Seven Simple Tips for Business Growth
Did you know we offer business advisory services? We love sitting down with our clients, learning about their business and helping them reach their goals. “How do I grow my business?” It’s a question our clients often ask us! Here are seven tips to help simplify what is often considered to be a complicated process.
Tip One: Increase client retention rate
Keep your current clients happy. You may already know from experience but it’s easier to keep your existing clients than it is to attract new ones. There are lots of techniques and strategies to help you do this, one of the most important being you need to make your current clients feel valued.
Tip Two: Increase your lead generation
Take note of how your clients are currently finding out about you. Is it Google, Social Media or word of mouth? Do you have any gaps you can fill to round out your client touch points?
Tip Three: Always follow up with prospective clients
Whether it’s a phone call or an email, following up with potential clients after your first conversation or initial meeting is imperative to progressing your relationship. Keep in mind following up within the first 24 hours is more effective.
Tip Four: Increase transaction value
Consider introducing loyalty programs or packages and upsells you could provide to your current client base so they feel like they are gaining extra value by choosing to do business with you. Are there other cost effective ways you can offer them value? Like sharing valuable information through a monthly newsletter or podcast they can access for free.
Tip Five: Increase transaction frequency
Encourage your clients to buy more frequently. You can do this through special discounts, seasonal offers, one off deals, subscriptions and by updating and improving your products and services to better suit the needs of your target market.
Tip Six: Reduce cost of sales
When was the last time you asked yourself “How can I do this better?”. It’s important to review your processes, especially when it comes to making sales. The more time you save and the better resources you have, the more cost effective your sales process will become!
Tip Seven: Reduce overheads
Regularly reviewing your business costs is a great way to ensure every dollar you spend on operating costs has a purpose. It can also help you identify areas where you can save money, allowing you to reinvest those funds for growth.
We’re here to help!
If you’re a business owner, a chat with one of our advisers could make the world of difference to your business. Please contact your adviser on 1300 667 897.
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All material contained herein is written by way of general comment. No material should be accepted as authoritative advice and if you wish to act upon the material contain herein, you should contact The MBA Partnership for properly considered professional advice which will take into account your own specific conditions. No responsibility is accepted for any action taken without advice by readers of the material contained herein.