You may have just embarked on the creation of your new business or may have been operating for some time.
Whether it is the first, the latter or you are somewhere in between, the following points should help you grow your business.
This can, in turn, help increase sales while also improving profitability. GOV.UK recommends planning for growth carefully and considering how expansion will affect areas such as finance, staffing, products and business operations.
Plan Ahead of Time
Trying to grow a business without a clear plan for the immediate and long-term future can make it difficult to prioritise investment, manage risks and measure progress.
Create a practical growth plan covering your objectives, potential risks, funding requirements, staffing needs and opportunities. The UK government’s growing your business guidance provides information on planning, finance, innovation and attracting new customers.
It is therefore important to create a plan for potential risks, goals and the opportunities you would like to pursue.
Increase Sales from Your Existing Customers
Many businesses assume the only way to increase sales is to obtain new customers. However, existing customers can also provide valuable opportunities for sustainable growth.
You have already established a relationship with an existing customer, so consider how you can encourage repeat purchases, introduce relevant additional services and improve customer retention.
GOV.UK specifically recommends focusing on existing customers and their needs when improving products and services. Customer feedback can also help identify opportunities for new or improved offerings. Read the GOV.UK guidance on improving products and services.
Create a Corporate Video
A corporate video can be an effective way to showcase your business, explain a product or service, introduce your team or demonstrate how your company works.
Videos can be incorporated into websites, email campaigns and social media activity, helping potential customers understand your offering without having to read lengthy sales material.
What is a corporate video used for?
Corporate videos can have many purposes. They may introduce a business, demonstrate products, explain services, support recruitment, present company news, showcase customer stories or communicate information to employees and stakeholders.
How do you make a good corporate video?
Start with a clear audience and objective. Keep the message focused, explain the value you offer and include a clear next step for viewers. Avoid relying on unsupported statistics about how frequently businesses use video unless you have a reliable and current source.
Corporate videos can then be distributed through your website and social media platforms as part of a broader marketing strategy. Businesses should also make sure promotional content complies with UK advertising and consumer protection requirements. See GOV.UK’s marketing and advertising guidance.
Obtain Referrals
Securing referrals can be another effective way to grow your business. Recommendations from satisfied customers can introduce your company to potential customers who may already have a degree of confidence in your services.
There is no harm in asking satisfied existing customers whether they know somebody who may benefit from your products or services.
Rather than relying solely on passive word of mouth, consider building referrals into your customer process. This might include following up after successful projects, requesting reviews, encouraging recommendations and keeping in contact with previous customers.
If reviews, testimonials or endorsements form part of your referral strategy, make sure they are genuine and presented transparently. The Competition and Markets Authority provides guidance for businesses on reviews and endorsements.
Attract New Customers
Existing customers and referrals are valuable, but sustainable growth can also require reaching new audiences. Consider online marketing, partnerships, new sales channels, networking and entering additional markets where appropriate.
GOV.UK provides guidance on attracting new customers and exploring new markets, including online marketing and opportunities to sell elsewhere in the UK or internationally.