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Man in business suit holding glowering light bulb as a metaphor for business growth strategies

3 Business Growth Strategies You Can Implement Today

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Our past few blog posts have focused on preparing your business for a period of increased demand as the pandemic-related restrictions and uncertainty ease. We’ve discussed strategies to adapt your business planning and overheads to the new normal, as well as the steps you should take to ensure you’re ready for increased demand. This post will outline practical strategies you can implement today to grow your business as we enter the new normal.  

3 Business Growth Strategies That Work For Every Business 

Here are a 3 theory-backed and easy-to-implement tips that you can use today to grow your business: 

Offer exceptional customer service. 

It costs your business more marketing dollars to gain a new customer than to get another order from an existing customer. So, it makes sense to prioritise exceptional customer service.  

Here are some things you can start doing today to improve your customer service:  

  • Know your products well.  

You can run regular product knowledge training internally or ask your suppliers to provide training. In any event, be sure that your staff are regularly refreshing their knowledge about what it is they are selling. 

  • Respond quickly to customer queries, reviews, and complaints.  

Develop processes to ensure that any online enquiries are responded to within 24 hours across every platform you use. This includes comments and messages you receive on social media, even if your response is just giving the comment a thumbs up.  

  • Implement more customer-centric return and shipping policies (if you can afford to). 

Businesses are selling more products online than ever before – and customers expect quality customer service for these online sales. If you can afford to include shipping for sales above a certain dollar value, this can help to drive sales. Similarly, free return policies for online sales can encourage customers to purchase your products – since it reduces the risk of buying unseen products.  

If you can’t afford these policies, don’t be afraid to share why. Consumers want to support small, diverse, sustainable, and local businesses, so outlining your reasons for not implementing those policies can be useful.  

Invest (either time or money) in your marketing strategy. 

Marketing can offer an exceptional return on investment (ROI) – and it doesn’t need to cost the earth. While it’s something you should certainly consider hiring for or outsourcing if you’re time poor, there are plenty of small tasks that have potential to offer large gains in the long-term.  

Email marketing, for instance, can deliver an ROI of $40 for every $1 spent. It’s something that you can easily tackle in-house using free tools, like Mailchimp. Simply add a short paragraph about what’s happening at your business, add some product photos, include any special offers, and send it out to your mailing list. 

A strong social media presence builds customer loyalty, adds credibility, and increases customer referrals. Work with your team members to regularly upload posts of your stock, your team, and your customers (with their permission). Play around with the features on your social platform, like tagging people in photos, using hashtags, and sharing videos to see what works best for you.  

Rely on business growth strategies that work for you.  

Business planning is critical for any business owner who wants to grow into the future. Planning helps you develop accountability roles, set priorities, manage cash flows, and focus your growth strategy. But planning isn’t a one-size-fits-all exercise for businesses.  For some, rolling forecasts work wonders. For others, planning needs to be laid out as action steps. 

Every business should work with an accountant who helps them develop strategies for growth that work for them.  

Business Growth Strategies with Sharp Accounting 

Sharp Accounting offers tailored accountancy services to help you grow. Our Planning Day Workshops are a tool you can use to drive strategic changes that will help your business reach its potential.  

We develop action steps for you based on your:  

  • Marketing and sales 
  • KPIs that fuel your business 
  • Finances 
  • Your people 
  • Workplace culture 
  • Vision and strategy 
  • Systems 
  • Products and services. 

Find out more here: https://sharpaccounting.com.au/what-we-do/planning-day-workshop  

Or contact us today

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