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Build And Grow

Top strategies for growing your business

Nikki Roser

By Nikki Roser

Nikki Roser is the President & CEO of First Bank, a community bank serving Southeastern Illinois and Southwestern Indiana. She is a CPA, holds an MBA, is passionate about building relationships with entrepreneurs and business owners, and leverages her experience to share financial and strategic advice. Partnering with clients and watching their business thrive and prosper is her greatest joy.

If you want to grow, you’ll need a plan. There are many strategies for growth but which ones suit your needs best?

1. Create more sales

Sell more to your present customers

Increase your levels of stock and sell more. Tempt your current customer base with incentives such as loyalty discounts, promotions and awareness.

Offer complimentary goods or services

Introduce new items to your rows of goods or services that compliment those already on offer. Bundle them together as special deals to generate extra revenue. What else can you sell to customers you already have?

Distribute an e-newsletter

Let your regulars know what offers you have available each week or month. Keep in frequent contact – enough to keep them interested but not too much to be annoying.

Promote new products or services

Keep an eye on changes in your marketplace and look for ways you can develop new products or services to keep ahead of your competition.

2. Find new customers

Encourage referrals

Convince your regular customers to share their knowledge of your business with friends, family, or acquaintances – consider offering special prices for referrals.

Have a look at our financing options if you need extra cash to increase your advertising budget.


Do your own networking with likeminded business people – it can be a cost effective method of generating new leads.

Focus on advertising

Apportion some extra funds to your advertising budget, try some different channels, and focus on getting your message out there.

Profile your existing customers

Look for personal or professional similarities between your existing customers. Then try and find more people or businesses that have the same demographic or business characteristic.

Connect online

Set up profiles of your business on Facebook™, LinkedIn™ and other relevant social media. You never know who might be browsing.

Pinpoint different distribution channels

Are there other avenues for you to sell your produce? Consider using direct selling via the Internet, various retail options, and wholesale to cover a wider region.

3. Enter new markets

Export yourself

Is it feasible to expand your business into another territory? Make sure you first do enough research on your potential competitors, the pricing structure in the new market, and what regulations you might face. If you are trading internationally then brush up on possible foreign exchange risk.

Open more locations

Can you establish more patches in different suburbs, towns, or cities? Is setting up a franchise the best way your business can grow?

Grow by buying others

Identify if you can buy any suppliers (to lower your costs and lock in any critical supplies) or customers (to guarantee sales).

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