20 Ways To Grow Your Business in 2020
The start of any new year brings with it fresh priorities, new chapters, and exciting opportunities. The slate can be wiped clean in readiness for new goals. January is the perfect time to get 20/20 vision on your business goals, to evaluate how your business is performing, and plan new strategies for growth.
If you’re looking to grow your business in the year ahead (and let’s face it, who isn’t?), here are our top 20 ways to grow in 2020.
1. Complete 2019
Before you start setting goals for 2020, you’ve got to finish off 2019! So take out a piece of paper and write down what were your wins for the year in business and personal. What were you proud of? What got you excited? And what lessons did you learn along the way?
Just as important is what didn’t go the way you wanted it to? Write down the failures and disappointments for the year, and what lessons you learned from each one.
Then celebrate the wins and the lessons you learned, and wipe the slate clean for the year to come.
2. Refine Your Growth Strategy
This is a big one, and probably the most important. Spend time really evaluating how your company is performing and plan new strategies for growing your business. Your businesses growth strategy guides your path to success, so it’s crucial you get it right.
A growth plan lays out how you want your business to grow and the steps you’ll take to achieve that development. A strategy helps you focus on what is most important for expanding your business.
Sound daunting? Don’t worry, at Synergy, we’re here to help every step of the way. Whether your goals are growth, profit, workforce improvement or even succession, our highly experienced advisors will be there to assist you to identify opportunities, overcome challenges, and develop processes and refine strategies.
3. Get to Know Your Customers Better
Quite simply, understanding your customer’s changing needs and wants can help you hone your products and services for a better buyer experience, which in turn develops a better bottom line.
Who are your customers and what do they need and want? How do they want to buy and communicate with you? You need to get to know the continually changing needs of your customers. What they wanted five years ago is probably not what they want now.
The answers will help you choose what events to attend, where you put your marketing dollars, even what products to stock or services to offer.
4. Up Your Customer Service Game
Sticking with the customer theme, how’s your customer service? Is it great, or is it just ok? Be honest with this one. If you go the extra mile with your customers, they will not only remember your business, they will recommend it. Word of mouth is powerful (and free!) and good customer service will ensure return customers, and draw new ones.
5. Take Care of Existing Customers
It’s much cheaper to keep and grow existing customers than it is to acquire new ones. So nurture them, communicate with them, make them feel part of your family, and they will be more likely to choose you over your competitor. Simple.
6. Establish Loyalty
Still on the subject of customers, encourage their loyalty by offering membership, rewards, discounts or promotions (such as special deals just for being a great client!). Letting your customers know they are appreciated really gets them all warm and fuzzy!
7. Take Care of Your Staff
If you have staff, make sure you take the time to show them how much you appreciate them. It is a simple strategy, but one that will convert into a happier workforce, and therefore more productivity.
8. Up Your Marketing Game
Make no mistake, marketing is super important. Businesses often waste money on marketing by doing what worked for them five years ago, or doing only what they know how to do. But times have changed dramatically when it comes to marketing and doing it without a solid integrated strategy is not an option if you’re serious about growing your business.
At Synergy Accountants your growth is our business, so we’ve partnered with one of the regions most experienced marketers, Nicci O’Mara, bringing strategic thinking, creativity, and 23 years of marketing communication expertise, so you can concentrate on the things you do best. Find out more here.
9. Social Media
You can’t resist it any longer. Social media is here to stay, and we strongly recommend you get on it. It’s a powerful tool for both existing and potential customers. Conversely, it works great for you as the owner – you can find out what customers are saying about you, gain insight into their behaviour, and identify trends that appeal to your target market. Or maybe you simply want to stay in touch.
But just be careful that you choose to spend your time on the social media outlet that your ideal customers are most active on. No point in being on Instagram if no one but your staff are there.
10. Website Goals
Chances are, you already have a website. But when was the last time it was updated? Have a read through – or get someone else to – and update and improve the content, add testimonials (we will talk about these a bit more next), update pictures, and ensure all your contact information is correct.
11. Call Out for Testimonials
Good reviews are proof you can use to bring in new customers. Testimonials are a powerful marketing tool you can use on social media, on your website, even in-store or in your office. And they’re free!
Start off by asking your most loyal customers, your biggest fans, what they like about your business and get them to put it in writing. Reading what your happy customers enjoy about your business will help optimise sales. It really does.
12. Give Back to your Community
Building brand awareness in your local community is a great way to attract new business, and give back to the community that already supports you. Sponsorships and participating in a community events to raise funds for a cause will raise your business profile and help your community.
13. Build Your Network
It’s not what you know, but who you know. Invest in building networks as it allows you to develop relationships with other people and encourage them to refer customers to you. You might not like networking, but believe us, it is potent!
14. Competitive Analysis
Where do you fit on the competitive landscape and how do you stand out? Answer these questions and you will be on the front foot:
- Who are your primary competitors?
- What products or services do they offer?
- How are they priced?
- Who are their customers?
- What is your point of difference?
Once you have researched your competition, you can determine strategies for differentiating yourself from other businesses, so you can stand out from the crowd.
15. Get Your Taxes Under Control
Business taxation is complicated and ever changing. You need to stay on top it. Ok, we know, it’s boring! But essential. We can take the stress out of tax issues by working with you to plan and implement customised strategies that will work for you and your business. We are experts in minimising tax liability, increasing your profits and protecting your assets.
16. Protect Your Cash Flow
This is another one we specialise in. Your growth is our business, and one of the best ways to grow your business is to really tighten up your expenses, and free up your cash flow. We have plenty of tips, tricks and strategies to help you get this under control.
17. Invest in Training
If you want to grow your business, you and your team needs to be prepared to provide the services you offer. That means training. Online training is a great option because it allows your employees to learn on their own terms. Or maybe you want to upskill yourself? 2020 is the year to just go for it.
18. Increase Productivity
This seems like a no brainer. But to make your business more productive doesn’t necessarily mean becoming faster or more organised (although, this does help!). It means automating processes like invoicing, tracking and nurturing leads, social media scheduling etc. With some of your most time-consuming tasks automated, you and your team are free to work on bigger and better things.
Is there a new product or service you can offer? What new niches can you explore? How can you surprise your customer base and, in turn, up your bottom line? It’s worth exploring.
20. Work Life Balance
Sounds a bit new-age, but work/life balance is gaining traction – and for good reason. As a business owner it can be too easy to slip into work at any time of the day or night. Set work-time boundaries. You will be way more productive, less stressed, and fresher, if you set yourself limits.
Try some, or all, of these tips on how to grow your business and stick to what works best for you. Stay on course and focus on what is working and ditch those that aren’t.
Be patient. It’s a marathon not a sprint. Come see us. Let us help you refine and implement your business goals for 2020. It’s your time to grow!
Disclaimer: Whilst this publication has been carefully prepared it is written in general terms and is intended as general information and to provide commentary. It does not purport to be comprehensive or render any advice. No one should rely on information contained in this publication without first obtaining professional advice relevant to their specific situation.
Want to find out how we can help your business?
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