Powerful Methods To Grow Your Business and Profit Margin In A Short Time

Looking to grow your business and drive higher profits? This article by Guest Writer Steven McMeechan sets out 7 simple but powerful methods to achieve both business growth and profit this year.

Business growth doesn’t happen overnight. It’s an ongoing process which requires continuous planning and management. For any business owner, expanding and growing a business is something that we all aspire to achieve, but keeping costs in check is a challenge for many. This expert guide will give you the powerful methods on how to grow your business and protect your profit margin at the same time so you can continue to run a successful business.

Best Ways To Grow Your Business and Your Profits

Develop A Unique Service Proposition

Developing a unique service proposition is the first step to growing your business. When developing your USP, there’s a few important areas that need to be considered to make it successful. These include:

  • Research your competition to see what your successful competitors are doing that you need to do better. Seek to understand what their unique service proposition is and how they are marketing themselves differently to others.
  • Work on ways to pre-empt your customer’s needs and surpass their expectations with your product and service delivery. Can you offer them the best price, shipping time, selection of products, high value services, and can you separate yourself from your competition using this information? Can you improve their finances, health, status, etc.?
  • Research your market for long term and short term opportunities. Don’t just work on what they want yesterday or today. To continue to grow you need to meet their needs in the future.
  • Know your business strengths and make sure you have the resources and infrastructure to deliver on your unique service proposition. There’s no point in creating one if you can’t deliver it, or if your competition can execute it better than you.

Understand what motivates your clients (and potential clients) to purchase from you versus a competitor. If you’re just starting out, consider those factors that influence your own purchasing behaviour.  For example, are you motivated by price, service, product quality, supplier location and so on.

Become A Client Centric Organisation

The next step to grow your business and its profits is by becoming a client centric organisation and placing the focus on client service excellence. In order to complete this goal, you need to map out all the areas where your customers/clients interact with your business. This may be areas such as advertising, inbound sales enquiry, internal sales section, admin staff response, through to post-sales service and support.

Once you have determined all your company’s touch points, you then need to develop structured processes and procedures for each of these touch points with service turn-around timeframes. This will give you performance benchmarks for your own service delivery that you can continue to monitor and improve.

By becoming a client centric organisation and making sure each department knows what other departments in your company are doing, you’ll be able to deliver above standard customer service that will push your business further towards success.

Employ The Right People

Running a business successfully is all about employing the right people who share your vision, dream and commitment to succeed. There’s generally two types of workers. Those that work for the pay cheque, and those that want to grow and become more successful in life. The second type of workers are the ones to try and aim for. They will work hard on helping you develop your business because they know that if you succeed, they will succeed as well.

Inspire and Reward Staff

Your staff members are a key component of your business and shouldn’t be taken for granted. Without your staff members, your business will soon fail or fall short of your targeted goals. It’s important to nurture your staff by inspiring them to reach their full potential and to reward those who are committed to delivering excellence customer service on behalf of your company. Some ways you can help inspire and reward them include:

  • Providing them with free training to help enhance their skills for a more flexible job position or higher paying position.
  • Give bonuses to staff members at the end of the year who have shown exceptional work ethics.
  • Praise your staff members often and talk with them to see how they are coping and if they need help.

Inspiring and rewarding your staff can go a long way in growing your business. The more your staff delivers to your customers, the more customers will come back, and the more your business will profit from this.

Focus On Delivering Profitable Products To Profitable Clients

The profits that you make come down to the products that you sell to the right people. There’s little point in pouring your resources into clients that ultimately prove to be unprofitable. This is simply a recipe for disaster. Therefore you need to focus on delivering  profitable products or services to clients who see the value in what you have to offer. In order to do this, you need to determine who your profitable clients are versus those who are not.

To do this you can start by segmenting your client data base by revenue and other relevant criteria that you may want to measure. Other characteristics that can be used include:

  • Age
  • Income
  • Location
  • Lifestyle
  • Behaviours
  • Goals

When you’ve determined who your most valuable clients are, you can then work on marketing your products or services more effectively to recruit similarly like-minded people  who share the same qualities and characteristics as your profitable clients. In its basic form, this is known as target marketing.

Conduct Regular Client Surveys

While it may not seem like it, client surveys can be a low-cost way to build your profile and create referral business from friends, colleagues and other networks associated with your existing clients.  Surveys also provide a mechanism to gather valuable customer insights and feedback that can truly improve your company operations. You can also ask for testimonials at the same time; essentially using feedback from existing customers as a powerful tool to solicit new enquiries from new clients.

Utilise Word Of Mouth Advertising

Many business owners underestimate the power of word of mouth, especially in this age of social media. Word of mouth is one of the most effective forms of marketing promotion as it allows existing customers to act as advocates for your business. By having good feedback passed along to new customers, you’ll find that your reputation will grow and so will your customer base and sales.

Conclusion

Growing your business and profit margin is all about how you present yourself to your clients and how you deliver what they need. By understanding and implementing these key areas above, you’ll be well on your way to a profitable and expanding business. Are you ready to make changes?

 

Steven McMeechan

Steven McMeechan is a strategic marketing and communications specialist with over twenty years’ experience in senior marketing management roles across a range of industries including Information Technology and Financial Services. He works for Capstone Financial Planning and lives in Melbourne, Australia.

Similar Posts:

What do our fans think?

Leave A Response

*

* Denotes Required Field