Growth is vital to long-term business success in today’s highly competitive marketplace, enabling businesses to expand their products or services, generate more sales and attract new talent and skills to the workforce.
Here we discuss five potential ways to grow your business.
(1) Diversify your products and services Once you have established your core selection of products and services, consider how you can diversify your offerings. Businesses with a small product portfolio may only attract a finite number of customers or those with seasonal products may experience cashflow problems during quiet periods.
Explore and identify potential complementary products or services you can offer your customer base. By increasing your product range you can achieve growth by selling more products to both existing customers and establishing new markets.
(2) Invest in new equipment For many businesses looking to stay ahead of the competition, investing in the latest technology and equipment is crucial. Often businesses don’t realise the costs incurred through maintenance of old equipment and potential downtime in production.
By upgrading equipment you can accelerate operating processes and produce higher volumes of products. This can decrease delivery time of your products to market while also increasing your sales figures. Plus, new equipment should be more energy efficient to deliver further operational cost savings.
(3) Nurture existing customers Ensure you fully understand the needs of your customers and consistently deliver first-class products and services. By building a positive customer relationship you will encourage repeat purchases, higher future orders and increase the likelihood of referrals to potential new clients.
Communication is key, so encourage feedback to ensure continuous improvements to your service and gain new ideas for the future. Stay in contact via email bulletins and ensure you inform customers of upcoming promotional offers. Also, consider whether to implement a loyalty scheme to reward and retain existing customers.
(4) Offer retail finance Retail finance is a powerful sales tool for your business, offering customers the option to buy now and pay later. This facility helps larger purchases become a realistic option for many people, whether it’s to cover an unexpected purchase or luxury item, customers are able to spread the purchase cost into manageable payments.
With simple and swift access to funds, retail finance is an attractive option for existing clients and opens up your business to many new potential customers too. This value-added service can also provide a distinct competitive advantage in the marketplace.
(5) Target new markets Businesses must remain up-to-date with market trends and customer needs, and identify opportunities for new products or services. Expand your reach by looking at new geographical locations or demographic groups which suit your business model.
You may decide to open premises in a new location or increase your internet presence with a new website with an online purchasing feature. Alternatively, you could increase your marketing to target specific markets, using a variety of methods such as adverts, social media or promotional events to attract new clients.
Grow your business with Ideal4Finance
Whether you’re looking for a financial investment or to introduce a retail finance facility, the expert team at Ideal4Finance can help. We will discuss your individual requirements and secure a competitive finance package to suit your business. Contact us on 01772 963846 or via email at firstname.lastname@example.org to find out more.