How Can You Quickly Grow Your Business?

In the early days of running a business, we’re usually just relieved to see that it’s a viable venture. We set the bar pretty low because we were understandably tentative, especially if it’s the first time we’ve done anything like this. But after a while, the satisfaction of that little bit of success begins to wear off. And this is a good thing, because it gives us the motivation to step up and do bigger things. But of course, figuring out how to grow a business can be a bit of a challenge — if it were easy, then everyone would be doing it. Below, we take a look at a few tried and tested methods that existing companies commonly use to bring in more revenue. 

Quickly Grow Your Business

Offer New Services

While we’ll talk later about how to get more growth relating to your core offerings and services, it’s recommended to see whether you can add new ones to your company. No matter what industry you’re in, there will be ways for you to expand the services that you offer your customers. If you’re already working efficiently, then you should be able to do this without disturbing your existing operations, but make sure that everything is running smoothly first. While these new products and services that you provide might not break the bank, they might just provide a noticeable boost to your revenue.

What’s Working For Your Competitors?

You’re not going to be the only company that does what you do. You’ll have competitors, and some may be larger than you are. While most businesses wish they were the only players, competition can be useful in terms. One such way is that it can push you in the right direction. If you do your research and look up what is working for other businesses, then you’ll have a path that you can incorporate into your own company. This could involve researching the products and services they provide, or taking a look at their marketing strategy. Of course, you won’t want to copy a successful ad campaign directly, but if they’re not a direct competitor (as in, they’re located elsewhere), then you can be “inspired by.”

Into New Markets

One of the reasons why some companies struggle to continue growing is simply because they have exhausted all their options in their current location. This is especially the case if you’re located within a small town. After a while, you’ll plateau when it comes to the customer numbers that you’re hitting. When this happens, it’s recommended that you take a look at new markets. Could you expand into a nearby town, for instance? Before doing this, you’ll want to conduct research in much the same way as you did before your initial launch, to ensure that there’s an actual need for your business. Don’t rule out expanding into other parts of the country either, or even internationally.

Acquire Another Business

Wouldn’t it be handy if you could something acquire all of the customers of a rival business? Well, you can — but you’ll need to buy them out, first. In terms of expansion, acquiring another business is one of the best methods, since it is already established, running, and profitable. There’s already a customer base that you can tap in to. There’s a reason why this is a favoured method of big corporations! Of course, you’ll want to do your due diligence, to ensure that it’s the right move. You’ll also want to look into financing a small business purchase, so that you don’t have to direct funds from your existing company to pay for it. Once you have the other business, you’ll have boosted your customer numbers, and also eliminated one of your rivals: it’s a win-win situation. 

How To Quickly Grow Your Business

Partner With Other Companies

Not that you necessarily need to buy out a competitor in order to expand. It’s also possible to acquire a lot of new customers by simply partnering with other companies. Now, there is an art when it comes to doing this. It’s about finding a company with whom a partnership is mutually beneficial, and which is also thematically linked. For example, a coffee company could partner with a food company, since they go together well.

Run a Promotion

Sometimes, people just need a little bit of a nudge to take their mild interest and make it something concrete. If it has been a while since you’ve run a big campaign that’s aimed at bringing new people on board, then look at running one. A promotion will always get the interest of the public. This can be a smart way to relatively quickly bring new customers on board.

Re-target Existing Customers

We also tend to think of growth coming from bringing new customers on board. But actually, this isn’t always the case. Indeed, it’s not always the best or most efficient way of developing. While you’ll want to, of course, target new customers, it’s recommended that you re-target your existing customers too. There are plenty of advantages to this, the main one being that it costs significantly less to market towards existing customers than new ones (and it’s more effective since you already know they have an interest in your brand). It’ll also allow you to cement your relationship with them too, which can be a great tool when it comes to getting feedback. And speaking of which….

Get Customer Feedback

You’ll have plenty of ideas about how you can grow and develop your company, but yours shouldn’t be the only in the mix. You’ll also want to get the opinion of your staff and your customers. Companies don’t make as much use of customer feedback as they should. It can be highly effective when it comes to figuring out in which direction you should move.

Hire a Consultant

Finally, you may also want to consider hiring an external consultant to help. They’ll have the insight and expertise needed to direct you towards growth and expansion, including pointing out flaws in your current operations. 

 

 

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Photo by Lukas from Pexels

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