- If you are a new business, setting up shop in a central area might be beyond your means. Offering internet solutions to customers’ requirements with the option of home delivery would then be a good idea.
- Otherwise as an existing business, it would help to move to a central location if the prospect of increasing business through the move outweighs the possible negative consequences the move would have on the existing market.
2. Stable Business Plan:
- Define goals and objectives clearly. Take stock of where you are now and what the road ahead is for the business.
- Ensure that management is in regular and open communication with all levels right down to the bottom and that there is a good understanding of what the end purpose is across the organization.
- The business plan should have a clear organization set-up with a list of stakeholders, managers, employees, suppliers, buyers and all other prominent people with their roles stated explicitly.
- It is also important to determine what the sources of finance are.
3. Product Innovation Or Reinvention:
- Bringing out newer versions of existing products and adding features that trigger customers’ curiosity and fascination would aid in keeping the product fresh in the mind of the customer.
- In the long run, adding new products that are either conglomerate or concentric to the existing line would ensure that customers think of you as a one-stop shop for their various needs.
4. Marketing Model
Be sure you are seen. Visibility is imperative in any business. Marketing could be done through business magazines, newspapers, trade fairs, TV advertisements, university programs and so on. High public memory recall is essential for growth in business.
5. Customer Surveys
It always pays to know your customers. Find out what their expectations and grievances are through surveys. It may not be feasible to cater to every individual wish list immediately but it would give a sense of what the business could grow into some day in the future. Moreover, customers feel like their voice is heard which is vital for the growth of any business.
6. Customer Testimonials
Credible customer testimonials on your website will add a personal touch to your site and make people believe your abilities have been favorably assessed by an independent unbiased party. Word of mouth is a great reference but the written word speaks volumes for itself. This would keep the business growing as more and more customers trust you.
7. Workspace Aspect:
- Give sufficient thought to the interior design of your office as this will enhance the first impression new customers have and emphasize your sound business health and sincere long-term aspirations to existing customers. A healthy mix of functionality and aesthetics will go a long way in promoting business. Tastefully decorating your workspace with plants and art will give an air of culture to your business area.
- Given the diverse cultural and ethnic backgrounds of the target market today, it would be best to steer clear of controversial or biased subject matter. Business should be a symbol of integrity and professionalism. To garner maximum interest, you would do well to keep personal affiliations away from it.
8. Licenses And Franchisees
Giving out licenses to franchisees to use your name would expand your network. For an income, you would get wide publicity that could help increase business from people who don’t use your product or service currently. Similarly obtaining licenses to enter new businesses would also help in the growth of business.
9. Distribution Network
You can increase the number of channels that connect you to the ultimate customer. This will in turn increase sales and subsequently the bottom line.
10. Gain Additional Recognition
Last but not the least, donating to a social cause, winning awards and involving celebrities would increase the visibility of the business and attract newer markets.
Remember you are only as good as your latest performance. Always ensure that you have one foot in the future of the industry and your business will flourish beyond expectations.
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