Acquiring a business helps you to become your own boss. However, the story doesn’t end here. You need to keep improving and scale up. Growing year-on-year profits is the ideal situation that every business owner desires.
Yet, reaching the targets is not as easy as it seems during the planning and forecasting process. Scaling your business can take a lot of time in the usual routine. However, the process can be expedited with some smart strategies.
Thus, if you have recently purchased a business for sale Brisbane and are looking to expand quickly, here are a few tips that can help you.
1. Focus on Customer Feedback
It may sound strange, but you need to know your existing customers better to expand your business. Acquiring new customers can take a lot of time and money. Customer retention is more affordable and insightful. Speak to your loyal customers and identify the reasons that made them repeat buyers.
It will help you to know what has been working in favour of the business and what is leading to wastage. Also, ask them what more they expect from the business and utilise the valuable feedback to make improvements in your services. It will help you reduce redundant activities and focus on core competencies that bring more business.
2. Make them Brand Representatives
Satisfied buyers are the most precious asset of a business. They can be used to promote the brand without even spending a dollar. It involves building relationships with your existing buyers and asking them to write testimonials for the company website and share their product reviews on Google and Facebook.
It helps in improving the credibility and popularity of the brand online. Also, most buyers check the reviews online before making a purchase. Thus, positive reviews and ratings from buyers help in boosting sales.
3. Choose Affiliate Marketing
Affiliate marketing allows the business owner to get the products and services promoted by other people for a commission. It is a cost-effective method of building partnerships with others to improve your web traffic, increase brand visibility, and get social proof. These are helpful in finding new customers without making any effort. The business only needs to pay a commission for the leads that get converted, making it highly rewarding.
4. Think About Franchising
Scaling up an established business is the next step for an entrepreneur. However, it requires a lot of investment, manpower and leadership work. Franchising offers an easy way to create another unit under the same brand without spending on expansion. The franchisee pays for the new unit and controls it according to the terms and conditions mentioned in the Franchising Code of Conduct.
Thus, the business grows, and the franchisor profits from the royalty, franchise fee and one-time upfront payment for the franchise. As the network expands, more units can be added to the chain, and the brand can even go international.
5. Invest in E-commerce
Most businesses have a website to maintain an online presence in the increasingly digital world. They can utilise the site to generate more sales by adding an e-commerce feature. Online selling increases the reach of the business drastically and keeps the shop open 24×7.
Thus, the business can sell worldwide by partnering with a shipping company and enjoy an increase in sales figures. However, they must prepare to cater to the rise in demand. Otherwise, a delay in delivery can lead to dissatisfaction among the buyers.
6. Offer Discounts
Customers are always looking for value for money. Thus, offering discounts helps get more repeat orders and attract potential buyers. The Black Friday sale is a good case in point that explains how discounts can lead to bulk buying and generate exceptional returns for the sellers.
You can also start a customer loyalty program to make the existing buyers come back for more purchases by offering incentives like 20% off on their next purchase.
7. Diversify With New Products
Sticking to just one product line may not help in expanding quickly. The business owner must look at the market to identify the needs and desires of the target buyers. If there is an opportunity, the business must fill the gap by launching new products.
The income stream will start swelling with a diversified product line and bring more customers to the business. For example, if the business sells skincare products, it can diversify into the haircare market and tap into it with better products.
8. Build A Sustainable Business
In the past few years, customers have become conscious of their environment and want products that do not create pollution. With global warming and water scarcity becoming major environmental concerns, businesses must become sustainable. They must reduce their carbon footprint and adopt energy-efficient production processes.
Businesses need to promote these green initiatives among buyers. It will help acquire customers who feel for the cause and wish to associate with brands that work for it.
Conclusion
When you purchase a business for sale in Brisbane, you need to devise strategies to make it grow. Otherwise, it can become challenging to sustain the entity. So, use the tips mentioned above and give a boost to your sales.