Growing your business needs to be a vital part of your long-term plan. What you will do when you hit your goals and how you will react to changes in the market, consumer demand, and the economy will affect how your business will perform in the future. Having sustainable plans and flexible options means you will be better placed to help you expand on your work and ensure longevity.
The following points can help you to ensure you are giving your business the best chance of success and will facilitate growth when the time comes.
Research
It might not be top of your list of favourite things to do, but knowing what is going on and what changes are happening in your industry will put you in a good position. Always make an effort to do research into your industry, common factors that can affect your ability to operate and what your competitors are doing; this will give you greater and earlier insight into any changes you might need to make and provide you with time to preempt any issues that you can potentially face an, e.g. rise in the cost of supplies and raw materials or changes to the law regarding licensing or permits.
Forecasting
Forecasting means knowing what your cash flow will look like and crunching the numbers so you have a better idea of where you stand financially. To do this, you need to be on top of your bookkeeping, what payments you can expect to be made and when, your outgoings and your net profit for the period. This will allow you to put measles in place to chase after debts, such as using debt collection services, and will help you to plan for seasonal fluctuations and rising costs associated with increased energy consumption, for example.
Focus on Retention, Not Acquisition
It costs five times more to acquire new customers than to retain existing ones. So focusing your efforts on meeting the needs of existing customers will set you up better for success and growth than focusing on bringing new customers on board. Existing customers are 60-70% more likely to make repeat purchases than new customers, and existing customers make up 65% of sales; with these figures in mind, it’s a no-brainer as to how to support your business and keep customers happy.
Practise social Responsibility
Over 70% of consumers are interested in the social responsibility actions of a company, and if those values align with their own, then they are more likely to do business with them. If you really want to support your longevity and put yourself in the best position possible, you must ensure you are working towards making the world better. Be it making charitable donations, partnering with charities, going greener and becoming more eco-friendly or working with the local community, be genuine and authentic in your efforts and use this angle to promote your business to attract like-minded people.
Conclusion
You need to be proactive when it comes to supporting your business growth and ensuring you are giving your business the best chance of success. Keeping your finger on the pulse of social issues, knowing your figures, predicting sales patterns, and focusing on exciting customers are all excellent options to support your ability to persevere and grow for the long term.
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