Every business wants to do it, but not many know how. But our accountants have helped hundreds of businesses grow, and we’ve decided to share some of our simple learnings.
As a business, assessing what’s going on within the company is the crucial first step towards growth and increasing profit. You need to do a proper review, making sure you dig deep into the numbers and don’t shy away from the uncomfortable information you might find …
From here, many think that driving growth and profit is as simple as increasing sales and reducing expenses. But that’s only a small part of the process.
And as accountants, you may expect us to focus on profit margins and the like. Of course we can do that, but that’s for another blog.
Growing your business doesn’t have to be complex. You just need to do the fundamentals well. Here’s a few of them:
Increase Leads
By increasing your leads, you increase the volume of opportunity to grow customer base. A lead is a potential customer, someone who has shown some level of interest in your product or service and you are able to put an offering in front of them.
To increase your leads, you need to increase your focus on the ‘top of the funnel’, opening up your marketing that puts your audience in front of a broader, but still relevant, audience. Many small businesses focus most of their time only at the ‘bottom of the funnel’, trying to close those few, immediate sales opportunities.
You can increase leads by giving something away. Most businesses baulk at this idea. But, for example, giving away a whitepaper, a free consult or similar builds trust and removes a lot of barriers to the next step, which we hope will be the sale.
Motivate your Employees
By elevating your team and turning everyone into a salesperson, you’ll create many more avenues for profit growth. Introduce every employee into the sales process, educate and incentivise them, and instantly see more growth in brand exposure, leads and sales.
Always reward your employees who want to learn with supplying them with the tools they need to be the best they can be.
Increase Retention
It’s simple, by keeping customers happy they become loyal and thus keep coming back for sale after sale.
Every business wants to focus on new customers. But your best customers are your current customers!
It is far easier to sell to those who have already engaged with your services. By increasing the retention of customers, you boost the lifetime value of those customers and the marketing cost to acquire them reduces every time they buy.
As you foster trust with your customers, and increase communication, offers and rewards, you’ll see significant growth. Not only that, new customer acquisition will increase too, as your loyal customers spread the word about how good your business is.
Be Connected
In a modern, tech heavy world, being active across all of the major digital platforms is important. You have to make it easy for current and potential customers to find and access your brand, and understand what you do, and why you do it.
This has become more crucial than ever, as Australia continues to navigate lockdowns and the ongoing threat of temporary closures.
As strong online presence instantly broadens your potential customer base beyond your backyard, to nation wide, and even international.
Review your digital strategy, and if you don’t have one, get one!
Get Help and Advice
Good advice will transform your business. So don’t hesitate to work with experts.
As trusted business advisers, company leaders seek us for more than just accounting. We regularly work closely with management teams and boards to help businesses navigate through the complexities of business growth.
Let’s talk about your needs.
The information contained on this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.
