Are you in the business of growing?

By Tristan Anwyn

May 19, 2020

undefined mins

Are you paying attention to how your company is growing?

In order to keep thriving, your business needs to keep growing. Growing your company means finding ways to reach out to new customers and explore ways of generating more revenue.

Related: Five ways to attract new customers and grow your business

Taking some time to focus on growth means you're future proofing your business by keeping your income stream strong.

So just how can you ensure your company grows in 2015 and beyond?

Increasing your company’s growth steps takes planning and careful execution. As pointed out in this article, it is important to schedule regular time for seeking out new prospects. Plan for prospecting time the same way you would plan for sales meetings or budget reviews, by setting aside specific times just for working on business growth.

The latest edition of Business Review USA is now live! Check it out here!

Write a plan outlining what you hope to achieve and how you plan to achieve it. Get the relevant team members together to make sure you're all working towards the same goals and everyone knows what role they are going to play.

Make Use of Your Existing Customers

Referrals are typically quicker to close than cold leads, and your customers will do some of the leg work for you, making referrals a stalwart when it comes to growing your business. Referrals can come from two main sources: customers and colleagues.

Take the time to actively nurture customer referrals. You can do this in two ways: by actively asking for referrals, and by making it worth your customers' time to refer someone new to you.

Consider offering incentives for referrals such as a discount on their next purchase, and don't let your team forget about the importance of getting referrals from colleagues both within your company and outside. Anyone who works in a similar field but isn't a direct competitor could be a potential source of referrals. Again, nurturing referrals is key. Encourage your team to network with possible sources.

Related: Best practices for business-to-business customer experience

Explore Variety of Sources for New Customers

New customers can come to your company in a variety of ways. As well as referrals, consider:

Cold calling. To make the most of cold calling, make sure your team is doing research first to identify the most likely prospects and understand what the people they're calling want and need, and how your company can provide that.
Exploring new markets. Does your product or service have benefits that a different group of people than your current customers could benefit from? Let them know about it.
Diversifying your offerings. Listen carefully to what your customers say they want and need, both to you and in places such as social media. Is there a way your company could diversify to offer them more of what they want?

Related: Insider lessons for building a social media strategy

Raise Your Visibility

Make sure potential new customers can see you and know what you can do for them. Planning and executing marketing campaigns is one way of doing this, but have you considered:

Community involvement? Getting involved with or sponsoring community events is an effective way to get your name seen while showing that your business cares about its local community.
Networking? As well as networking events in your industry, consider trade shows or relevant association meetings as potential places to raise your visibility.
Getting in touch? Sometimes finding new leads is as simple as letting someone know you're there. If you see a company advertising for a role that your services could fill, get in touch and let them know what you do.

Make a plan for growth today, and benefit from an increased client base and increased revenue tomorrow.