Are you focused on business growth in 2017? Whether you want to double your customer base or open new stores nationally, business owners should always be focused on growing and developing. If you want to make 2017 your best year yet, here’s some expert tips for business growth for the year ahead.
- Find a new market
In this ever changing world we live in, you can’t simply rely on the one market or one customer persona to buy your products. As new technology and markets emerge, unfortunately others die as a consequence. Always take the time to do research in your sector to find out what products or services could be on the horizon. Will they put your business at risk? Or can you fight the competition? One way to secure the company is to find a way to appeal to more people. Can you develop a new product to widen your remit? Change your marketing tack to appeal to different types of audiences?
- Customer feedback
Your customers can tell you where you can add value to your business, for virtually no cost to you. It’s relatively easy to set up a customer questionnaire, and the data you receive can be vital for driving growth. Customers can help you discover what is and isn’t working, so you can see the areas which need improvement. You could also ask them what else would they like you to offer, to make their lives easier – this feeds into the first tip, so you can open up to a new market.
- Employee retention
It’s very difficult to grow as a company without the people who make it work. Business growth almost always requires extra staff, and it’s hard to expand a team when an employee leaves to work elsewhere. If you don’t focus on an employee retention strategy, for every person you hire another could resign. Listen to HR or hire an expert if you don’t have your own department.
- Don’t fall short
Growth and expansion within a company often requires capital. Make sure you don’t find yourself half way through an exciting expansion project with no money to finish it. At some point, businesses need finance – even successful businesses with money rolling in. To keep up with demand, you need to invest in your business and sometimes you’ll need help. Look at our short term alternative finance options.
- Marketing and advertising
If your business is growing, then so too should your marketing strategy. Medium sized enterprises have medium sized budgets, and large companies have large budgets for advertising. For example, take this year’s Christmas advert wars between the big retailers, such as John Lewis and Marks & Spencer. You need to keep up with those you’re competing with. Evaluate your current digital strategy too, including SEO, social media and content marketing, or you’ll soon be forgotten on the internet.
Make 2017 your year!