G4B Guide To Tips And Tricks
For Business Growth
I want to grow my business!
Your accounts receivable can count for 40 to 50 percent of your actual assets. Don’t batch invoice at the end of the month; invoice as soon as you can because when payments are delayed or never arrive at all, you start to introduce cash flow problems that can seriously hinder your business ability to survive (let alone grow) even if you have plenty of business.
Simplify your business
Weed out the unprofitable and the hard-to-sell. As much as possible, use data to help you make decisions, and be willing to cut things that cost too much to deliver or don’t sell well, do you even know who your best clients are? Do you have a list of your best client? Items? Are those items really worth your time or could you sell 1 expensive item that may take slightly longer but be more profitable than selling the small items or services?
Simplify your marketing message
But don’t stop there! Test different versions of your messages on your website, in calls to action, and in your email marketing messages.
Aim for a message that addresses a pain point and inspires action. Develop a user or buyer persona to help you hone in on who exactly you’re trying to reach.
Did you know If you spend just 1 hour a day on social media that can equate to a £2993 (if you were on minimum wage) posting each day – your time may be better spent getting a marketing company to do a call to action campaign and you just answer the phone and convert the calls to sales, that way you save time and make money in the process.
Increase your business's visibility, especially online
Learn about simple SEO (search engine optimization) techniques that can help your business be more likely to show up on the first page of search results. If you have a brick and mortar location, make sure you’ve claimed your business on Google.
Resist the temptation to run your business through your Facebook page or any other third party page—you’re at their mercy every time they change their algorithm or your ability to reach customers. Not sure if you’re in search results already? Google your business name or some industry-related queries and see if your site shows up. Something like [type of business] in [your location].
Learn to delegate. Figure out what you do that turns pounds. Then delegate the rest
Your investment in training others to do work you don’t have time for, or that someone else is better suited for will pay off.
Look for and reward efficiencies
Encourage employees to explore more efficient approaches to their tasks instead of relying on their standard way of doing things.
Run the numbers to figure out at what point it makes sense to transition from spreadsheets to a simpler to use business dashboard. Or when to switch to an automated payroll service instead of spending 10 or 15 hours on doing it manually each month.
Don’t forget your suppliers
They might not be on your payroll, but they are more apt to do a few things for you at no charge because you really take care of them.
Figure out the balance between holding payment as long as possible (while still respecting your vendor’s payment terms) and exceeding expectations.
Learn to work faster
If you can condense three four-month jobs into three three-month jobs, you can do one more job in the year.
This ties back to the “look for and reward efficiencies” tip. If you can find a way to automate time-consuming and mundane tasks, do it, so you can focus on doing things that bring in money.
Reward your team when they meet or exceed expectations, budgets and timelines
A 5 percent bonus is cheaper than a 20 percent increase in costs. Conversely, don’t be punitive when someone makes a mistake.
Encourage your team to take calculated risks. Some of them will pan out, some of them won’t. If you only bet on the things you’re sure will work, you may win, but probably that you’ll miss out on a lot of opportunities for revenue-generating innovation.
Define and stick to your project scope, make sure you’ve clearly outlined (in writing) project scope
Don’t be afraid to charge your customer for changes. Put that option in writing too. Don’t let project creep cut into your profit margin and make sure you research for the most cost effective products. But never skimp on quality – that is what gives you the competitive edge and your clients ‘consumer confidence’
Be available to the media, offer to be a spokesperson on your specialty
When your local media need an expert opinion. Send press releases regularly, and don’t be afraid to send over a head sheet every quarter that reminds press in your areas of expertise and what you can offer your local area/region.
Give something valuable away on your website
At your front counter, when you send out your invoices, and when you deliver goods.
This should be free to you, but valuable to the recipient—for example, money off a larger item that the client would not usually buy but is incentivised to now or a “how to.” Anything that makes them feel special – maybe you have been invited to a networking lunch/dinner with a plus one? Do a giveaway for the plus 1 and make it look like you are the one who bought the ticket.
Promote your business consistently, highlight offers, features, promotions, and news
In your email footers, invoices, and email signatures. Make sure the information you’re providing is relevant and consistent across the board, update it and keep it fresh so it looks like you are on point/fresh/on the ball.
Be part of the social media conversation, have an active presence on social media
Respond to customers when they voice complaints or concerns in those channels.
But, don’t stretch yourself too thin. Do some research to figure out what social media platforms your target audience uses and focus on one or two of them. Remember, you get what you pay for, so don’t expect to experience wide reach without promoting your postings.
Become a trusted advisor in your industry
Be willing to share your knowledge and expertise freely through web forums, blog posts, and in FAQs on your website.
That said, check yourself any time you find yourself delivering a sales pitch disguised as something more helpful.
Get your supporters to refer you
Referrals can build your business, ask your customers to leave reviews on your website, social media and endorse you on LinkedIn.
Respond when you get a negative one, and thank those who take the time to speak positively about your business, adding a call to action after you have thanked them – this will give you 2 bites of the cherry and makes those referring you feel good that they have helped.