The simplicity of growing your business!
So you have been running your small business for a while and are now looking to growth your turnover and profits. You have been doing some research, attending seminars and self-help course but it all seems confusing?
Let’s cut through all the material, advice and folklore surrounding growing your small business. With this in mind we will focus on the top line being sales and or turnover.
So exactly how can you grow your small business, turnover and profits? Well there are only 4 ways you can do this and each has its own strategies for growth with the key options being:
- Increase the number of clients / customers;
- Increase the price you charge for your service or goods;
- Increase the number of products, goods or services your clients purchase when they conduct business with you. This is also known as the “average transaction size” and think of MacDonald’s with their up sales and desserts etc. Have you ever just bought a burger or coffee?
- Increase the number of times your clients or customers purchase each week, month or year;
As mentioned before each of these options has their own strategy and sometimes they overlap. So how do you increase the number of clients / customers? This is where “marketing” comes in to ensure the following:
- Visibility: Do your potential clients know you exist or can you be found easily?
- Branding: something that makes your business instantly recognisable to your clients or prospects bringing you to “top of mind” when it comes time to purchase;
- Unique Service Proposition: What is it you do that no one else does that is of a benefit to your client? Why should they purchase or engage your business and how does it benefit / affect them positively?
The above list is not exhaustive and within each category different strategies apply.
For example when thinking about visibility a good marketing consultant will think about your website, social media integration, which forms of social media are best suited to your business and industry, street visibility for your shop front or office, corporate colours to help your business stand out from your competitors and so on. So we can quickly see that branding for example, has an effect on the visibility of your business.
All small business should engage the services of a marketing firm to help grow their small business and that this expense should be thought of as an investment in your business and not an expense. Marketing is about driving existing and new clients to your business to grow your profits.
Next week we will look at “Price” and some of the strategies involved in setting and increasing your price. Please contact us at The Diligent Group should you wish to discuss your marketing needs and Sam and I will be happy to tee up a meeting with ourselves and our marketing associate (and guru) Ed from Excellence Above.
For any questions or if you would like to work with us, please get in contact.
Many thanks from Steve Wilson on behalf of the Diligent Team.