Published On: Tue, Dec 1st, 2015

Effective Ways To Grow Your Business In 2016

As we reach the end of 2015, it seems there is a quiet optimism about the coming year for many businesses. Despite contradictory forecasts for growth this year, it seems many businesses increased profits. So what does 2016 have in store for us all? If only we had that elusive crystal ball! It’s fair to say that we are all hoping for a good year of continued growth. But how can we increase our chances?

 business diagram

Growing your business requires you to grow your customer base. You can increase the lifetime value of each customer, or you can look to increase your overall market share. A combination of the two is preferable. You’ll need effective marketing campaigns. Find new customers, and draw your competitors share toward you. And then you’ll need some excellent CRM to keep those customers coming back time and time again.

As you grow your customer base, your orders should also continue to grow. You may need to increase production beyond your current capacity. Upgrading your factory or processing plant facilities can help. It saves you having to move out of town to new premises if you utilize a tubular drag conveyor to transport your produce. Simply install the equipment to run between rooms or buildings.

Upgrading your offices and IT can also be a worthwhile investment. You’ll be able to attract bigger clients and higher profile employees. Keeping up to date with technology could open up opportunities. Collaborative online working and remote working are simple for most employees these days. It could completely change the structure and culture of your workforce for the better. This could help make your staff more productive and reduce your office overheads.

If a supplier contract is due for renewal, then take the time to shop around. Allow other suppliers to come in and pitch to you. If you can save money in the cost of supplies or find efficient processes, then it’s worth the extra time. Those savings can then be ploughed into business development, customer acquisition, or even staff benefits!

Growing your company might involve dipping your toe into different markets. You might check out international regions. Increasing your product range could help you find additional customers. They may be from market areas you never thought possible. You may even find yourself producing something completely different. These are all tried and tested ways for a business to develop and grow.

Targeted communications are essential to your business for attracting new customers. You may need to hire a specialist marketing or advertising firm. They can help you identify the key demographic you are targeting. It’s not always straightforward and simple. You need to find out where those people are spending time in the media. Then deliver an appealing message to them there at the right time. It’s called the 4Ps – Product, Place, Price and Promotion. Getting that mix right is a challenge.

2016 is a new year for us all to try something new for our businesses. If you’re feeling optimistic about the next twelve months, why not invest a little in new opportunities and customers? Have a prosperous New Year.