So you’re running an established business that’s making a profit, keeping customers happy and are now steadily ticking over. This is the perfect time to start thinking about growing your business and of course, profit margin. As business professionals with years of experience in development and growth, read on to discover our tried and tested 5 ways to grow your business.
1. Learn to delegate.
When running your own business, it can be difficult to let go of certain jobs, whether that’s the accounts or project work. However as an owner or Managing Director of a business, your time should be spent on growing the business and driving things forward through sales, product development and new opportunities, not on the day to day running of the business. So if this sounds like you, take a step back, delegate more responsibility to your staff, and you’ll be amazed at the difference this will make within 6 months.
2. Turn your customers into brand ambassadors.
Customer referrals and recommendations is the best way gain sales/new work. This gives the opportunity to tap into new market areas and expand target audiences with customers who already trust your reputation from recommendations. Consider introducing a referral scheme to encourage your customers to recommend your product or services too, you’ll be surprised at the amount of quality leads or sales you’ll get from this method.
Although this should be looked at in the beginning stages of planning a business, it’s never too late to investigate new funding options, government initiatives, and start-up funds that may still be available to you or that have just been introduced. Look at possible industry awards your company could be entered into also as these often have funding or monetary prizes.
Franchising is a fantastic way to expand nationally and even globally without the commitment of managing multiple locations yourself. Franchisees will also have more determination and enthusiasm than an employee as they will reap the benefits of a successful franchise for themselves. Franchising will also minimise growth risk as it minimises money spent on expanding as the franchisee will buy the outlets and assets in the chain.
5. Streamlining & automation.
List all of your day-to-day business processes and see where you are spending the most time and investigate whether any of these can be automated or streamlined. Streamlining processes such as running PAYE, invoicing, tracking assets, scheduling staff and gathering information for reports could free up whole days if not weeks which could mean you may need less staff to manage these processes. This will then save money which can be spent on new initiatives for growth. Streamlining all the processes mentioned above and more can be done simply and effectively with just one piece of cloud software, in fact, we have customers who have experienced 50% growth in just 6 months by streamlining processes alone, using our management software. To see how this was achieved, read our recent case study here. Discover how RMS can help your business grow by requesting a call back here and find out more about the features that could benefit your company here.