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Launching a company in Australia can be exciting. But at the same time, it is not as easy as you think. Note that many small businesses fail to survive even five years. So, to achieve the key business milestones you have set, you should search for growth strategies for business from the beginning. As an aspiring entrepreneur, it will be necessary for you to use your resources and energy accurately. For professional assistance, you may search for business advisory service Perth.
This blog discusses seven proven growth strategies that work for any business.
Market penetration is one of the most crucial business strategies small businesses must use to ensure long-term success. Increasing market penetration will help you boost your sales within the current market. Even though you need to defeat your existing competitors, exploring the current market can help you improve your profits.
When it comes to increasing your market penetration, it will be a good idea to reduce your prices. You can quickly grow your customer base when you offer products or services at a lower rate than your competitors. This increase in the number of sales can also help you compensate for the loss you incur when your prices drop.
However, it may not always be possible to charge lower rates. In those cases, you may think of other ways like offering discounts to first-time customers or reducing the total price when customers buy in bulk.
As a small business owner, you must always try to identify new opportunities to sell your products. This growth strategy for business works well, especially if you work in a highly competitive market. You can find endless alternative channels on the internet, which will help you find innovative ways to cater to other markets.
If you plan to launch an online business, you can think of selling your items at local markets or setting up a pop-up shop. Even though more people are switching to online shopping, connecting with potential customers in person remains a great way to develop your brand image.
Similarly, if you run a brick-and-mortar store, it will be a good idea to sell the products online. Developing an online shop is relatively easy and allows the retailer to reach out to an international customer base.
Market segmentation is dividing a larger market into small groups according to buying habits or demographic information. Once divided, you can then consider these segments as your target customers. Any business advisory Perth will suggest this method because targeting a specific customer group is much easier than appealing to a larger group.
If your business offers multiple products, market segmentation will help you advertise different products to different audiences. However, remember that you need to do the background research correctly to identify which market segments are likely to buy your products.
Website analytics and email surveys are two effective ways to find trends.
You may consider partnering with another small business because that brand's audience can come to know about your business. However, it often becomes difficult to locate the right business partner. It will never be a good idea to work with a direct competitor company because it will make you lose customers.
So, make sure the business is contemporary, and their audience base is interested in your services or products.
In an ideal case, a partnership should prove beneficial for both businesses. It can allow you to handle a large project by combining all the resources. Not only that, but the other professionals may also offer you new skills and perspectives.
You can develop a new product together or host a business event to promote both brands.
For any business to survive and succeed, finance is one of the most basic requirements.
The global economy has been disrupted because of the recent COVID-19 pandemic, so efficient finance management has become more efficient. You may require reducing certain expenses and investing more in areas that will help you generate more profits.
Assess your balance sheet, cash flow statements, and profit and loss accounts to keep the costs under control. For help, you may consult business advisors.
One of the most typical mistakes many entrepreneurs make is that they often overlook existing customers to prioritise new customers. You must always create a growth strategy for existing customers in business. While you must grow your customer base to expand your business, you must not forget customer retention and loyalty.
Always keep in mind that convincing an existing customer to return to your store is more manageable than telling a new customer to buy from you. Retaining customers not only helps increase business profits but also is an excellent source of word-of-mouth promotions.
To keep connected with your existing customers, you can choose to send email lists. You can offer them a discount to request to sign up for emails. This growth strategy for your business will help you send your customers updated about new events, products, and sales. You can also ask them for their feedback and express your gratitude for their suggestions.
The ongoing pandemic has significantly affected businesses and consumers across Australia and worldwide, thus affecting both the global and local economies.
But the good news is that governments and many other organisations have introduced some measures to help businesses overcome these situations. As a small business owner in Australia, you can access funding to enhance your working capital, refinance debts, respond to crises, and grow your finances.
Your responsibility will be to check if the available financial packages help your company survive and grow.
In Australia, every business needs to pay taxes on time. Otherwise, they may be imposed high taxes by the ATO. You need to bear a range of taxes in Australia, including GST, FBT, PAYG withholding, income tax, etc. Strategic tax planning can help you fulfil and minimise your tax liabilities correctly. The best thing you can do is hire a professional tax advisor. Accounting Services Perth, WA, is always ready to help.