Is your business growth slowing? Try these strategies…
What happens when your business growth begins to slow? When you start your business the honeymoon period is generally escalated by the leaps and bounds (hopefully) your business takes. Whether you’re a service or product provider, it’s almost inevitable your business will begin to slow at some point. The new kid on the block always gets the most attention, but as you establish yourself, business can become good, or even great, but steady.
So, what do you do when your business begins to hit a wall? Check out the following strategies below.
Spend Time on Sales
Whilst our first point may be blaringly obvious, if your business is slowing it’s time to work on your sales pitch. Dust off your phone book, and then throw that to the side because it’s 2019. Open your CRM database and start contacting previous clients to see if they may be interested in any new client services/products.
Start networking at events where you are likely to hit a relevant demographic of potential clients. Nothing beats booking a potential client meeting when you are face to face delivering your pitch! The digital age can certainly be the death of forging loyal ongoing relationships.
Expand your skill set
Have you always wanted to provide another service and/or product to your current clientele? Now might be the time to get productive and learn a new skill that could take your business to new levels. Get in contact with some local experts to start learning everything you can, see if they offer paid consults so you can learn one on one from the best! These days you can google lessons on just about anything! So start researching yourself, or if you aren’t disciplined enough book a course!
If you want to offer a new service but don’t have the time to invest, try aligning with a business that does. Ask them if they would be interested in providing a discounted price/package or commission for ongoing referrals.
Invest in new staff that can help to free up some of your time so that you can focus on lead generation. Don’t weigh yourself down with general admin work if you could be out there meeting new clients. The initial investment in some extra help may pay off in the long run!
Is it time to reassess your business offering?
When was the last time you checked out the competition? Is there room for some innovation when it comes you’re your product and/or service offering? Given the leaps and bounds made by technological companies every year, what you were previously doing might not just cut it. If you can improve on your service offering and show the benefits to your clients, it may be time to increase your pricing.
All the best with revamping your business growth in 2019! If your business needs some accounting advice or business consulting, contact Aspect Accountants and Advisors in West Perth! We offer personalised business consulting session to help evaluate your current business position and if there is room for improvement.
Click here to contact us or call us on 9227 9400