Join the Elgin/St. Thomas Small Business Network and start tapping into creative ideas for your business. Not only do we provide ample free to low-cost marketing opportunities for your growing business to explore, we have a large network of people who connect with us regularly and may just be looking for your services.
There is no cost to be a member of the Small Business Network, and there’s no contract to stay. Simply set up a meeting with Tara or Amy to connect into free local resources available to you.
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Fast growth is easier to achieve in sectors driven by innovation. Launching new products or services can fuel considerable growth quickly, however, most businesses opt for gradual, organic growth that is more manageable and involves less risk. Here are 12 strategies to consider for your business:
- Sell more to existing customers. Look at bundling product or service options, establish customer loyalty programs, create reoccurring buying plans for common needs.
- Attract new customers through increased investment in promotion and advertising. Try something new and track the results.
- Develop strong social media strategies and relationships to build your customer base.
- Networking can introduce you to potential customers, business partners, investors and mentors.
- Provide great customer service which can increase testimonials and result in word-of-mouth referrals.
- Expand existing sales channels, or create new ones. This might include, for example, developing an online store.
- Enter new markets. Exporting could be an option, selling beyond your region or aiming your offer at an entirely new set of customers. This may also involve opening up new outlets.
- Introducing new products or services to your marketplace can give you an instant edge – providing you have researched your market thoroughly and have a clear product strategy.
- Introduce new technology to your business. Better equipment can increase your capacity and has the potential to free up staff time if used efficiently.
- Create partnerships with other businesses. Sharing resources and expertise with another business will enable you both to flourish without overstretching yourselves. It also opens the door to public sector contracts.
- Successfully tendering for contracts can stimulate the growth that takes your business to a new level. As you increase your resources, you will be in a better position to win more contracts.
- Find financial support to grow your business by researching grants and grant programs.
Bonus 13: Check these websites for even more ideas and strategies: