Go for Growth – 5 Methods You Can Use to Boost Your Business When Growth Has Plateaued
Customers used to be lining up at your door, and the phone was ringing off the hook. Now? Silence. There will come a time when your company’s growth starts to plateau, and you might be wondering if there is anything you can do to fix it. Fortunately, there is. Here are five growth methods that can provide that much-needed boost at the right time:
A New Location
Working from home can save you a fortune in lease and rent costs. It’s an ideal option for start-up businesses and entrepreneurs who prefer the flexibility of a home office. However, there is going to come a time when your business can’t get any further without a change in address.
Many established and start-up businesses are beginning to see the value in serviced office packages as opposed to traditional office leases. The costs are far more manageable, and you also get to enjoy a professional image and location that can boost business growth. Working in your pajamas is no longer an option, but it’s a small sacrifice to make for the benefit of your bottom line.
Alternative Marketing Strategies
You would be amazed at how many marketing techniques exist. The reason why so many exist is that every business works differently and has to reach a specific demographic. A walking stick salesperson will find a smaller market of interested buyers on the internet, but a larger one in the local newspaper. The results might flip for someone selling computers.
If growth has plateaued, then play with your marketing methods. Re-evaluate the avenues you use now, and consider the use of a marketing expert to highlight the best routes to consider. Your current marketing method may have worked once, but it might not be doing your business any justice today.
Special Event
A common problem many business owners face is that they are not in the right location. They may not get the foot traffic they require, or they aren’t in front of people’s faces. Social media marketing can let people know you exist and what you sell, but a special in-store event can bring them to you. Whether it’s a professional event, conference, or a free-for-all, you can attract all the right people to your business with a bit of planning and hype.
Incentives
Loyal customers mean everything to a business, but it can be hard to retain them and build on them if you don’t put in any effort. If you’ve noticed a drop in growth recently, then evaluate your incentive programs for customer retention. Focus on tactics to promote expenditure, such as reward points, referral rewards, membership cards, and prize draws. People like to feel loved, and your special attention will pay off with repeat business.
Expand Your Range – But Slowly
If you’ve reached the absolute limit of where your current business model can take you, then it can feel like you are beginning to stagnate. The only thing to do now, aside from sitting pretty, is growing your range to grow your business.
Look at complementary products and services that can enhance your business and bottom line. For example, if you sell shoes, you might look at shoe repairs or sock sales. There are plenty of avenues, but remember to grow at a sustainable pace.
Every business will go through a slow stage where they feel like they are stagnating. Get back on that upward trend by re-evaluating your location, marketing techniques, and even what you sell to your customers. You’ll be back to full growth in no time.
