The only three ways to grow your business
Updated: May 19
It doesn't matter how successful our business is, every business owner wants to ensure their business keeps growing. At Conseq Group, We work with businesses of all shapes and sizes to help them develop their customer offerings and increase profitability.
What can businesses do?
our experience tells us that their are only three ways to effectively grow your business. and here they are:
GROW YOUR CUSTOMER BASE
The first way to grow you business is to sell more of your products and services. this sounds straight forward but any business owner will tell you just how difficult it can be to get nee customers to walk through their doors or click on their website. Consider your most effective advertising channels and do some research into what would happen if you increased you spending on that particular method. also would your advertising budget be better spent elsewhere, e.g. from physical leaflets to digital banner add, from facebook posts to instagram influencer marketing. you could even sponsor an event that you potential customers might be interested in. its very important that your are prepared for any increase in sales the worst thing you can do is build up interest and not have system set up to deal with it. This will disengage you potential customers and may dissuade your loyal customers
INCREASE YOUR PRICES
The second way to grow your business is to increase your prices. Businesses should be very careful about this. There is a risk against discouraging your client base especially if your price is one of the things that makes you a popular business. However, there are reasons why you might be in a good position to raise your price. take some time to review you business and its products and services and determine whether that value of your customer offering has increased. for example, has your brand become more popular, are your services harder to find or are you now offering more to your customers compared to when you started. Also, If you are finding it hard to manage the demand on your products and services with the resources you have, raising you prices may be a good way to regulate that demand while potentially increasing profit. Any rises in price should be clearly communicated to your customers to ensure that you maintain trust and transparency.
INCREASE PRODUCT/SERVICE RANGE
the only other way you can grow your business is by increasing your product range. this means that your can upset to existing customers so they spend more money with you. Consider what else your customer might be willing to buy from you. For example, if you are a hairdresser, could you also buy hair products wholesale and sell them to your clients. If you are a painter and decorator, could you learn an additional skills which your clients might benefit from like plastering, wiring, tiling or plumbing. If your business is an a considerable size, it may make sense for your to buy new skills, as in hire a member of staff who can do things that you can't in order to cross-sell and make more money
There are literally millions of examples of how you can employ these three tips, either individually or by combining them. Comment if you've got any examples that you'd like to share.