Money TreesThere are a number of ways to grow your business other than the obvious – sell more stuff to more people.  Here are the top 7 in our list.

  1. Open another branch – involves a lot of investment and infrastructure, but if you have a successful B2B or B2C business in one location and you know the market, then another location can double your turnover and profits
  2. Franchise your business – if you have a ‘system’ you can franchise it. You don’t have to be the only company in your field, you just have to have a simple and replicable system.  Look at Macdonalds!
  3. License your product or service – similar but less investment and therefore risk, than franchising. Also more applicable to a single product or service – whereas a franchise is a business in a box, a license is a product or service in a box.  For example  – if you are a training company and have a very popular course, you may want to license other trainers to deliver the course.
  4. Go online. If you have a physical business, there are various ways you can turn this into an online business, and run the 2 side by side.  All the major retailers (and many smaller ones) have online businesses, but so do courier companies, taxi companies, HR firms and florists.  Whatever business you are in, there is a way to harness the power of the internet to reach more people.
  5. Develop your people. Nowadays there are all sorts of pockets of funding you can access to skill up your workforce, but even if there are none applicable to you – you should do it anyway.  Yes – there is always the chance that the people you train will leave and take their skills elsewhere however according to a report carried out by Oxford Economics, replacing someone costs on average £30,614 per employee.  Whereas, training is in fact a key retention tool and makes employees 12% more productive, more likely to stay with you and work harder (as long as it relates to their own career goals and aspirations.
  6. Add on a new product or service. It is many times easier to sell to an existing client base than to acquire new clients, so if there is an aligned product and service that your clients are currently buying elsewhere – create an offering
  7. Get a mentor/coach or join a mastermind group. It is a lonely job at the top sometimes, and why re-invent the wheel and make mistakes when you can learn from others who have already been there and done that.  The money you invest in yourself is the best money you will ever spend in your business.

 

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