Starting out in the world of business is a very exciting time in your life. Building from the ground up may seem like a challenge, but it’s a rewarding one.
At AssureTax Accountants, we’re excited to take this journey with you. We can give you guidance on how to grow your business and nurture it so it reaches its full potential.
In this blog, we will explore some strategies that can help your business thrive.
Marketing yourself is an essential part of business growth. To do so, you should look to your sales team – they’re the people who can fortify your relationships with your clients and pick up more along the way.
Encourage your team to be confident and share that confidence with potential customers. Having the gift of the gab can make all the difference in propelling your business – just don’t use Wolf of Wall Street as a basis for your sales technique.
However you go about attracting new leads, make sure your strategy is based on a solid business plan, and you’re qualifying leads so you know they’re right for your business.
Increase your capacity
They say to make money you have to spend money, and this is true if you decide to invest in more staff. Running a ship with a ghost crew can be very tiring, especially if you are taking on a lot of the work yourself.
Hiring extra bodies to provide a stronger service will benefit you in the long run – but only if you plan effectively and forecast what this will mean for your cashflow.
The more staff you have, the more work can be taken on and done, as long as you don’t overhire and spend all of your hard-earned money to bolster payroll.
Much like growing your team, expanding your premises can give you the extra space you need to grow.
Everyone has to start somewhere, be it a small office or cafe – but by increasing the size of your workplace, you can look to add more seating, more deskspace or even more stock.
The more you have to offer, the more profit you can potentially make. As with staffing, though, it’s essential that you look at the numbers and predict how this will affect your financial position.
A lot of businesses took to the internet during the pandemic, after having to close their physical stores. Adding eCommerce to your business can be a quick way to increase your visibility while drawing in extra revenue.
If you are a restaurant, you can look into online-based delivery services such as Deliveroo or Uber Eats. If you are in retail, why not consider selling your products on Amazon or Etsy? All of these are possibilities which could open many doors and give you a further reach to your customer base.
Sell more to existing customers
The art of the upsell is something you should never forget. If you have reliable customers who are fans of your service then you can always consider offering them more.
New services or products can be exciting and a very enticing way to get people to spend that little bit more each time they come to you. You might choose to package new products as ‘limited edition’, for example, giving people the impression it’s an opportunity too good to miss.
This may sound slightly controversial, as sometimes increasing your pricing can deter customers. But look at it this way: if you want to reach a key demographic and a desired clientele, and those potential customers see the value in what you’re doing and are happy to pay for it, it can make sense to up your prices.
In doing so you will retain your target audience while also making a bit of extra cash. Having confidence in the service you provide is a good thing – if you do something particularly well, then why let it go for cheap?
Reduce your overheads
Sometimes, expanding your business and gaining considerable growth can be as easy as cutting some costs. If you have certain suppliers who are charging you a premium, why not shop around?
Any subscriptions you pay can be looked at under the microscope to determine whether they are essential. By saving here and there you can expect to keep some of that money safe and reinvest in something that will benefit you in the future.
We love when your business grows stronger – get in touch today to talk about how we can help you.