Top Tips for Business Growth It's no secret business owners had to scrimp, save and suffer through a horrid 2020 and 2021. With hope beginning to manifest as we approach a new year, consumer confidence is on the rise alongside the reopening of cities and a much anticipated boom in tourism. Amidst the uncertainty of lockdowns and snap border closures, low case numbers and high spirits are setting the tone for a better outlook in 2022. Here are our tips for a more promising and prosperous start to yet another attempt at a hiccup-free business year.
Utilising the latest technology Making the most of new technology has its benefits, especially if it's a piece of innovation designed to simplify business operations. There are loads of apps, online platforms and ingenious software to help make our lives easier as business owners. Accounting and project assignment programs have become increasingly popular over the last two years, allowing management to delegate tasks, monitor work input and ultimately get things done from safe distances. Technology that boosts both morale and productivity means only good things in the form of business growth. Up your record keeping standards Some businesses, especially those starting out, often show room for improvement in regards to proper and professional record keeping. An electronic filing and management system for financial and other bookkeeping records is an absolute must. Gone are the days of gridded exercise books stacked in an office corner in no particular order displaying pages of scribbled numbers that nobody understands. Hire a bookkeeper with professional experience and knowledge of your industry for one less thing to worry about next year. With a clear understanding of your finances, you're able to assess and evaluate your current circumstances while using the data to plot a path for growth. Get closer to your clients Personalisation is the key to profits. Customers want to be treated like people and want to know they're truly valued. Clients don't only return upon a comfortable connection, but they're also likely to pass on the positive rap to several of their friends or family members. No one likes to be consider a number who’s turning you a profit. Add a personal touch to your emails, offer a one-time service discount or figure out a way to start rewarding loyalty where it’s deserved.
It’s quite simple for even existing customers to take their business elsewhere, often a few clicks or a quick phone call can convert long-time clients if a better deal’s available. Tailoring certain services or going out of your way to ensure your client base feels valued is a small price to pay for what is ultimately a long-term growth promoter.
Restructure for better-organised finances Are you in the habit of combining personal finances with everyday business expenditure? If this is you, then you couldn't have a better recipe for financial disaster. Make sure you have dedicated business accounts and as per the Profit First Cash Management method your income and outgoings are associated with their own business account. This maximises not only trackability but also helps to hold you accountable for your own expenses. You need to keep up to date with your income and expenses at all times, as knowing a recurring expected figure for bills, wages and other payments allows for healthier budgeting. Refresh your services and promotions Just like demands, services become outdated with time. Revitalising your services, packages and deals can work for both you and your customers. Adding a few extras while increasing prices accordingly benefits both your business and prospective clients. More customers are searching for value for money services, especially with so many pricing and market comparison tools available online now. It might also be wise to check out what your competitors are up to in attempt to lure more business your way. Increase social media engagement Yet to establish a strong online presence? Then you’re most likely missing out on the largest reach of potential clients who don’t even know you exist.
Approach a Content Writer or a Copywriter and develop some digital ads and a social media posting schedule that works for both you and your online audience.
People are making purchases via the internet more than ever making it the one place you can’t afford not to paste your brand.
Give your market a purpose to follow you, continue to read your blog updates and provide enough reason to make them want to return to your site. The more time web traffic spends browsing a particular page or website, the more your search engine rankings improve and the more customers you’ll have through the door! Start hosting annual events Networking is an incredible growth tool. Since people are the lifeblood of businesses, creating a reason for hundreds of potential clients to gather and mingle can prove an extremely effective method in expanding your customer base. You can invite both existing customers to bring their friends or try to introduce completely new or random people to your products and services through hosting fun and exciting annual events. It's a great way to build brand awareness and through a bit of research on how to design and orchestrate a profitable business event, may even see fresh clientele signing up on the day.
Make debt a priority Cards to pay off cards, loans to pay down loans. This ensnaring concept is unfortunately a part of many people's lives – struggling business owners included. With Profit First, it is easier to pay down your debt, which can do wonders for both your cash flow and your mental health. Setting goals to free up cash normally destined for debts creates investment and growth opportunities you probably never knew were possible. Business expansion requires money. Consulting a Profit First Professional, BAS or Tax Agent to analyse your finances and provide a framework for debt consolidation might just be the most effective step you can take to get your business back on track.
Looking for more bookkeeping or accounting answers? Learn more about how a Professional Bookkeeper can help your business today!
Contact Ironbark Industries Bookkeeping today to discuss our bookkeeping services, your specific requirements or any other financial management enquiries.