Dr. Mark D. Yates, CEO of FBI Consultancy knows a thing or two about profitable business growth. Here, the Lead Writer takes a look at the 8 expert ways businesses can grow.
Like most things, all businesses start out small – everyone and everything starts from somewhere – but you can see almost everywhere you go, on the high-street or online, there are a variety of large, successful businesses who have achieved their main goals: growing and making a profit.
But the question is: What are the Ways in Which a Business Can Grow?
There are several different ways in which businesses can do this, and it’s all about finding the opportunity to focus on the unique selling point of the company. It’s doing this in a competitive market which makes it a challenge.
1. Penetrate the existing market (selling to existing customers)
Instead of seeking out new customers, companies should focus more on the customers they already have. This is because new customers and clients will be new to what you do, and so naturally they’d be dubious in starting any new business. This can be time-consuming and cost-ineffective. Existing customers can help increase sales, as they know and trust the company and could be persuaded to spend more, which is easier and more cost-effective. LinkedIn experts are good at getting into this marketing, using lead generation and business social media.
2. Seek out new business referrals from current clients
Companies still need new clients and customers in order to grow. But again, utilising the existing customers is a good method for going about this. When a company has good customer relations, it makes it easier to communicate on a personal level. In having this, companies could proactively ask for referrals from their existing customers, seeing if they know of anyone else who’d be interested in their product or service. Normally if the company/client relationship is good, the client would be happy to recommend the company to others that they may know.
3. Improve your product or service
Whatever product you sell or service you provide, it must be of a high-quality in order to fit in well in a competitive market. The reason a company has its existing customers is because its products/services are good, but to maintain them and to gain new customers, companies could improve what they offer to appeal to an ever-changing society. Improving comes with innovation, new ideas, and new ways of using what’s already there.
4. Extend the market reach (new stores or online)
A company can’t grow if it stays where it is. The physical act of growing or expanding is for companies to open new stores in different locations to get a better opportunity in achieving increased sales. This will achieve increased footfall and new business, making sales and increasing the profit margin. But companies can extend their reach in the online market, too. Digital marketing and e-commerce is the new way forward in the business world in the 21st century.
Companies should have a website to promote themselves, but they can also sell their products online and promote their services too. Many companies are now using social media as a digital marketing tool to advertise their brand and increase further profit margins. Social media experts have the skills and experience to really get into that market and reach out to new clients.
5. Manage costs
To gain a good profit, businesses should have a good grasp on their outgoing costs and expenditures. Sometimes it can be necessary for businesses to cut costs where appropriate. These could be office space costs, staffing costs, supply costs or vehicle expenses, but this can be seen as downsizing and can be counterproductive to business growth. (On the other hand, not necessarily, as it’s okay to take one step back and two steps forward).
Instead of cutting back so much, companies could take the risk and keep going, offering a small bonus to employees for meeting budgets, rather than a large increase in costs. Or cut some overheads by automating accounting, sales reports, ordering, and record-keeping. Using LinkedIn as a recruitment tool is very cost-effective. Dr. Mark D. Yates is a LinkedIn consultant and LinkedIn trainer who can show business how to best leverage the business social media platform to their advantage.
6. Know what it is that you do
For good business growth, you should specialise in your area. To specialise in your area, you must focus on that unique selling point you have without branching off, trying to please everyone. If you try to do everything, you won’t get anything done. People and companies alike work best when they focus on what they’re good at. That target market, that USP, that thing that gives you an advantage over others. Why aim for something you either can’t do or you’re not strong at? Don’t exhaust your resources going after it, stay on track, work on what you’ve got, and keep that unique quality that you’re known for.
7. Remember that employees are people
A business can’t grow if it’s not moving anywhere, and what makes a business move anywhere is the talented staff who work there. What some companies forget is that people are people, and should be treated as such. Employees should want to work for a company. If they’re happy, with good morale, the quality and efficiency of the work output is improved. Companies should look at ways of improving how they go about treating their staff, with a good, positive culture, good salary and benefits, and the freedom to carry out their work without being micromanaged. Businesses ultimately grow when the employees (the driving force of the company) are happy to be there.
8. Seek out a Business Growth Consultant
A Business Growth Consultant is someone who exists to help business owners grow profitable businesses. Usually they’re exceptionally skilled in identifying the problems that may have arisen within a company and have the abilities and resources to provide expert solutions. They are there to help businesses develop ideas for growth by sharing their skills, expertise, experience and contacts, which can give an advantage over other companies.
FBI Consultancy Ltd (Fast-Track Business International) offers a business growth consultancy service, alongside a Business Troubleshooter and an Interim Director to get to the core of the problems and works hands-on in the company. Dr. Mark D. Yates can provide his expertise as a LinkedIn mentor for a variety of people.
These are 8, non-exhaustive methods in which a business can achieve growth. Of course, there are other ways, other methods, and many companies will be suited to some methods better than others. But it’s all about making improvements, finding new business, and being smart on the inside and outside of the business. The goal, overall, is to achieve a profit from a growing business and to sustain this throughout.