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Once you’ve established your business model, developed client or customer relationships, and filled in any gaps in your team, it’s time to scale your business, also known as the Build And Grow stage of a company’s life cycle. You may feel like everything is happening at once, with plenty of fires to put out. From new hires to streamlining day-to-day business processes, preparing financial documents for the scrutiny of potential investors, and lots of problem solving, these articles and tools will help you survive this challenging and exciting stage.
Increase your levels of stock and sell more. Tempt your current customer base with incentives such as loyalty discounts, promotions and awareness.
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?
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.
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.
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.
Apportion some extra funds to your advertising budget, try some different channels, and focus on getting your message out there.
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.
Set up profiles of your business on Facebook™, LinkedIn™ and other relevant social media. You never know who might be browsing.
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.
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.
Can you establish more patches in different suburbs, towns, or cities? Is setting up a franchise the best way your business can grow?
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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