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Top 10 tips
If you have been in business for a while, you might be starting to think about growing your business. Here are some suggestions that could help you to grow your business:
- Collect information – information from businesses, government bodies, trade publications, customers, industry associations and market reports can help you to revise your business and marketing plans, analyse your competitor’s activities and help you identify new growth areas.
- Review your marketing strategy and business plan – gives your business direction, confidence to adapt to changes, and provides a clear approach to promoting and expanding your business and customer base.
- Benchmark against other businesses – speaking with businesses in your industry can improve the way you run your own business and provide a platform for sharing skills and keeping up-to-date on industry and local information.
- Meet standards and codes of practice – give your customers more confidence in the quality of your products and services by adhering to voluntary standards (you should already meet mandatory standards).
- Improve your financial situation – improve your cash flow management by seeking professional advice, introducing financial systems or obtaining financial training for yourself and your staff.
- Grow your workplace – as your business grows you may need to employ additional staff, employ staff for the first time, move to larger premises, or attend training courses to upgrade your own and your employee’s skills.
- Expand your business online – an online business, or simply selling your products or services online, can help you reach a much wider customer base, both locally and overseas. Doing business online can also help improve your internal processes, making you more efficient.
- Franchise your business – once you establish a successful business, franchising could introduce your product or service to new markets and expand your brand’s reach.
- Investigate funding options – there are grants and financial assistance available for a range of business activities such as expanding your business, research and development, innovation and exporting.
- Export and import – exporting can be a great way to grow your business, but it takes careful planning to ensure that all risks and requirements are taken into consideration. Importing goods can help your business meet its goals and provide goods to customers that may not be available locally.