In business, many people concentrate on purely surviving and getting through each month. While there is nothing intrinsically wrong with this, especially in the early days, it is rather sad if you don’t have plans to grow your business and ultimately thrive in your industry. It can be a scary thing to do and involves taking risks, some of which may not pay off, but in the end, it will all be worth it. If you are stuck in a rut and don’t know how to get out of it, here are a few tips to give you the kick that you may need.
Extend your market
There are various ways of growing your business by making your product or service available to a new group of customers. If you have a physical presence, the most obvious is to open stores in a new location. Another approach is to increase your reach through targeted advertising. If your new market consists of a younger demographic, you may want to use social media for advertising, with this being one of the quickest ways of reaching a large group of people for a relatively small budget.
You could set your sights even higher, depending on the industry that you work in, and target the government as a potential customer. You would need to go through the tendering process to win a public sector contract, but if you manage to land one, you’re well in there. Also, you can find out the required goods and services if you will go to the Tussell website.
Bring back your existing customers
As well as targeting new ones, you should always be trying to retain custom, bringing back people time and time again. The simplest and most cost-effective way of doing this is by giving them a good experience in the first place. Also, if you will offer them the goods or services that they need at a competitive price, and ensuring that any issues are resolved swiftly and professionally. By doing this, you can almost be sure that customers will return to you – and passing on your details to friends and family and colleagues. Another way to get them back is by offering some sort of loyalty system, perhaps giving them points or vouchers every time they spend money with you, which can be traded in at some point.
Some of the biggest brands on the planet – McDonald’s, being one, run on a franchise system. If you have a successful business model, why not develop a system that ensures others can duplicate your success? This stops them from becoming a potential competitor and brings you a passive income, as well as extending the reach of your brand.
Expanding into the international markets can be an incredibly powerful boost to your business’s bottom line. It will require significant effort and financial input to begin with, but once it is all in place, you will see those pounds roll in!
While it may take a while for you to see the positive impact that these strategies will have on your business, if you persevere, they will successfully transform your business and help you not only to survive but thrive.