When business as usual just isn’t working anymore and it feels like your company is stagnating, it’s time to start exploring new options to start growing again. Adapting with the times, finding out what your customers really want and delivering it better than anyone else is the key to a vibrant business that attracts growth. Here are some simple strategies and tested techniques to help you do it!
Focus on delivering customer service that makes you stand out from the competition
How well do you know your customers? When you’re looking from the inside out, it’s difficult to see where your own biases might be affecting your judgment. Investing in some quality market research, or even just asking your existing client base for honest, constructive feedback can go a long way.
Nurture your relationships with existing customers and give the way you treat potential new clients a rethink. More than anything else, people like feeling that their needs and desires are important to the companies they deal with – so make sure you’re giving them the attention they deserve. If you’re struggling, investing in a good customer management system can make staying on top of things a lot easier too.
Create mutually beneficial partnerships
There’s a tendency for business owners to want to keep their cards close to their chest, run everything internally and tackle challenges all on their own. In reality, trying to be a jack of all trades takes time and focus away from the thing you do best – which is offering the product or service you went into business to provide in the first place. It’s better (and more profitable in the long run) to let the experts deal with non-core business functions, whether that’s hiring a digital marketing firm to handle your online presence or getting a freelance accountant to balance the books for you part time.
If there’s an additional service your customers are always asking for but you’re simply not able to provide, then formalizing an agreement with another business that can offer that service and give you a referral fee in return is another example. The more win-win relationships you can create with other businesses, the more everyone stands to gain.
Expand into new countries and territories
Whether the local market has become saturated, interest in your product or service is declining, or there’s simply more opportunity elsewhere, broadening your business horizons can reap massive rewards. It’s a global economy, so don’t feel obligated to stick just to your home base.
There are countless opportunities out there. You might want to look at setting up a company in Mauritius, for example, where the government and private sector are actively working at making doing business there easier and more profitable.
You might want to consider implementing a franchise model and shifting your focus from running in just one area to teaching others your trade and expanding your national and global footprint. When it comes to growth, never limit yourself by thinking small!
Turn your website into a salesperson
You can’t be available to your customers every minute of every day, but your website can – and it doesn’t even ask for a salary or sales commission in return! If you’re not harnessing this power, you could be missing out on a huge number of potential customers.
By regularly adding useful content – whether it’s blog articles, webinars, tutorial videos, a thorough and updated FAQ section or any other suitable form of informative content – you’ll not only be providing more value for your customers and inviting in new ones, you’ll be helping your ranking in search engines too!
Expand your service by offering something no-one else is doing
Start thinking outside of the box – what additional services would make a useful accompaniment to the ones you’re already providing? It could be offering your time as a consultant to related industries, doing on-site training, utilizing your existing machinery to make a completely different product, or partnering with a logistics company to offer direct deliveries. If you’re not growing at the pace you’d like to, it’s probably time to put your thinking cap on.
Focus on hiring real talent that will serve you in the long run
Sometimes all your business needs is one talented individual with a head full of good ideas to help you look at your offering differently. When making new hires, look for people that show initiative and enthusiasm, rather than just ticking all your standard boxes.
Let go of the things that aren’t working
Getting rid of waste, excess inventory and product lines that don’t sell can free up your time and energy for the things your customers actually want. And once the focus is back on them, they’ll reward you with the growth you’ve been looking for.