Photo by Scott Graham on Unsplash
As we head into the new year, it is very important for you to start thinking of strategic ways to build your business so that you can grow the business and transition to the next level.
Growing a business requires the use of unique tactics and strategies optimized to ensure the best outcomes. It’s not just enough to want to grow the business, it has to be done right. The tip you’ll learn in this article can help make that a reality.
Prioritize Cash Flow
Cash flow is the single most important component of business growth. Without it growth and scaling will be quite difficult, if not impossible. This is why you need to do all you can to optimize your cash flow.
Start by making it easier for customers to pay you. Increase payment options by using as many payment avenues as possible. Big businesses understand this, which is why companies like Tesla, Paypal, AT&T, and others can accept bitcoin as payment for their products and services.
While we’re not saying that you should accept cryptos specifically because of their many risks, the idea is to show you how far companies are willing to go to make it easy for customers to buy their products or use their service.
Increase Your Products and/or Service Offerings
Can you introduce a new line of products or services? Is there a specific demography that you can target with a similar, but higher-end product?
For example, can you create certain add-ons to your SaaS product and sell for much higher fees? Is there a demand for these things? These are some of the questions you need to find an answer to.
The good news is that if customers are already buying something from you, chances are they may be willing to be something more expensive –if the price is justified. So, see what you can do to introduce new products and services. They don’t have to be completely new –service or product upgrades will do just fine.
Determine Your Target Demography
Many businesses make the mistake of selling to everyone at ridiculously low prices. Thus, depending on large order volumes to earn any money and turn a profit.
But, what if you could find a way to sell at a higher price to a select group of people who can easily afford what you’re selling and are willing to pay whatever you’re charging?
If you can, then you’ll find that your revenue would easily double, if not triple in a year or less. Find and create specific products for specific groups of people that solve specific problems.
Push Your Marketing and Advertising
How much advertising and marketing are you currently doing? If you’re not doing a lot, then you need to drastically increase your marketing. Attend tradeshows, industry conferences… basically, events that would give your business more exposure. To drive revenue and grow your business, you often need more eyeballs, visitors, or foot traffic to your business.
Invest in proven ad channels and then ramp up your advertising budget. If you were spending $100 a day on your ads and landing multiple new $2,000 a month clients, it means that if you invested more, you’ll easily double or triple that number.
But, make sure that your ads are fully optimized. This means you’ll have to do a lot of testing, tweaking, and optimization before arriving at a satisfactory number. Then, once you’ve found the best ad, scale your budgets for maximum returns.
Optimize Your Overhead Costs
Photo by Shridhar Gupta on Unsplash
Every business has its overhead costs. You need to figure this out to see if your overhead expenses are excessive or ideal for your kind of business operation. Unfortunately, figuring out these costs can be difficult if you don’t know how to do it.
These easy tips for calculating overhead costs can help you get started though. With that short guide, you’ll be able to ascertain what your running costs are and optimize those costs so you can have a seamless business operation that runs smoothly.
You’ll also easily figure out where you have bloated expenditure. And you can easily divert the money to other parts of your business.
Use Customer Reviews and Testimonials
Customer reviews and testimonials are very powerful in generating new revenue and business. These days, the average shopper or client checks out product or service reviews and testimonials before buying anything.
As a major trust metric, having your customer’s reviews boldly displayed on your website will probably do a lot more for your conversion rates than even the most compelling of web copies. This is probably why many product sellers just flood their websites with testimonials and reviews instead of long sales letters.
And they sell a ton of products too because people would rather spend money on confirmed solutions than on one that’s hyped by the seller themselves.
Optimize Your Customer Support
Business growth is often tied to customer satisfaction. Yet, many new business owners neglect this vital part of the equation. These days, it’s pretty easy to beat your rivals at providing excellent customer support. You just need to outdo them, and it doesn’t take a lot to do so.
Start by installing chatbots that are already preloaded with some of the most important questions that people ask. If your product requires documentation or guide, create those and put them in a knowledge base. Then, send the customers the link to those resources right after their purchase. This will lessen your inquiries.
Then, train your customer support staff to respond very quickly to all customer inquiries. Speedy response to a prospect’s or customer’s issues will put you way ahead of your competition as many tend to take too long to get back to customers. Also, make sure to optimize your returns policy and make sure that it’s hassle-free.
Find a Competitive Edge
How can you be better than the competition? Is your advantage solely hinged on volume and pricing? If it is, then you technically have no advantage. This is because if there’s a new entrant in the market who has the same product quality, but offers more volume for less price, you’ll likely lose our customers to that business.
A competitive edge is what truly sets your business, products, and services apart from everyone else’s. Determine what makes your product or service so unique, and sell that more. Done right, you might even find that you’ll charge more and still have a ton of customers because of your positioning.
Consider Partnerships and Joint Ventures
Are there companies or businesses whose products or services complement yours? If yes, then you need to talk to them about a possible partnership. A good example of this is an auto parts business.
You can have a partnership or arrangement with auto mechanics in your city. They would either buy the parts they need from you or refer their customers to you. And you will send customers who come into your store to buy parts but don’t know the best mechanic to do the job.
This is a super-easy way to grow your business without necessarily spending a dime on advertising or customer acquisition programs.
Conclusion
Finally, always make sure to provide and deliver incredible value all the time. Use technology to ramp up worker productivity, ensure your workers are properly cared for, and provide a safe, working environment for them.
Remember, you don’t have to implement all these tips at once. Take a look at your business, assess its needs and pick the options that apply to you here, and use them in your business. You’ll find that your business will do much better and you’ll be happier for it.
