How to Grow Business Tips
Ever notice that you’re so busy doing business that you neglect to focus on business growth?
As Mompreneurs we tend to be reactionary a lot of the time. We are so busy juggling everything (house, kids and business) that we don’t have (or make) time to stop, think and strategize. This guest post is all about that – taking stock of where you are now and taking charge of your business growth in the year to come.
2018 is flying by, we’re nearly in March already. In South Africa, March is the beginning of the new financial year for most companies. How do you see your business growing and expanding this year?
10 Excellent Tips in the guest post below.
10 Tips to Grow Your Business This Year
You are always looking for ways that you can grow your business. Luckily, with all of the available opportunities on the internet, there are more ways than ever before now available. But there are definitely some methods that work better than others. Let’s look at ten ways that you can grow your business this year.
1. Do Some Serious Research on Your Competition
Like every other business, you have competitors. But do you know what your competitors have been up to lately? If not, you might want to check them out and see if there is anything they can teach you about your own business.
2. Create a Customer Loyalty Program
If you want customers to keep coming, you have to do everything you can to make that decision easier. That’s why customer loyalty programs are being used over and over again in business. If you don’t currently have one, then you should definitely consider setting one up.
3. Create a Sales Funnel
If you don’t have a sales funnel, then you are missing out on a significant portion of sales. Sales funnels can automate your business processes, raise conversion rates through the roof and make you more money overall. Make sure that you research the types of sales funnels out there and choose the one that fits your business best.
4. Acquire a New Business
If you have the capability, consider acquiring a new business that can help you with expanding your own. There are lots of really small businesses out there that can be had for a small buyout, and if you have the resources for larger ones, then your choices are almost unlimited.
5. Expand Internationally
Are you currently serving international customers? If not, consider incorporating international sales into your current business model. One of the best ways to start with this is by publishing foreign-language websites on other countries top-level domains or by making sure that your website is available in that language.
6. Build Targeted Email Lists
If you want to market to people more effectively, consider building targeted email lists that will allow you to send out emails to groups of customers that will respond to a certain product, service or method of marketing. You may already be using email lists, but most businesses do not try to separate those lists into groups that will make the email campaign much more effective.
7. Consider Other Marketing Tactics
There are lesser-used marketing tactics today that are still very effective. For example, consider using a direct mail agency to reach customers at their mailbox. These advertisements are still effective, and perhaps even more so now that fewer people are using them.
8. Consider Licensing
Something else you might want to consider is licensing. If you know of a property that could help you promote your business or reach a wider audience, check and see if there is a licensing option. Music and movies are usually fair game, and there are a lot of other options as well.
9. Diversify Your Product Offerings
Consider diversifying your current products or services. Think of some ways that you could expand your product line so that it appeals to more people, or so that your current customer base might be interested in spending more money.
10. Consider Franchising
Franchising can be an incredible growth medium for the right company. Not every company is right for franchising obviously, and it does take some work to get to the point where you can start offering your business model to franchisees, but for some companies, it is one of the opportunities that provide mega-growth in a very short period of time.
I’m planning to have a strong focus on Tips 2, 3, 6 and 9 this year.
Which of these tips are you going to apply to your business this year?