one billion people regularly logging in to Facebook, so posting content which appeals to prospects and being available to answer queries about products and services really will drive those conversions. If you nail your social media, your prospects won’t even realise they are being marketed to!
5) Invest in your business
Most businesses see very lean profit margins (if any) in the early stages so it’s important that any money you do make is reinvested back into the business to help it grow. The quicker those revenues are reinvested, the quicker your company will grow – it’s that simple.
6) Choose employees wisely
In order to realise your goals, you’re going to need the right staff. The founder of Cupid’s Cronies, April Davis, says it like it is: “People who aren’t afraid to roll up their sleeves”.
7) Put yourself in your customers’ shoes
The difference in how you perceive your business and how your customers do can make or break your company. Try to gain an insight into how smoothly your customer interactions go, or consider using a mystery shopper to highlight where you’re going right – and crucially – where you’re going wrong.
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