10 quick growth tips for your small business

10 quick growth tips for your small business

green plant on brown round coins

Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put the following effective tips into practice to help grow your business.

Utilize new technology

Modern technology can save you time, improve productivity, and reduce your operational costs. Ensure you strongly consider utilizing the best industry specific software to aid in the running of your business as well as cloud-based bookkeeping software to allow you to track expenditure and perform time consuming tasks such as invoicing with ease. Make use of Facebook, Twitter, Google+, and other social media tools to market your business.

Dropbox is a cloud-based service that can be used for document creation and sharing, while Skype, Microsoft Teams and Zoom are commonly used for calling or video conferencing.

Communicate better

Always take a friendly but professional approach to any form of customer interaction, including written invoices, quotes, and emails. Create guidelines for dealing with customers in writing and over the phone. Reply to messages as soon as possible. If you take too long to return a call or email, you may lose a potential customer to a competitor.

Try writing a blog or column about your chosen industry. Think about sponsoring an event or gifting your products or services to a local sports team, community group, or school.

Become more innovative

Even if your products and services are selling well, always look out for new ways to refine your business. Review any customer feedback that you have received in order to tailor your product to your customers’ needs. Organize regular brainstorming sessions and invite staff to share their ideas on ways to improve products or services.

Tighten up your credit policies

For any orders, make sure your customer completes a credit application and that they understand your terms of trade. Encourage your customers to clear payments quickly by emailing or posting invoices and giving clients a clear time frame to pay. Revisit your terms of trade and make any necessary changes if needed.

Improve your record keeping

If you’re selling products, keep a record of every product sold and ensure you’re aware of how much stock you have. There are free or low-cost point-of-sale (POS) computer programs that can manage stock inventories and provide a record of each product sold. Create a database for future follow-ups by recording clients’ names.

Join business associations and organizations

Business associations and organizations give you access to industry leaders about current innovations and developments within your chosen market for an annual membership fee. They hold regular events, seminars, short courses, and networking evenings which can be incredibly valuable for meeting business owners, identifying investors, and learning more about your industry.

Develop a website

If you’re a well-established business, potential customers will be searching for you on the Internet – often before they pick up the phone or walk through your door. An effective website needs to be functional, communicating what you offer and your point of difference.

Manage your time more effectively

Take note of where your time is going each day. Some tasks could be consolidated or completed at a dedicated time each week. There are free or low-cost time management tools such as Toggl and Google Drive that monitor your daily workload and can generate weekly reports. Enquire with us to understand how to measure average daily productivity hours for yourself and/ or your employees.

Buy good quality business cards and use them

Take any opportunity to hand out your business card when you meet new people – even outside of work.

Generate referrals

There are many ways to create referrals and grow your business. For example, you could pay for them per lead, write a blog, attend trade shows, or simply advertise through various media.

Your small business will need to harness a variety of methods for it to grow sustainably, so take the time to plan ahead and try some new approaches.

Good luck and let me know how you get on.

For valuable small business advice and strategic insights, consider consulting with a general accountant. Additionally, exploring outsourced accounting services can provide your small business with expert guidance in financial management. Partnering with professionals who specialize in accounting services for small business can ensure your business’s financial health and growth. If you’re in Adelaide, seeking guidance from a business consultant can offer tailored strategies for your local market. Embrace these insights and set your small business on the path to success.

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