Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.
Target your best customers with offers
Identify the customers who generate the most profit for your business or who have the most potential for additional sales. Actively engage with these customers to gain more sales. Find out how you can utilise the 80/20 rule in business.
Research what else you can sell
Conduct online surveys or ask customers directly to discover what other products or services they might be interested in. For example, if you own a convenience store, ask staff to informally question customers at your checkout and to take note of what else they would like to be able to buy. Add some of these suggestions to your product or service line.
Investigate creating a customer loyalty scheme
Building a loyalty system with points or loyalty cards is a great way to encourage more frequent purchases and track your customers’ buying habits with the data you collect. For example, if you run a winery, keep a record of your customers so each time they visit they can gather credit towards a free bottle of wine. This can also help identify sales opportunities.
Create a customer database to target offers
Collecting customer emails or addresses enables you to contact them with special offers, new items or useful information. For example, if you had your own taxi business, you could email discounted fares to customers at slower times of the year. Learn how to start doing business online.
Train staff on ways to improve sales conversions
Ensure your business has friendly, helpful staff that are well trained to take advantage of converting enquiries into sales. Run in-house sales sessions or employ a sales consultant.
Offer incentives for your staff to sell more
Help your staff on-sell to existing customers by offering incentives. For example, if you operated an adventure tourism business with multiple activities you could offer bonuses for selling certain products or increasing the average sale. Learn more about how to build a strong team.
Build a community through social media
Start a Facebook, LinkedIn or Twitter campaign (whichever is most relevant to your business) and talk about your business and its customers to increase the profile of your business and encourage additional purchases. Find out more about the growing role of social media in business.
Identify any cross sell opportunities
List the products or services your customers have previously bought and then match complementary items that you could sell to them. Contact them with offers. Always encourage customers to consider buying a higher net margin product or service. Learn about the art of cross-selling.
Review your business plan
Go over your business plan to evaluate and update anything that’s recently changed. Check you’re still on track for your growth goals and make any necessary adjustments.