Due to a variety of influential circumstances, a business can experience growth through many phases within its lifetime. Promoting new products and services may require the hiring of an experienced specialist within their field to support sales and customer services on behalf of the business. Secondly, when considering growing a customer base, extra manpower can be essential to its success through the expansion of administrative teams for areas such as HR, tech, and finance support.
Business growth tips
If you are considering growing your business, then here are some business growth tips to consider:
- Establish clear goals: Through long-term and short-term goals, create a growth roadmap to define what you want to achieve and how you endeavour to reach it.
- Understand your target market and look for niches: Are there any target markets which you could approach. Do you already have successful case studies which could help to build within that sector further?
- Build strong customer relationships: Establishing successful customer relationships means that customers feel valued and therefore will be comfortable to buy from you again and again. Existing customers are the cheapest sales tool within your business, so its important to regularly check-in and find out if you can be of further assistance.
- Enhance your online presence: Having a strong online presence is essential in today’s digital climate. Promote an informative website whereby new and existing customers can read and clearly understand what your business has to offer. Leverage this with strong google analytics and regular posting through social media platforms to increase engagement.
Protection your business for expansion
If you are considering taking your business to the next growth phase, then its important that you have the correct level of insurance in place to support your company’s expansion. Hiring extra employees, moving into a larger premises, or investing in new equipment will require you to re-evaluate your current insurance policy. Double check that your business is correctly supported and adequately insured to prepare for the future and following its development. For a confidential review please contact JRW Risk Solutions to find out how we can assist with employers’ liability insurance, commercial buildings and content insurance, cyber and tech insurance, plus many other commercial liability insurance options.