Top Tips for Business Growth this Financial Year
The new financial year is upon us. Now is the time many business owners are looking for ways to grow their business for the year ahead. Financial experts from myPOS have provided their top tips for business growth.
1. Boost your market penetration
We all know that customers are the lifeblood of any business and therefore we suggest that you try to boost your market penetration by reaching more customers. Do market research on your existing and potential clientele using surveys and other research analytics. Market expansion requires prior preparation as you’ll need to serve more customers as your business expands.
2. Streamline operations
Look for bottlenecks, inefficiencies, sources of delays and then try to resolve them as quickly as possible. Any item in your processes that isn’t streamlined is ultimately going to cost you time and money down the road.
3. Outsource
Consider outsourcing as a growth strategy. Especially if you’re still a relatively small business and you don’t want to take on too many demands or deal with a bold, upfront market expansion. Make sure you communicate your needs, visions, aims and goals to your outsourcing partner and establish lasting relationships with them so that you can rely on them in the future.
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4. New product / service development
Just as you’re planning to expand your customer base, consider catering to an even wider clientele by expanding your product or service offering. Think accessories for physical products or associated services for a service you’re providing. Also consider providing additional value-added services. One example after the Covid-19 pandemic is the trend of digitalising entire businesses and creating brand new online channels for additional sources of income.
5. Forming strategic partnerships
It might just be time to grow, and growth happens through the formation of strategic partnerships. These might be competitors that you choose to join forces with or other businesses in your business’ value chain that can help you get reduced prices for some of the raw goods you might be supplying
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