Despite the fact established business owners are bound to advocate long-term stability over short-term success, every entrepreneur will want to witness at least a little bit of growth early on for reassurance and recognition. After all, the statistic that 96 per cent of businesses fail within 10 years can be rather daunting and, in the absence of positivity, you may feel like your enterprise is doomed from the start. Even more startling, 20% of small businesses don’t even make it past their first year.
So, bearing this in mind, here are five sure-fire ways to quickly increase your business growth without sacrificing or compromising what matters most.
- Explore financial investments to boost capital
Chances are you will need more money before you can explore opportunities for expansion, such as launching a new product or opening additional premises. But rather than playing a waiting game with profits, why not explore a financial investment like CFD (what is CFD) trading instead, which can provide immediate capital?
The best thing about making money through CFD trading is that it’s a leveraged product. Therefore, you only have to put down a small deposit for a much larger market exposure, mitigating risk for your initial investment.
- Launch a lead generation campaign
Even if you spend the majority of your time trying to boost bottom-line sales, don’t ignore or overlook the importance of marketing, as lead generation campaigns are a great growth strategy.
Use direct mail, telesales, and the numerous digital marketing tactics at your disposal to actively identify and contact prospects. You will then be in a position to encourage and usher leads down the sales funnel. Another way to generate leads is with a strategic approach to SEO, such as utilizing link building to drive even more traffic to your site.
- Form a strategic partnership or alliance
Just because you have decided to go it alone in the competitive world of business doesn’t mean you should distance yourself from others in a similar position. By forming a strategic partnership or alliance with another entrepreneur or enterprise, you can work together to achieve each other’s mutual objectives.
Relationships can be built with industry bodies or associations, companies that sell non-competing products, or companies that sell competing products in a different location to your own.
- Increase your prices
It might seem like a fairly rudimental technique for encouraging growth, but as long as your customers receive more value at the same time, there is no reason why you can’t increase product or service prices.
Ways to keep your clientele on board without obliterating profitability from price increases include frequent buyer programs, a higher level of support based on purchase amount, reward schemes for certain products, and a quicker speed of service or delivery.
- Reduce your overheads
If you are not keen on the idea of increasing your prices, another option is to reduce your overheads. By lowering your expenditure you should make more money to re-invest in expansion opportunities.
Some cost cutting measures can be rather cut throat, such as renegotiating rates with your suppliers or even removing unproductive people from your workforce, but these measures are often essential if you want to quickly increase your businesses growth. Don’t be afraid of taking the tough decisions that are necessary to achieve growth in the medium to long term.