Growing a business larger and more profitable is something every business owner desires. If you have a lack of growth you may become extinct, despite your size. The business experts at Numerico can advise you and look for areas of opportunity. You can focus on these areas to grow and expand your business.
Growing A Business Is Hard, But Rewarding
The most obvious way to grow your business is to get more customers. Obviously, the more customers you have, the more sales you will have and the more your top line will increase. It can be a hard pill to swallow, but everyone loses some customers. By continually growing your top line, you will gain new clients faster than you lose them to attrition.
Another way to grow the business you have is to increase the frequency of purchases a client makes. This means getting your customer to use your services or buy your product more often. Another way of doing this is to get your clients hooked on another service that you offer or product that you sell. If you have the same amount of clients, but they are purchasing more often, you will see growth.
You could also increase transaction size. You could do this by up selling additional purchases or fees that the customer was not planning on. If you are in a service industry, and you add-on a sale it will increase your average ticket. In any industry this could be chalked up to “making the most of each client.” If you have the same amount of customer or clients purchasing, but they spend more, it will increase your total sales.
Another cost effective way to grow your business is through social media. Social Media outlets are typically free. However, it is important that if you have your business on social media that it is managed. Like any other marketing tool, it is important that you create a strategy and plan how and who will manage these tools. Make sure your social media is linked to your website. This will help your site be more searchable online. Although Facebook is still very popular, don’t discount other social media such as Twitter, Linkedin, Pinterest, Instagram, YouTube, Google+ and more.
Take any opportunity to write. This includes relevant articles on your website or blog entries. The more content that you have on your site, the more it can help your ranking on search engines. All of these things create marketing synergy. This will ultimately help you to attract more customers.
Opening another location is a growth opportunity most people consider. Is there an opportunity to duplicate what you are doing in another city? It is important that you find the right demographic and one that is similar to the successful location you already have. Sometimes your second location may be a different size or differ in offerings than your first location.
Diversifying your product or service line can help you achieve growth as well. Can you add a service or product that would increase sales and complement your existing business? Being a business owner means you wear many hats. Focusing on the growth of your business is essential to secure your future! Let the team at Numerico help you achieve your goals.