July 26, 2022
By Robb S

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Ten Tips For Growing Your Business

1 - Expand on what you already offer

Whether you sell products or services, there’s almost always the opportunity to add something more. That’s great, because its usually easier up upsell or cross sell existing customers than getting new ones. More products and services also means you will appeal to more people.

How to expand your products line

Find products that naturally fit with that you already offer. If you sell coffee beans, then coffee cups may be a good add on. Are there other products your customers need in order to use yours? Someone buying coffee beans may need a grinder. Or filters. Or coffee cups.

How to expand your services

Similar to products, you want to add services that naturally go with what you already offer. If you if you are a copy editor, you could decide to add translation services to the mix. You don’t need to do that all yourself, you could outsource the translation part.

2 - Get more from your existing customers

This goes well with the first point. If you expand your products and services, it will be easier to sell those to your existing customers. But even without expanding your offering, there are usually ways to increase your revenue per client. To effectively do that, you will need to use your CRM to answer three main questions:

What products do they buy?

Knowing what people buy can give you valuable insights into their lives. Someone who regularly buys diapers and baby formula has or is expecting a baby. People with babies need a wide range of products. Do they buy vegan products? Do they buy a certain type or color of clothing? All of this information is useful, giving clues as to what they might be interested in.

What products did they use to buy?

People stop buying products for a variety of reasons. Once the baby is out of diapers, that purchase stops. But people also stop purchasing for other reasons. They weren’t satisfied with their purchase. They can get it cheaper or faster somewhere else.

What products have they never bought?

Looking at what your customers buy or used to buy can be a well of opportunity. What products can you suggest? Can you send samples or offer a trial for your customers to try something new with no risk?

3 - Embrace technology

Technology makes it possible for us to see every click, count our visitors, know what people bought, when they bought it, and so much more. Those types of insights are invaluable when it comes to growing your business. It also gives you the opportunity to save a lot of time and money.

Automate where you can

It so important you stop doing the manual work that can be automated. Email follow-ups, posting to social media, and so much more take a lot of time. More than that, they usually mean logging in and out of various programs and apps. That time adds up. And it creates opportunity for mistakes.

You can also automate the upsell and follow-up process. If someone makes a purchase, send them an email two days later, or a satisfaction survey a week later. Or both.

One huge advantage to automation is that it runs all the time. It never tires, takes a vacation, or calls in sick. But it can take away some of your headaches. Automate what you can, so you can spend more time growing your business.

4 - Know your customers

Knowing your customers is essential, yet so many businesses don’t really know their customers. And if you don’t know your customers, then you can’ know whether you are truly adding value. And if you aren’t adding value, it’s only a matter of time before they leave.

Technology makes it easy

We know what they put in their shopping cart. We know when they changed their minds. We know what they bought the moment they hit the pay button. While that data can help us make better business decisions, it isn’t the full story.

Get feedback directly from your customers

Having a conversation with customers is crucial. What do they like? What do they hate? Will they recommend you? Why or why not? You may end up with some difficult feedback. But difficult feedback is awesome, because it tells us what we need to do.

Keep track of reviews and ratings

Read your reviews and respond when you can. Say thanks to people that rate you well, and try to get in touch with those that were negative. If you have only good reviews, reach out and find out what you can do even better!

Knowing how your customers think and what they want is invaluable when it comes to growing your business. Loyal fans tell others.

5 - Dream

Whatever your reason for being in business, whether a dream or necessity, you can’t grow it if you can’t see it. And what you visual shouldn’t just be the business, but what the business will enable. Giving back to the community. Sending the kids to college with no debt. Buying the sports car. Taking the trip to Europe. It doesn’t matter what it is, as long as it matters to you.

6 - Create additional income streams

It’s never a good idea to have all our eggs in one basket. And when it comes to income streams, that is even more so. Having multiple income streams can not only help your business grow, but can also protect your business.

Revenue streams and growing your business

Having revenue streams is also a key part of growing a business. Think of a personal trainer that does in-person training (revenue stream 1). They create or join an app where they can train clients through video (revenue stream 2). They write a fitness book they self-publish (revenue stream 3). Because of the book, they get invited to speak at events (revenue stream 4). They launch a podcast and sell advertising on it (revenue stream 5).

Revenue streams and business security

Revenue streams change over time. What was once a hot seller or product is forgotten or made obsolete. We’ve all seen CDs, VCRs, record stores, travel agencies and more go out of business or at least change dramatically. Having multiple revenue streams can protect your business when things change. In the above example, if one or two of those revenue streams comes to an end, it doesn’t necessarily mean the end of the business. But with one one revenue stream, it can mean game over.

7 - Measure and change if needed

Using technology and automation means we can measure pretty much anything. And that gives the opportunity to expand on what works and change what doesn’t. Before you rush out and make those changes, make sure you have enough data. Remember, things can take time to move and work. SEO, for example, is not an overnight solution. It takes time. So if you aren’t getting the results you want after a week, that’s normal. Make sure you are doing all the right things in the right way. Always be open on how to write better blogs or headlines, but stay the course.

If you are sending emails that nobody is opening, that’s a different story. Make the changes as soon as you can. A/B test and find the solution. Same thing if you get a lot of visitors but no purchases or sign-ups. Troubleshoot why and fix it.

8 - Build a sales funnel

Sales funnels are amazing. Not only because you can automate the customer journey, but you can make it individual and personal.

When customers or potential customers go to your site, they are at the top of the funnel. You can guide them through the journey, basing the experience on what they do. Do they click on a link in the email? Watch a specific video? Did they sign up for a trial or ask for more info? They would be on a different journey than someone who makes different choices.

9 - Participate in networking events

Emails, phone calls and Zoom are all great tools for business, but nothing beats being in person. Never forget that people prefer to do business with people, not companies. Get out there, put a face to your business. No matter what your business sells, you will always be able to benefit from referrals, collaborations, and strategic partnerships.

Get involved as much as possible

10 - Create an excellent customer experience

Nobody likes bad customer service. And these days, with all the automation and options to provide good service, there is no excuse for it. The customer experience is about more than just good customer service.

Make it simple

From finding information on your site, to making a purchase to contacting someone or even cancelling, make it easy for people. If visitors can’t easily see why they should be on your site, they will leave. If there are too many clicks to buy something, people won’t. A frustrated person looking to contact you will only get angrier if they can’t.

Make it flawless

Mistakes happen, typos end up on webpages. Links break. So make sure you are diligent about checking and rechecking. Go through your site regularly, or better yet, have someone else go through your site. What mistakes do they see? What buttons don’t work? What doesn’t make sense?

There is no single right way to grow your business. No matter how you choose to do it, whether you take the advice in this article or do it differently, do this one thing; get help. It is impossible to do it all alone. You will need objectivity. You will need someone to help you find the holes in your plans, so you can fix them before you make mistakes. Find someone who will tell you what you don’t want to hear. Find the person who will tell you the baby is ugly but who will also help you fix it. There’s a big difference between someone being negative about your idea and someone constructively breaking it down to help you build it better.