Regardless of your size, growth and expansion is a key goal for a lot of business owners.
Successfully growing your business to the next level is all about developing solid foundations and building off them.
Thinking about expanding your business? Here are 4 proactive tips to help you not only grow your business but ensure it thrives.
- Focus on existing customers
Don’t forget about your existing customers. Having a great product or providing a sought-after service is one thing but offering a quality customer experience generates happy and returning customers. And satisfied customers are one of the most powerful marketing tools a business can utilise.
By actively engaging with your current target market that generate the most profit or provide the most potential for additional business you may be able to uncover new opportunities within your existing customer network. Stay connected via newsletters, email campaigns or by hosting promotional events.
- Increase Productivity
Running a business requires a variety of day-to-day tasks to be completed to keep the business operating, and the more effectively you can complete these tasks, the more potential your business has to grow.
Automation tools and software can reduce the time spent on minor repetitive tasks, allowing for additional time and money to be spent on more productive activities. For example, accounting software that automatically generates and disperses invoices.
The Victorian government are currently offering rebates on selected digital management tools through the Small Business Digital Adaptation Grant that you may be eligible for. They are also offering free training and workshops to help businesses digitally adapt.
- Invest in equipment
To support your increase in productivity, you may need to invest in business equipment.
Understanding the relevant technology and equipment to your business model and keeping on top of new developments and improvements will benefit your business.
For a business to handle the multi-layered demands of an expanding business, they need to be supported by efficient equipment and machinery.
New Business loans that cover an additional vehicle to service more customers, or upgrading manufacturing equipment to produce more products, like those provided by Morris Finance, are all options that in the right circumstances can help your business grow.
- Continuous learning
For your business to really thrive, you need to hold a desire to continually learn more about your industry, marketing and the developing business environment you are operating in.
There are a variety of ways you and your team can develop your knowledge and continue to learn. This could take the form of online training, mentoring, workshops, conferences or reading.
No matter how much you have already achieved, there is always more to be learned and utilised to reach greater success.
Below are some current government initiatives available for businesses to help develop skills and knowledge.
Small Business Mentoring Service (SBMS) provide low-cost mentoring to businesses nationally to help with marketing, finance, planning, and other aspects of running a business.
Business Victoria also has a range of online workshops available to businesses covering topics such as, taking your business online and finance fundamentals.
Growing a business is not an easy task and will take a considerable amount of time and effort. But with some forward planning and robust strategies in place, your growing business will be thriving in no time.
Are you looking to purchase or upgrade any commercial assets to support your growing business? Morris Finance offer cost-effective and strategically structured business finance solutions to help take your business to the next level. Contact us today on 03 5223 3453 to discuss your options.
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