How To Maximise Business Growth Opportunities 08 August 2014
As confidence increases in the small business sector and economic recovery is well and truly on its way, are you ready to make the most of the opportunities for business growth this upturn presents?
There are many ways you can take advantage of the market improvements to expand your business - and the tips below are intended to help you make a start and prepare for the growth of your business.
While the market is still picking up and you are not being inundated with demands for your products or services, now is a good time to plan. Think about how you want your business to grow, both in the short- and long-term, including who you want to work with. Be prepared to be flexible, though, as plans are bound to change, along with your objectives, as your business expands.
Check, Check And Check Again
Make sure all contracts including customer contracts, Terms and Conditions (T&Cs), and employment contracts, are accurate and up-to-date. It's important to be upfront with your T&Cs and to ensure both customers and staff know exactly where they stand in their relationship with the business.
Establish What is New
With the increased business confidence, there may be new markets for your products or services. Look into whether you can diversity to offer more to customers or to operate in a new market.
Remember The Old
In the excitement of growing your business and attracting new customers, never neglect your existing customers. Make sure clients know how much you value their loyalty and continue to offer them a high quality service or product that meets their needs - or you run the risk of losing their business.
Ask For Feedback
One of the most effective ways to improve or alter a product or service for business growth is to ask for feedback - from customers and partners alike. By exploring the views of customers and those who are also involved in the delivery of products, you should be able to identify changes you can make, such as packaging products differently, offering an add-on product, or providing a faster service.
Get Everything In Place
Make sure you can really focus on providing products or services to customers when they come knocking, and the best way to do this is to check your business is ready to grow. Speak to suppliers to ask if they can cope with extra demand, and look at alternatives if needs be. Also seek professional advice on funding options and always protect any new products or services you create.
A professional solicitor can help you expand your business in the most sensible way, to meet all your legal obligations while maximising the opportunities for growth.
For advice on growing your business and for help keeping your company legally compliant and protected, contact our commercial law team at our Chorlton office on 0161 860 7123 or Failsworth office on 0161 681 4005.