You’re already doing an amazing job. The first steps of starting a business are often amongst the hardest. However, what many people underestimate is the drive and effort needed to keep going. Once the initial excitement of the start-up phase has waned, how can you ensure your business’s success? Here are our top 5 ways to boost your bottom line and keep your business moving forward.
Boost Sales
Ok, this might sound obvious, and simply boosting sales isn’t the be-all-and-end-all of business success, but it’s a mighty important springboard to success. There are a few ways in which you can do this if you’re already well on the road to survival as a small or medium business.
If you’ve got a great customer base already then you need to take a two-pronged approach: getting into new areas, products, and markets; and…getting new customers.
This requires a careful balance between exploring new lines and getting advertising that really works. Those loyal customers can be your step to upselling and cross-selling. Sell You, Not the Product Hear us out here.
In the global marketplace as it is today it’s very unlikely that you have a completely unique product. Yes, there will be the odd smattering of Dyson characters of the future out there, but the vast majority are selling products or services with some very identical competition.
So people obviously want the product or service, as long as you’ve got it priced right, what you need to convince them is that they want you to provide it. So get your brand values and business philosophy sorted and get customers attracted to you.
Join Forces
It’s tough to go it alone, and you bear the burden of all overheads single-handedly. However, whilst you may think you shouldn’t step foot within 10 miles of your direct competitors the facts don’t quite support that.
In fact, research suggests that you actually do better if you cluster together where other businesses of the same type are. You get the benefit of a customer base ready and waiting for a start, and access to shared resources and more efficient supply chains.
Get Spending Under Control
Back to our first point – boosting the bottom line doesn’t just come from sales. However, it is also boosted by looking carefully at your spending and making sure there’s no wastage.
This means keeping overheads as low as possible, and ensuring your cash flow problems aren’t costing you more than they should. At the most basic level it’s ensuring that each and every customer or client pays on time.
Cut Down on Risk
Running a business is inherently risky. It’s often part of the draw, and the rewards should make the risk worthwhile. However, reducing unnecessary risk should be one of your business goals. Risk comes from many different avenues, from cyber threats to fraud. Taking appropriate steps to mitigate risk will help to protect, and boost, your bottom line.
So take the next steps with your business today and give your bottom line a much welcome boost.
Find more help and support for your London-based business in our information centre.