An important part of owning your own business is making sure you don’t stagnate and that you are constantly working towards growth. Seeing your business grow and diversify means all your hard work is paying off. Today, we will discuss strategies which can help your business continue to expand.
Top growth strategies
1. Don’t underestimate sales
Surprisingly, many business owners don’t spend enough time concentrating on the sales process of their company and tend to drop off once they have some steady business. Make sure that the sales aspect of the business remains in the foreground and allocate resources appropriately. Ensuring that your sales process is a priority is particularly important in the early days of your business.
2. Embrace new, proactive marketing
Embrace marketing through the many different platforms on offer and understand that the reality is that the first thing people will do after a recommendation is Google you so it’s important to have a presence on your website, Facebook, Twitter, LinkedIn and other forms of social media. You also need to have more proactive strategies in place through efforts such as mail drops, email marketing campaigns, telephone calls and seminars.
3. Find your niche
There’s a lot of competition out there these days so it’s important that you find your point of difference. Make it clear to potential clients what you’re offering – and it’s this that sets you apart from the rest. If you carve out a niche for yourself in the market, it’s easier to attract and retain clients and customers.
4. Set clear goals
If you have vague goals, it’s going to be very hard for you and those working for you to achieve them. Set goals which are specific, realistic and measurable and it’s also good to work within time constraints. For example, one of your goals may be to grow by 10% in the next financial year and you can then go about setting specific strategies to make sure this happens.
5. Collaborate with other businesses
Don’t get into the mindset of viewing other businesses as adversaries. Sharing resources and expertise can lead to positive outcomes for both the businesses – collaboration can help the growth of your company as you develop a good reputation in the business community.
Protecting your business as it grows
As your business grows, the last thing you want to face is financial setback – if the unexpected happens. No matter the type of business you own, you could easily find yourself in a situation where you are required to pay thousands, or even hundreds of thousands of dollars following a successful claim against you, or to cover a loss.
To ensure you and your business are covered, always check you have the right level of Business Insurance in place. Always speak to your Insurance Broker if any changes occur, such as employing new staff or opening new premises, so your insurance can be updated as required.
To discuss Corporate Cover or Life Insurance for your business – contact Elliott Insurance Brokers today and speak to one of our insurance professionals on 1300 635 315 or enquire online.
