Is your business going for growth? What you need to think about
You have overcome those initial obstacles to starting a new business and are now trading comfortably. The question is, where do I go from here?
Despite difficult economic times, now is the time to consider growing your business.
Sales is an obvious area for growth, so you need to keep current customers happy while at the same time exploring ways to attract new clients, maybe by diversifying your portfolio of products.
Many businesses think of growth in terms of increased sales, but it’s also important to focus on how to maintain or improve your profitability.
Here are just some things you can do to help grow your business:
- Budgeting: Your budget is the blueprint for what you’ll do with all your money. Your cash flow – what’s coming in vs what’s going out – could be the deciding factor when going for growth.
- Business plan: Revise your business plan based on the current market and take into account high inflation and the cost-of-living crisis.
- Tax allowances: There are a number of helpful tax reliefs and allowances available to growing businesses that reduce the tax burden – giving you more money to invest back into your business.
- Training and development: Decide a training strategy for your team, including the possible hiring of apprentices.
- Attract finance: New strategies cost money, so investigate business loan rates or look at funding from investors, lenders or even grant funding.
- Go fully digital: Think about selling your products or services online.
- Create a customer loyalty programme: These programmes reward your existing customers for supporting your business. They can also help you attract new customers or get back those that left your business.
You may be able to increase your brand’s profile by attending networking events. Check out local professional organisations and don’t be afraid to attend a few events to get the word out about your business.
You could also set up an email list to keep current clients and potential clients up to speed on what you are doing.
To make sure you are taking the necessary steps to achieve growth, it helps to have a trusted adviser by your side who can provide the information and guidance you need to achieve maximum success.
If you have found this article useful, this is part of a series of articles which will look further into growth.
We can help you grow your business. Contact us today.