Ways to help your small business grow
Posted by AMG Coaching on July 26th, 2019
All small businesses have one thing in common, expenses keep rising each year. In order to remain profitable your business will need to grow just so you can keep up with the rising costs. One of the best and cost effective ways to grow your small business is to use the services of a company that specialises in business coaching for small businesses on the Gold Cost.
Some Simple Ways to Help Your Business Grow
The first thing you need to do is identify the problems with not growing.
Inflation runs about 3% plus per year, so every dollar you earn has the buying power of only 97 cents compared with a dollar last year. Just to remain constant you need to improve your sales.
Wages, utility costs, rentals, rates, insurance, transportation costs and raw material costs are always on the increase.
The following solutions may help your business grow:
Trim and Reduce Redundancies
Business growth comes from two types of growth, top-line growth where you increase your revenue and sales. The other growth area is bottom line growth where you minimize or trim expenses so you’re able to retain more of your revenue. This helps increase profit margins without needing new customers.
New Ideas are an important part of growing your business; this usually involves hiring new people and investing in new equipment. This often means that you’ve other equipment that’s become redundant, so sell it.
In many small businesses have employees who are not really contributing to the business overall revenue. You need to reassign them to a productive revenue earning position or let them go.
Often companies subscribe to online services and have apps they no longer utilize, these need to be canceled.
Stock and Sell Complementary Products
There are always complementary products or services you can stock to offer to your customers.
If you sell footwear, try offering socks, handbags, polish and leather care products
Hairdressers can sell high margin hair and beauty products they use, to their customers
Financial advisors and investors could join with bookkeepers, accountants, tax professionals and lawyers
New Customers and Markets
Most small businesses rely on the local area for a large portion of their sales. Is your business online with a fully locally optimised web presence?
You need to have a high profile on your local online map and scene. Your branding needs to be well known and your business must be super easy to find and communicate with.
Most businesses have multiple demographics and are compatible with similar products or complementary products that your existing customers would be interested in.
Have you saturated your local market and can see other areas to expand into, but don’t want the involved capital expense. Look for a shared location with another business. The post office has been doing this for years. Opening a sub branch in a country store to increase sales without too much risk can be a great opportunity.
The easiest way to grow your business is to find a company that specialises in business coaching for small business on the Gold Coast, they can help you grow and expand because they can draw on their collective experience and help you see your business from another prospective.
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About the AuthorAMG Coaching
Joined: June 29th, 2019
Articles Posted: 12
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