3 Simple Ways To Grow Your Business
Does it feel like you have “hit a ceiling” when it comes to ideas on how to grow your business? Have you reached a comfortable position with your business but perhaps now you’re ready to push it to the next level?
Every business is different but there are some ways to grow your business that are applicable in EVERY industry.
Creating Strategic Alliances
Strategic alliances are very important for your business and the key to building them is to be a great match. When I say you need to be a match, “1+1=2” is NOT good enough. When you think about building your team, mentors or referral partners that you are working with, make sure that you equal more than the sum of your parts.
How do you find these people? Most in the industry I work in are based on friends, relationships and referrals. The way you work together and the way you “fit” together will be a greater testament to your success than the benefits that look good on paper.
That said, it is important to have a moment of reflection before you decide on adding someone to your team to ensure you are the right fit. Business partnerships are like a marriage in a lot of ways and I know people who will call up a colleague and decide to be business partners on the spot yet they will take 5 years to court their spouse. It is necessary to have that period of reflection on building your team and making sure that reflection is where you want it to go.
Don’t focus on your expenses, focus on your top line. Focus on servicing your clients and providing them with as many of the services they need that you can offer. Your clients are using other people for things that you could provide for them. Why?
It’s because they didn’t know and you didn’t tell them all that you do. If you are looking to increase your revenue, consider expanding the services you are providing to your existing clients. The more services you can provide that are of value to them, the less risk you have of losing them as a client, not to mention the more revenue you’re going to generate. That’s really key if you don’t want to go out and get new clients.
I’m not suggesting that you don’t want to go out and get new clients because it’s normal to lose some clients due to attrition, no matter what business you’re in. The question is, where do you get those new clients?
Gaining New Clients Through Referrals
You get new clients through referrals because you’ve got so many happy clients out there recommending your services. You want to have people saying “You have to use XYZ company. They are the only ones you want to use.” You don’t need an advertising budget with this type of marketing and it’s the most effective form there is.
What you need to do to gain referrals is service your clients above and beyond their expectations. Don’t hide behind your mistakes; always be honest and upfront with your clients because they know when you’ve messed up.
A Note On Referrals
I’m a firm believer that you should try to give more referrals than you are receiving, whenever possible. You always want to be giving more than what you are taking. Also look for service providers and businesses that are complementary to yours and become strategic referral partners where you can refer business to each other.
The sum it up, the key tip in building strategic relationships is to give more than you receive.
A Challenge To You
Put your business on the path to successful growth and commit to implementing a new strategy for each of the mentioned tips. If you’re struggling with something in particular, reach out to a trusted mentor for advice to get a second opinion.
Unfortunately, there is no magic recipe to grow your business and the above tips still require effort on your part. The good news is that hard work pays off and these tips make sure that your time and sweat don’t go to waste. Now it’s time to start strategizing!
Have you experienced success growing your Kelowna business with any of the tips mentioned in this article? Let me know in the comments below.
About the Author
Ken Davidson is a Chartered Accountant with BDO Canada LLP, with their Kelowna accounting firm. Ken specializes in helping Kelowna businesses that are in start-up mode, companies in Kelowna that are in their growth phase and are ready to take their revenues to the next level, and professionals to secure their financial future with solid investment advice. Ken is best known for his strategic planning advice that positions him as a trusted advisor above and beyond being a Kelowna accountant that gives typical tax planning advice. To contact Ken for a Strategic Business Review to learn how he may be able to help your Kelowna business, email him at email@example.com.
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