Business expansion doesn’t occur by accident, it is usually the result of careful planning and strategic thinking. There’s no easy way to scale, but if you would like to give your business a boost in 2020, provide these hacks a try.
Explore investment and grant opportunities
In today’s economic climate, most small business owners have ample experience bootstrapping their endeavors but it does not have to be this way. Businesses wanting to get ahead should consider exploring investment and provide opportunities to get a funding increase they might have to expand.
In recent years the government has increased its attention on providing small business owners with access to funds to help them grow. From the institution of the Business Growth Fund last year to a plethora of national and state-funded grants, business owners may get assistance to accelerate their commercial opportunities, refine and test the product prior to exporting, or the chance to research and create new products or procedures.
Besides government support, small business owners with ideas for their existing business should also consider entering pitch competitions like the St. George Kick Start to be in for a chance to win a share of its $100,000 grant pool. As well as getting a cash injection, pitch events provide a valuable opportunity to get exposure to potential investors and showcase your business idea.
In 2019 Jo Palmer founder of Pointer Remote Roles won one of the branches in the St. George Kick Start competition. She advised Kochie’s Business Builders the win permitted her to scale her small business and employ her first full-time worker.
“Winning the $40,000 grant enabled me to scale my own business, which I had never thought was possible. Due to this St. George Kick Start program we’ve been able to help more companies connect with all the talent they want in their business, remotely. An increase in jobs has intended gifted professionals who live in rural Australia have been able to get the same tasks as the ones from town. This has generated incredible opportunities for those in rural regions affected by the ongoing drought and the recent bushfires,” Palmer explained.
Leverage your existing clients
Chasing down and bringing new customers is no easy feat, so it’s worthwhile leveraging your existing customer base as an effective way to build sales and retention. Incentivizing their loyalty is a good place to start, after all, who does not like to be rewarded?
If you are already conducting a loyalty program then you are on the path to increasing customer engagement. And that is good news: LinkedIn reports engaged customers will spend 96 percent more than other customers.
“Loyalty programs are a win-win for businesses and customers,” says small business expert David Koch.
“On the company side, they supply an abundance of data, allowing small business owners to track clients’ spending habits, track the effectiveness of campaigns and assist them to deliver more of what their clients want. For a client, they provide a more personalized experience using a new and generally offer discounts and incentives. This can lead to repeat business or bigger purchases.”
Pursue new Industry/market opportunities
As a small business owner, it is essential that you remain abreast of the latest trends to capitalize on new market opportunities. Small businesses have the capability to be far more agile in the marketplace compared to their big company counterparts. This agility allows them to adapt to market trends and pursue market opportunities.
The trick is to identify what market opportunities there are in order to grow your current service or product. Identify when, where and the way people purchase your products and look for gaps in the market. Scope out your competitors’ offerings and analyze complementary services or products. For instance, if you possess a café that you should be across the latest ‘milk’ trends. Additionally, it is a good idea to think about overall consumer trends too like the rise of Buy Now, Pay Later (BNPL) options, and the importance of sustainability to customers. As soon as you identify a trend, consider how you can take advantage to facilitate business growth.
If you are considering scaling your company in 2020, why not apply for St. George’s Kick Start and be in for the chance to win part of their $100,000 grant pool? For more details visit their site and grow more your business.