Three tips for growing your business

/ Posted By - Bradleys Accountants / Categories - Advice for Small Businesses

When your business is in its fledgling stages, it’s normal to get off-track and distracted by daily matters. Running your business on a day-to-day basis can seem daunting enough, while planning for the future seems next to impossible. However, it’s important to stay one step ahead of yourself and have long-term goals in mind so you can be sure your business is always moving forward. Take some time to set checkpoints and targets, and examine ways to help your company really catch its stride.

Perfect your product

The first step to promote business growth is to improve your product or service until it’s the best it can be. Respect your customer base and present them with the best product possible, even if it requires substantial investment in research and development efforts. In turn, your consumers may reward you with loyalty and repeat business. At the very least, they’ll be able to attest to the quality of your product.

Branch out

Once you’ve established a steady income with regular customers you’ll have better luck attracting business from new ones. Word-of-mouth recommendations will help grow your business better than any marketing strategy could. In addition to this, reach out to a wider audience through social media, local newspapers and other forms of marketing.

Be prepared for business growth by taking on new staff. When finances are tight, utilise accountancy services to create some wiggle room in your budget. If you don’t think you can afford to take on new workers, training current staff is a frugal way to prepare for increased business as well as improve overall staff performance and efficiency.

To rustle up funding for crucial training and new hires, look for additional sources of funding. There are a number of options available to you – for example, you might take out a loan to pay for upfront costs. Consider government-backed schemes to access the financial assistance you need to grow your business. Alternatively, look at selling shares to outside investors. Just to be sure to talk things through with chartered certified accountants to ensure these options will be profitable in the long run.

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    Evolve

    To keep your customer base interested and committed to your business, make sure you’re staying up to date. Strive to keep your merchandise and services fresh and relevant. Customer feedback is the perfect way to update your product, and it’s never been easier to access it, thanks to social media.

    Ask customers what they value about your product and what they’re buying the most of. What do you sell that’s particularly useful in today’s climate? Even more important: what can you do to anticipate the needs of tomorrow?

    Request suggestions and constructive criticism (even scathing remarks can ultimately benefit your business) – these things help you understand how customers use your product and ways in which it could be improved. In turn, this will help you see where flaws and shortcomings exist, as well as help you understand how you could improve your business, increase profits and effectively reach a larger audience.

    Building on this, be proactive, not reactive. Anticipate problems and tweak your product or service to prevent mistakes and discourage repeat business. Similarly, respond to critical feedback and constantly improve your product. This will add value to your business, meaning you can charge more for services, therefore increasing your revenue.

    In addition, test prototypes and updates with a handful of existing customers to avoid making unpopular changes. The most important thing to focus on when attempting to grow your business is how people perceive your product and company as a whole. Put the customer first, and you’ll see profits swell as a result.

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