In January, you set goals with stars in your eyes and a determination to grow your business and have the best year in business yet.
In February, you do one of two things:
- Continue on the plan for your best year in business and keep working towards your goals.
- Fall off the bandwagon, like so many business owners do!
In March, you’ve got a choice to make:
- Get back on the bandwagon and keep working towards your goals and dreams in business and life.
- Revisit your goals and dreams for 2022 and work out what happened that you lost the excitement. Then get back on the bandwagon!
If you’re still on the bandwagon or you’ve fallen off and need some help – read on because we’ve got something special for you in this blog …
How to Grow your Business with these 7 Simple Strategies:
Growth is a fundamental part of a business’s success – and this year has well and truly started, so if you are pushing forward or sitting in neutral, these how-to-grow tips will help you expand your business..
1. Increase your Client Retention Rate
Keep your current clients happy and delighted with your service and value. It is easier and more cost-effective to keep existing clients than it is to attract new ones. What offering do you have for your existing clients?
HOT TIP: Create a product especially for your existing clients for example a strategy session or a physical product.
2. Increase your Lead Generation
More clients come from leads so what can you do to increase your lead generation tactics and drive more potential clients to call you, visit your website, interact on social media or call into your physical premises?
HOT TIP: Create a lead magnet and start promoting it on social media. Nurture those leads you get in.
3. Increase your Prospect Conversions
Follow up those potential customers who’ve made enquiries, show interest and build rapport and a relationship with them. This will help prospects to buy from you too.
HOT TIP: Have a prospects list that you regularly contact. If you don’t hear back from them, contact them again with a message such as “how can I help you?” or “are you still interested in XYZ” or “do you have any questions about XYZ”.
4. Increase your Transactional Value
Would you like fries with that? McDonald’s does the upsell well! Hairdressers do a great job of this too! You get your hair cut and next minute you’re walking out with new shampoo, conditioner and a leave-in treatment! As they are washing your hair they show you the shampoo, as they are cutting and using a product, they talk about it. Then when you go to pay, they ask you if you’d like to purchase said products.
What can you upsell in your business, for example, additional services or products or bigger volumes of your products and services.
HOT TIP: What is the next step for people after they purchase something from you? Add it as an upsell.
5. Increase Transactional Frequency
What can you do to encourage clients or customers to buy more frequently? A monthly package of your services or a monthly strategy session or maintenance call. Some businesses have subscriptions you can sign up to that automatically send you said item every 1-3 months so you don’t have to think about re-ordering it.
HOT TIP: To grow your business, look at how often your customers buy from you now, what is the next step they can take with you so you can help them more and also increase your bottom line?
6. Reduce the Cost of your Sales
This is an easy tip which many business owners may not think to do. Identify ways to save time and resources in order to make more profits. How can you drive more efficiency in your business, while reducing the variable costs of your products and services.
HOT TIP: Look at your suppliers, operations and manual labour, how can you reduce the costs in these areas?
7. Reduce your Overheads
Review your business costs to identify fat that can be trimmed (not muscle). Look at insurances, subscriptions, automations, suppliers and contractors. Where can you reduce your overheads by changing your plans or cancelling your subscriptions?
HOT TIP: What subscriptions are you using that you don’t need or have forgotten about? If you need them, you can reduce the costs by paying annually instead of monthly.
Start working on these strategies today!
If you’re ready to start growing your business today, we are ready to help you do that! Our coaching programs are designed to help you develop the most practical and realistic ways to grow your business.
To get started, simply book a Business Impact Session with Vibrant Business Director Brenda Ryan to discuss each of these seven factors of growth, and how to implement them.
In our session together, we will:
📌 Review your goals and vision
📌 Identify your critical challenges and roadblock
📌 Formulate your next steps for business growth
Valued at $300, this session will allow you to take a deep dive into your business, reconnect with your purpose and create your best year in business yet.