If you’ve given up the 9 to 5 grind in favor of starting your own company, you might feel like you’re spending all your time focused on the day-to-day. There’s so much to do to keep things rolling – ordering stock, managing staff, juggling the books, and a seemingly endless list of daily tasks. In between all of that, you somehow need to find time to strategize about generating growth. To help you get started, here are five ready-made ideas that can kickstart your company’s growth
Max your Cash Flow
When you’re focused on rapidly growing your business, cash flow can be a challenge. You need money to stock up on inventory, cover your payroll each month, and pay your creditors. One excellent option that is often missed by business owners is to take advantage of supply chain finance. You can use this form of business finance to fund inventory from overseas suppliers. Other options to maximize your cash flow include renting equipment rather than buying it, shopping around and negotiating with providers for better deals, and offering incentives to clients for early payments.
Step Up Your Service
Customer retention is always good business, and the best way to keep your customers coming back for more is to give them exceptional service every day of the week. Spend some time considering how you can make your customers’ lives easier. For example, supermarkets offer click-and-collect to save people time. How could you make it easier to take advantage of your products and services? Maybe you could add a favorite section to your online shop to ensure people can quickly find their usual product or offer a subscription service for regularly purchased items.
Reward Loyalty
If you have a large customer base, you may benefit from setting up a customer loyalty program, offering a points-based, tiered, or value-based program. Even with a smaller customer base (for example, if you sell a smaller number of high-end or specialized products), you could take a less formalized approach. Why not surprise your key clients with a special treat such as a gift hamper, baked goods, or indoor plant for the office?
Have a Point of Difference
It is challenging to grow a business when competing with many others who offer similar products or services. The best way to stand out is to have a unique selling point that people truly value. This point of difference may be a novel way to use a traditional product (think of the way Go-Pro revolutionized the camera market).
Alternatively, it could lie in the way you deliver your service. For example, Warby Parker, a company selling glasses online, allows customers to try five sets of frames at home for free. People want to shop for glasses from the comfort of their couches, but it’s hard to buy glasses without trying them on. This way, you can even get your friends and family to weigh in on what they like best, without dragging them all down to the mall. Find your unique selling point and make it central to your marketing plan.
Identify New Opportunities
Take a look around you. Are there emerging markets you could be targeting? In the Warby Parker example above, the company opened up the geographic market by taking glasses sales online. If you look to the wine industry, many countries have expanded their target demographic from local wine drinkers to hospitality and liquor stores, and then on to international markets.
Growing your business is hard work, but there’s nothing more rewarding than putting in the time and effort and then seeing the results as your business blooms.