Tuesday, November 10, 2015

5 Strategies for Growing Your Business

Looking to grow your business?
Growth may involve taking on more staff, winning more jobs or contracts or even looking at an opportunity to buy another business (for example if the existing owners are looking to retire). All these situations will have an impact on the finances of your business and even the risks in your business. 

Let’s consider the various options:-

  1. In many businesses the ‘client or customer list’ is a really valuable asset. A good, low risk strategy would be to try to sell more of your products or services to your existing clients. For example, in a coffee shop your customers could get a free coffee after they have paid for 6 coffees.
  2. Try to expand your client list (or customer base). Encourage your existing clients to refer their own friends and family members. For example, offer existing clients a free service or discount when they get you a new customer. Again, low risk
  3. Try offering new products or services. For example, it is common practice for a hairdressing salon to now offer additional services such as nails, tanning etc.
  4. Recruit quality staff. Not easy to do this, but some staff may bring new clients or customers into your business. It may be worth considering introducingan incentive scheme to encourage them to do this.
  5. Buy another business. This is the highest risk strategy and it is worth seeking specialist advice before you agree any terms and conditions in a business purchase deal. In well-managed situations, however, this can be a very good way to grow a business quickly.

It is important to plan carefully for business growth to avoid expanding too quickly and crippling yourself with demand.   Whether you are considering staffing options, mulling over investments, needing a sounding board for ideas, The Women's Organisation can help you to find the right support for you. Contact us on hello@thewo.org.uk for advice.

No comments:

Post a Comment