A well-managed business has the capability of growing its revenue and profits, however, not all business types are profitable. There are countless elements that will determine your business success, including the nature of your business, target market, management, customer care and marketing. The following tips should give you some clarity in your business setup and allow you to prosper.
Management can greatly contribute positively or negatively to your company’s growth, so take responsibility for the daily running of your business. Are you looking at hiring? Look for experienced professionals who have worked in your industry and are acquainted with the nature of your business. Can you motivate your employees? Probably not as well as you think you can. Good leaders lead by example, and get their employees on board quickly.
What’s your company culture? Have you developed one? Find people that’ll fit into that culture. Don’t be afraid to ask your employees, or your customers, for suggestions on product or services development. You should be doing lots of research to enable you to make savvy business choices.
Build Up Your Numbers
You could increase your sales by spreading out your territory, whether geographic or demographic. The internet, especially social media, is a powerful tool which you need to embrace and expand your audience into other countries. Today it’s ensuring your online presence is set for mobile, this will allow you to tap into many more customers, especially the younger generations, as they’re mostly on mobile now. You need to boost your website ranking and visibility using Search Engine Optimization (SEO).
Quality over Quantity
If you want customers to return, you need to create quality products and package them professionally. Enhance your customers’ experience by offering your staff training in good customer etiquette. You could start a loyalty program for repeat customers, or offer gifts or discounts. Be very careful with discounts, as once you start offering them it can be very hard to stop. Of course, the most powerful form of marketing is ‘word of mouth’; give your customers a great experience and they’ll refer friends, family, etc.
Expand to Other Market Segments
Look around and see what products and/or services compliment what you’re doing. For example, an automobile dealership could grow sales by selling spare parts, a restaurant could offer catering services for special occasions, and a web designer could offer site hosting or server maintenance.
You shouldn’t just offer one product or service, you need to look at creating new products and services to expand your market. Also, look at bundling existing products and/or services, and you’ll probably find you can charge more. What product and/or service can you find that’s ready for market, and allow you to grow your market share. Your best investment in those new products and/or services that will extend your reach.
You need to look at your costs and audit them so you can maximize profits. This may require hiring someone, or perhaps your bookkeeper or accountant, however, that could be well worth the investment over time.
Hire slow and fire fast. Do you have any unproductive employees? Get rid of the deadwood. If your energy bills are out of hand, look at alternative sources such as solar-powered water heating. Look for wherever there’s waste and seal those leakages. Do you have space you’re not using? Consider subletting it for extra revenue.
Social media is pretty much a must in this day and age. It’s a great place to engage (that’s the operative word here) with your existing and potential customers. You need to figure out where your customers frequent and go there. If very few are on Facebook, that may not be the best place for your business. It all boils down to having a social media strategy, and hiring the right person who gets your business ethos, mission and vision.
Social media is a great place to get feedback on your products and/or services, plus you find out where you can improve your offering. Be warned, people can be brutally honest on social media, and there are those that’ll diss you for no real reason. You can use social media to market to your new customers and respond appropriately when required. Social media is a great way to build trust and develop positive relationships by providing useful information to your audience.
The point of all these strategies to is add value to your offering. You need to stop focusing on pricing and focus on value, which is what your customer is really looking at. Always be adding value, even when the price is high. Your customers are happy to spend more for what they feel as extra value, which leads to great profits despite the higher investment in cost.
Paying Digitally? – Tips to Stay on Top of Your Finances
The Rise of the Virtual Restaurant
Will Wage Subsidies Help Retail Businesses?
Suffering from Pandemic Induced Burnout?
Be Wary of Adding a Covid-19 Surcharge to your Business
What Small Businesses can do to Survive the Pandemic
How the Pandemic is Affecting Canadian Businesses
Will Covid-19 Relief Measures Affect my Taxes?