New business owners have numerous goals when they’re starting out, including rapid growth and brand or service recognition. Every business owner wants to see an improvement in their bottom line, but what’s the best strategy to achieve growth? At BLG, we consider each client’s specific circumstances and industry, and assist in formulating a plan for growth.
Here are some general key points to help get your business growth underway:
Focus on your customer experience
Ensure your customer service standards are high, from first contact to service delivery, so customers consistently have a positive overall experience. Deliver quality experiences and products, and they’ll happily provide positive reviews online; make it unpleasant, and they’ll spread the negative feedback even faster. Customers’ perceptions can really make or break a business, so fast business growth depends on making your current and potential customers happy with their experience.
Concentrate on established revenue sources
Direct your attention to the core customers you already have and find ways to encourage their loyalty and build brand advocacy. Investigate referral or customer loyalty programs and test marketing strategies that leverage off their past purchase behaviours to encourage repeat business. Also important is developing ways to keep the lines of communication open with useful updates so they feel important, your business remains top of mind and they want to keep coming back.
Expand your customer base
Understand exactly who your target customers are, work out how to best reach them, and use these avenues to communicate with them. The possibilities are endless but start small; ask new customers how they heard about you on first contact, then expand on what methods are working. One of the most effective, and cost-efficient, ways to generate business is via word-of-mouth and the online world makes this easier to achieve. Get people engaging with you online; set up a social media page for your business, write posts regularly and even link them to interesting blogs or promotions on your website. Make sure your current customers are aware of your online resources and get them engaging with your content so this is then spiralled out to their contacts.
One trait that successful start-ups often have in common is the ability to switch directions quickly in response to changes in the market. Whether you are required to make an internal, product or service change, by allowing yourself to adapt quickly, you can test different approaches to business and find out what works best.
Invest in yourself
Investing in ways to maximise areas of your business, such as improving technology or service delivery methods, will help accelerate growth. In the early years of a business, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to set up a growth strategy and invest early and heavily in order to grow quickly.
Always think ahead
Plan your next step and anticipate all possible scenarios. This can mean the successful implementation of all the above business growth points. Long-term strategies are the best way to stay grounded and secure as your business evolves.
If you are starting a business, or starting to experience growth and need some advice and direction, get in touch with one of our experienced advisers at BLG Business Advisers online or by calling (02) 4229 2211.