Has your business just not been taking off despite you trying everything? You’ve probably tried everything you can think of, but still no dice. Well, the problem may not be your business at all – it could be that your approach just isn’t “big” enough. We here at BGES know that there are several areas in which one’s business can actually grow larger, some of which we’ll be covering here, to help you make sure that you’re not making any of the rookie mistakes which could be holding your business back and stunting its growth. Business growth in Sydney is an interesting thing to know let’s find out.
This may come as a surprise, but the people who work for you are the most important asset to your business, they are at the front line face-to-face with customers every day and are in the best position to suggest ways of improving service or making money. Be receptive to their suggestions, but don’t be afraid to say no, they may have a good idea in theory, but in practice, it may not work in the small business environment.
Whether it be for your employees or for customers, know that offering a reward system is a great way to instill loyalty and pride within the people who work with you or use your business. You can offer discounts as well as exclusive deals and even free stuff like t-shirts or samples of up-and-coming products!
If you’re trying to make your business grow but the population in your town isn’t quite there yet, well you’re in luck! By teaming up with nearby cities or towns to cross-promote each other’s businesses, you can boost customer flow and allow your business to grow at an exponential rate.
Don’t take their words at face value, ask them for data and facts when they make suggestions about what you should do with your business. If they want something, in particular, ask them how many others would also want it. Is the demand big enough to justify moving resources or spending money to make this possible?
If you find out that your customers want more of a certain product or service, why do they want it? Ask ‘why’ five times and eventually, you will find the root cause of what is driving your customers. Once you know that, it’s up to you whether or not to adjust your business strategy accordingly.
If demand for a particular product suddenly drops, don’t simply look to make up the shortfall by forcing other products on your customers or cutting prices, look to your business and see where the problem is coming from.
If something works for you once, don’t assume it will work all the time, keep asking yourself ‘why’ and testing new ideas and strategies with an open mind to ensure that your business isn’t in decline rather than in growth.
If you’re in the fortunate position that you have started to turn a profit, don’t get carried away with thinking about expanding your business worldwide or moving into entirely different markets. If you try to be all things to all people, you’ll fail! Start small and grow organically so that when you do make those big decisions, you’ve got the experience and data to back up your business plan.
If you’re just in it for the money, don’t bother starting a business at all as odds are you won’t be successful. If there is no passion, there will always be a better opportunity for someone else, and you can try making it with something you really care for.
It’s not going to be easy, there will be many ups and downs, but you have made it this far, so don’t give up now! A lot of businesses fail within a year or two of starting out because they lose the will to keep going when they hit a difficult patch. Be persistent and you’ll be very successful!
Need some help to set you on the path of business growth? Look no further! We at BGES in Sydney, Australia offer a range of services to small businesses looking to grow and expand, such as growth, future-proofing, and exit. With years of experience and specialist consultants, we can help your business to grow faster than you ever thought possible! We are also cost-effective and take a tailored, personalized approach to suit your business needs.
We hope this article was helpful and look forward to assisting you in growing your business if you eventually decide to contact us!