How to grow your small business

Haven Accounting | 4 MIN READ September 18, 2019

Whether you’ve reached a comfortable point in your business venture, or you’re struggling to fulfil your business potential, there’s always room for some strategy and advice. You might want to try a whole raft of new ideas to boost your business profile, or you might be happy to take away one or two to try out. Whatever your current situation, we’ve got some fantastic tips to help you grow your small business.

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Do your homework

Before you go ahead with a variety of plans and changes to boost the growth of your business, you need to know exactly what you’re working with. It’s no use throwing a heap of money at a new website or attending industry events if you don’t have a lot to spare or you don’t know how it will benefit your business. Have a look over your current numbers and evaluate what’s working and what’s not, and what kind of wiggle room you have to implement some new changes.

Get to know your customers

As paying customers are key to any kind of business success, you need to make sure that you are regularly engaging new customers and retaining the ones you have. Even if you’re pretty comfortable with how your business is tracking and your customers seem satisfied, it’s a good idea to get feedback at every stage so that you can see the things you might need to work on. How have your new customers found your sign-up process? Are your existing clients happy enough to give you a referral? Create a survey or feedback form for them and find out. It’s important not to get complacent when it comes to your profits and therefore your customers.

Make the most of ‘word-of-mouth’

Speaking of referrals, these are a great way to generate more business and help you grow. If you’ve got some really great customers, why not ask them for referrals? You’ll probably have some who will do it straight off the bat without hesitation, but for the ones that need a little more convincing, you could add an incentive. Some kind of voucher or discounted service for every successful referral should get them telling all of their friends to get on board too! Reviews are also a great way to get your name out there, so make sure your customers have a place to leave one on your website or social media site.

Get networking

Networking is one of the best tried-and-tested ways to grow your business by boosting your profile. In many situations, from staff recruitment to finding suppliers, it’s all about who you know. By joining a few local networking groups or using your own existing networks, you can build up your resources as well as the awareness of your business. Mutually beneficial relationships will be an advantage to you – you might meet someone who can offer you IT services at discounted rates, and in exchange, you promote their business to your clients. The more connections and resources you have, the more you’ll be able to grow your business.

Boost your social media

You might already be quite active on your social media channels, but if you don’t have any channels at all, you really need to set them up ASAP! Social media is one of the biggest avenues in which to get your business out there – 90% of social media users have already used this channel as a way of communicating with a brand. You should be updating your pages regularly and responding quickly to any queries that may come through. Try out a few different ways of increasing engagement, including posting videos and competitions, and put a bit of budget behind them – you’ll soon see a big jump in your profile and your profits!

Want to know more about how to grow your business? If you need help with ideas or simply want to get some advice on how your business is tracking, get in touch with us today!

 

 


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