At a time when a lot of businesses have felt the pinch, there is no better time to consider how your business will grow and be more successful in the future. We have a few tips.
Look after your customer base
Do you have an effective, up-to-date, well-managed customer database? This can be extremely useful for marketing, measurement of customer retention rates and also for implementing a customer loyalty program.
Nurture your cash flows
Your stable future cash flows are critical to your business’ success. Look for ways to diversify to improve resilience. Find more revenue streams by adding to and revising your services and products, and removing underperforming ones.
What do your buyers think of you?
Are there any weaknesses that might put buyers off? What can you do about them? What are your strengths? What can you do to emphasise these and attract more buyers? Undertaking customer research and fresh market analysis can help you discover what you might have missed and new opportunities. Make communication channels easy for customers so they can express their opinions and ideas.
Work on your marketing spiel
Make sure your marketing strategy and promotional tactics are documented. Know how you will measure your marketing success. Look especially at your website and social media channels – how these will support and generate leads / growth.
Exercise tight financial control
Don’t let out-of-control spending ruin your success. Improve your money management through cash flow and profit forecasts, budget reports, monitoring key performance drivers and keeping credit management under control.
Invest in the best business systems and software
Quality business systems / software add value as they support you to effectively and efficiently run your business. Ensure you have good training manuals and training for employees / new starters.
Grow your brand
Be different to your competitors. Focus on what your unique selling points are and ensure your brand captures that imaginatively.
Protect yourself: Intellectual Property (IP)
Protect yourself from competitors and potentially losing your innovative edge. Protect your designs, inventions or anything that adds value to your business and makes you unique in your market.
Consider an alliance
A strategic alliance can help grow your business. Think about businesses that have complementary skills or products / services, that might provide new sales channels for you to market to. For example, here at MSI Taylor, we are a part of the MSI Global Alliance which allows us to help our clients by connecting them with allied law and accounting firms around the globe, if need be.
Look after your key employees
Knowledgeable and experienced employees are an asset. Ensure these critical employees are nurtured with career progression, properly rewarded and incentivised. Make your business an attractive place for them to work. Excellent working conditions and competitive wages help retain skilled staff.
Harvest good ideas
It’s not just management who know everything – often it is the frontline staff who talk to customers daily that discover new needs and problems to resolve. Ensure there is a good in-house communication system in place to allow fast feedback from customers to the relevant teams and reward employees’ innovative ideas that can make the business money or reduce costs.
Use all available government incentives to help keep your business afloat
The government has revealed a range of financial incentives and benefits to help businesses stay healthy in this economic downturn, some of which can be found here. It’s a challenging time – we at MSI Taylor are happy to advise your business so you can access all the financial support available to you. Call us on (07) 3512 8888.