How to grow your small business

We’ve put together a go-to list of strategies to consider to maximise your venture’s growth potential.

Growth is (or should be) a key goal for all small businesses. But when cash is often tight, it may seem as though there is only so much you can do to build your business without breaking the bank.

In fact, there is a smorgasbord of free or low cost activities that can support business growth. We've put together a go-to list of strategies to consider to maximise your venture's growth potential.

Harness the power of social media -

like or loathe it, social media is a force no business can afford to ignore. Your own website plus social media hubs like Facebook, Twitter, YouTube and Instagram, offer a low cost but effective way to send a message to a wide audience. Keep your commentary professional, and don't be afraid to demonstrate expertise with original content that offers information or insights of value to your market.

Be an active community member –

grow your profile by sponsoring sporting groups, or speaking at community events. Each person you meet could be a future customer.

Offer loyalty benefits –

word of mouth is a powerful marketing force, and along with great service give your customers good reasons to recommend your business. A free movie pass or a small gift like a bottle of wine for successful referrals never goes unnoticed.

Be an active member of the local chamber of commerce –

take advantage of every opportunity to meet likeminded business leaders in your area. They could drive new customers your way or help to organise events that can showcase your expertise.

Value your brand –

brand is everything to all businesses – large or small. Mortgage Choice franchisees have the advantage of a well-known and highly respected brand from day one. But if you're starting from scratch give considerable thought to what your brand will look like and how it will stand apart in a crowded market.

Learn from your competitors –

the internet makes it easy to see what your competitors are doing. Sure, you need to stand out from competitors rather than imitate them, but your opposition can be a surprising source of inspiration and ideas.

Form connections with other business owners –

simply knowing that other small business owners face similar challenges to your own can be very reassuring, and two heads are often better than one when it comes to drumming up new ideas. Your network of professional contacts could be a healthy source of referrals – especially if you make it a two-way street and refer customers their way.

Be reliable –

it's a simple step, yet so often overlooked.When you tell your customers you will do something, be sure to actually do it. Whether it's calling at a certain time or getting back to them on a set day, stand by your promises. It's a low cost way to show you are 100 percent reliable and that means a great deal to your customers.  

Stand on the shoulders of giants –

asking a more experienced business operator to be your mentor can let you tap into a rich vein of experience. Most people are happy to share their thoughts and offer ideas on how you could attract new customers, build market share and deepen relationships with existing customers. One of the benefits enjoyed by Mortgage Choice franchisees is the support of a personal mentor. It's a great head start for a new business.

Mortgage Choice franchise opportunity call us today on 1300 650 330 to find out more.

Posted in: Business tips

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