Starting a new business is challenging and exciting. But once your new venture is up and running, it’s time to consider ways to grow. These are the areas you need to focus on to ensure success in the long term.
Plan for growth
Don’t think of growth solely in terms of sales. Instead, consider how you’ll maintain and improve your profitability.
That means improving and developing new products and services and pushing them into new markets. It’s about expanding, training your workforce and looking for new funding streams. And it’s about improving your online presence to sell online.
Working with a Cheltenham business advisory service is the first step in achieving your business goals.
Open new funding streams
Growing your business could mean expanding your product line or investing in capital. There is a myriad of funding opportunities open to new businesses, but before you make any decisions, you need to be clear on the cash you need and what you intend to use it for.
A lender may ask you to secure your loan against your assets. Develop a solid repayment plan with your Cheltenham business advisory service to reassure lenders and give them peace of mind.
If you prefer to encourage investment, work with your business advisor to demonstrate how you’ll spend the money to increase turnover and profitability.
Develop a sales and marketing strategy
As you build your marketing and sales plan, develop a picture of your target audience and their needs. How can you meet those needs and persuade one-off customers to become repeat customers? How can you sell more to your regular customers and attract new ones?
Advertising, word-of-mouth recommendations and targeted social media use can all help you retain and attract new customers. Targeting and retaining existing customers is an affordable and effective strategy for growing your new business.
Find a mentor
Building a trustworthy team is one of the most effective ways to share the load and grow your business. A Cheltenham business advisory service can help your business grow by boosting your weaker knowledge areas and sharing expertise, contacts and skills.
