Whilst it is common knowledge and should be the goal of any business to grow and acquire more clients, as they truly say in the business world, it is more cost effective and easier to retain your current clients than to acquire new ones. However, with the stiff competition businesses face today and to help you compete effectively in getting more customers and keeping your existing ones, I’ll be focusing on five tips (not a magic wand) to help you achieve this.
Statistics vary by +- 5% on the number business failures within the SME community in the UK, however all statistics in the UK agree that up 60% of small and medium businesses fail within the first year and a further 30% within three years. It’s been proven that part of the reasons for business failures is lack of proper business planning, understanding business finance, cash flow challenges or lack of business support, either prior to the business starting or during the business operation. However, this does not have to be your fate. Benjamin Franklin says, “If you fail to plan, you are planning to fail!”
To avoid such a pitfall, I’ll be sharing five very brief tips to turn your business around or in some cases, how to avoid failure altogether.
Undeniably, customers are at the heart of every business and you need to keep on acquiring new ones to keep your business afloat. It doesn’t matter what you do, you may be a consulting firm or a bakery or a real estate agent, your business needs new customers. They not only provide increased access to finance but also help in boosting business growth.
However, it is easier said than done. In the competitive business world of today, you certainly need that extra edge over competitors to be able to draw in new customers.
Customers are the heart of all small businesses and without them the business is sure to fail. Therefore, it important that they are treated properly and you strive to build a relationship with them, to ensure you gain a loyal customer.
Is your businesses struggling to be seen? Does it have an active presence on social media, or are you like one of the many business owners who say that they don’t have time to post regularly on social media? Do you know that social media makes a difference? These social media platforms will bring awareness to your business, organically grow your business, and one of them may even make you some extra money! By not doing so you are letting opportunities pass you by.
Business is business and whatever the size of your company there are many principles that apply to all. Look at the following skills that big businesses use that small businesses can use too:
Congratulations, you own your own business. You’ve worked hard to make it sustainable. But what now? You want it to grow and still want to make a profit? So how do you do it successfully, without spending a fortune? Here are some tips to consider about how to grow your business profitably.
If every time I was asked business advice on this question, I would be sitting on a beach somewhere right now, instead of writing this blog.
Not all businesses need to be VAT registered. What type of set-up you choose is up to you, in most instances. Here are some facts and guidance to help you make the right decision.
If you’re serious about your business you will have to resign from your day job at some point. Making this decision is like jumping out of a plane. At first, you are eager to put on the parachute and get up in the air, the idea of free falling on your own is exciting.
You are now several thousand feet up in the air, with your feet hanging out of the plane. Then the question come into your mind. Is it safe? Am I ready? Should I wait? But if you wait too long the moment might pass completely.
According to Franchise Direct, there are approximately 1,000 franchise systems employing over 621,000 people and contributing £15.1 billion to the economy. Franchising appears to be more resilient than independent start-ups as they have the benefit of the support system from the brand. Franchising is not a get rich quick scheme, it will involve hard work - maybe even blood, sweat and tears. So how do you know if franchising is right for you? Here are our top tips when thinking about franchising or becoming a franchisee
All credit to Rita Gunther McGrath on this blog. She’s the author of – The end of competitive advantage. She says that: ‘organisations need to forge a new path to winning: capturing opportunities fast, exploiting them decisively, and moving on even before they are exhausted. With this book she explains a new set of practices based on the notion of transient competitive advantage. She shows how some of the world’s most successful companies use this method to compete and win today.’
Many businesses reach a point of sustainability with regular income and want to take the next step for growth, but safely. Businesses in debt can often make bad choices because they don’t think they have any other options. At RBSS, our business consultants often get asked the question ‘how do I grow my business without debt?’ We help clients with this situation regularly enjoy creating strategies to help businesses thrive. Although debt can provide businesses with the capital they need to grow, it can sometimes be a risky option and it’s not for everyone. So how do you grow your business without incurring debt.