Top Tips for Growing Your Business

If you’re looking for top tips for growing your business and watching it prosper, read on. You don’t have to spend thousands upon thousands of pounds on advertising to gain exposure and drive sales, and many entrepreneurs are finding new ways to generate interest in their products and services without spending vast amounts of money. Cold calling, advertising and other conventional ways of drumming up business can be incredibly expensive, and they are not always effective in today’s market. Social media is not a panacea, but it has proved beneficial for many entrepreneurs launching new businesses on a budget and helped them engage with a considerable number of potential customers.

Increase the unit and frequency of purchases

Once you have got customers on board, it’s wise to do all you can to increase the unit of purchase. This means encouraging customers to purchase more and more from you each time they make a transaction. The next step is to boost the frequency of purchases, which essentially means enticing them to buy from you with more regularity. This can be achieved through communicating with your customers and establishing yourself as leading player in your field whilst generating excellent customer satisfaction. Aim to become the first port of call when customers require the kind of products and services that you’re offering. Build trust to discourage customers from heading elsewhere. You may wish to offer discounts for loyal customers and other perks.

Referrals, trade shows and feedback

Other steps you may wish to take when trying to grow your business include asking for referrals. It’s not enough to assume your customers are singing your praises to others – after each sale, ask the customer if they can refer anyone else to you. You could again entice them to get others on board via offers and discounts. Asking for feedback is a fantastic way to find out if you need to make changes to your products and services. Many entrepreneurs opt to attend trade shows to create new business relationships and showcase what they have to offer. Another way to expand your customer base is to explore international markets. This can be time-consuming but also incredibly rewarding if you are prepared to put the work in.

Get in touch today

Talk to Irwin Insolvency today to receive further tips and in-depth information on growing and developing your business. We can advise you on creating strategic alliances and use our vast expertise to help you achieve the results that you desire. We always aim to obtain a deep understanding of your unique needs and circumstances so we can address them specifically and provide you with advice tailored directly towards your requirements. You are more than welcome to get in touch at any point if you do have any queries about what we can do for you, so don’t hesitate to give us a call if you are seeking detailed information about growing your business. Call 0800 2545122 today for business growth advice you can trust.



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About the author

Gerald Irwin

Gerald Irwin is founder and director of Sutton Coldfield-based licensed insolvency practitioners and business advisers, Irwin Insolvency. He specialises in corporate recovery, insolvency,
 rescue and turnaround.