Achieving business growth is a key goal when running a company. It’s one thing to manage and maintain your company’s success. It’s another to build on that success, take your accomplishments to the next level, and grow your business.
So how should you do this? With so much to think about, we look at the key factors to consider to grow your business successfully.
What type of business are you?
When thinking about how you should grow your business, you should first think about what type of business you are. This includes factors such as:
- Your business sector – Such as retail, finance or professional services
- Your customers – The public or business clients
- What you provide – Your products or services
- Where you provide it – For instance, a shop, across your local area (like via a mobile business) or online
Thinking about these things can help give you an idea of where your business growth should come from.
Key types of business growth
You should also think about the type of growth you want to achieve and what is right for your business. This is concerned with choosing to grow it slowly and steadily, or grow it quickly:
Rapid growth – Where you grow your company quickly. Achieving this could involve buying another business, such as one that complements the range of goods and services you sell.
Organic growth – This can take longer but is a safer approach to business growth. It could involve selling your products to new customers and in new geographical areas.
When thinking about this type of business growth, you should consider refining your business plan to set out your new aims and what you hope to achieve. You should also put together a financial forecast to calculate your expected revenue and profits, for instance, two, five or ten years down the line.
Your customer base and markets
Focussing on making the most of your customer base is crucial for business growth. Expanding your customer base and attracting more customers might seem like the obvious thing to do. However, it can be easier and more cost effective to penetrate your existing market. So you might want to think about trying to get your existing customers to buy more from you, rather than finding new ones.
You could also think about extending your market reach to make your products available to a new pool of customers. If you sell products in a shop, for instance, you could try selling them online too. Or you could target specific types of people by advertising in certain magazines and on websites.
Products and services
The products you sell or the services you provide are what makes your business a business. So this is another key area to focus your efforts on when aiming to grow your company. There are different things you could do to achieve growth when it comes to your products and services. For instance, you could:
- Innovate your products, so they are updated with a new design or come with new features
- Promote new uses for your products to show how they can be used in other ways to attract new customers
- Diversify your products and services, such as switching to selling another key product at a particular time of the year. If you sell bikes, for instance, you could switch to selling equipment for other sports during the winter, such as skis or snowshoes
- Extend the services you provide to capitalise on another audience. If you’re a hairdresser, for instance, you could train to become a qualified barber and buy suitable equipment to do male grooming
Expanding and employees
Another factor to consider when thinking about how to grow your business is your premises and staff. If you’re aiming to sell to more customers, then you’ll need more stock. But you’ll also need more space to hold that stock. If you want to provide more services, then you’ll need more employees to provide them.
In such cases, you might want to look at larger premises for your business. You could consider a bigger shop to hold more products, a larger office to accommodate more staff, or a more spacious warehouse to store more stock. Or you might want to think about refurbishing or expanding the building you have to create more room.
Depending on your business, you might also need to think about things like space for equipment, such as to manufacture your products. Or you could invest in more computers and advanced software to do work for more clients quickly and more effectively.
Helping you to grow your business effectively
From focussing on specific markets to upgrading your products, there are different directions you can take when growing your business. But it can take a lot of work, time and commitment to have the things in place you need to, for instance, handle more customers or products.
This is where TradeFit can help. We provide business support services that cover and handle different aspects of your company, so you can prepare for, work towards, and achieved good business growth. This includes areas such call handling and customer services.
If you’re interested in learning more about these services, please see our Business Support page, or contact us to talk to a member of our team. Alternatively, request a free 14-day trial to experience how we can support your business.