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Once your business has established itself and you have built up your customer base, it’s important to have a business growth strategy in place to keep your business thriving.
Many business owners think of growth strategies in terms of increased sales, but to be successful it’s also important to focus on how you can improve profitability. Here are our top three killer business growth strategies:
The best way to understand what your customers want is by asking them. You can begin by focusing on your existing customers, ask their views on your products/services and what they think could be improved. By doing this you could attract new customers by meeting needs you weren’t before.
If you are introducing a new product or service you should test this first to make sure that there is demand for it, you can do this by initially introducing it as a pilot.
You can attract new customers by using a variety of cost-effective marketing techniques. For example, using online or social media channels to run advertisements is an effective way to target specific audiences that would be most interested in what you have to offer. As a small business, it’s still just as important to advertise in your local media so you can get maximum exposure in your immediate surroundings.
Introducing a customer referral scheme is also a cost-effective way to spread the word and bring new customers to your business. Ask your customers to recommend your business to their friends and reward them with a small incentive such as vouchers or a complimentary service next time they visit.
Implementing business growth strategies, whether it’s to increase sales or boost profits, often means that you will need to source additional funding. A business cash advance could be the perfect solution if your business takes card payments. The instant cash flow boost allows you to grow your business with flexible repayments tailored to your cash flow.
If you would like to discuss how a business cash advance can help you implement a business growth strategy, talk to one of our advisors today.