Ready to take your business to the next level? Whether you’re a startup sensation, up-and-coming enterprise or an established powerhouse, we’ll dive into some of the most effective strategies for expanding your business — big or small.
Partner up
First up, partner up. Collaborating with New Zealand businesses that complement your offerings can be a game-changer for small businesses looking to expand their reach and tap into new markets.
From bundled products to joint services, the possibilities are endless. Here are just a few examples:
- A cleaning company could partner with a handyperson service to offer customers a complete home maintenance solution.
- A digital marketing agency could partner with an e-commerce website builder to offer customers a complete online presence solution.
- A fashion retailer teams up with a jewellery store for a complete outfit and jewellery discount for customers.
Leverage influencer marketing and affiliate programs
Harness the power of influencer and affiliate partnerships to reach new audiences, build credibility, and watch your customer base grow with every promotion and click on an affiliate link.
Launch a referrals program
Why not consider a referral program? Offer a reward for every new customer referred and current customers spreading the word to their friends and family.
Choose a high-quality referral program software and actively promote your program to encourage people to get on board.
Step up your paid social game
Boost your reach and skyrocket your visibility with sponsored posts, boosted posts, and targeted ads. Social advertising strategies will help you find new customers and expand your horizons with just a few clicks.
Keep up with the latest social media trends, too! Incorporate them into your strategy and, if needed, bring in a specialist to help your team get a handle on how to maximise current trends. For example, utilising Instagram stories, Reels, and TikTok.
Make great customer service everything
Fostering a strong relationship with your customers is key to growing your business, because a happy customer is like a walking billboard! They’ll gladly spread the word about your fantastic products or services.
The secret to happy customers? It’s all about paying attention to their feedback and taking action. Show them that their opinions count.
There are a few ways you can do this:
Surveys
Find out what your customers love (and what they don’t) about your products or services, and use that feedback to make improvements.
Keep an eye on online reviews
Check out sites like Google, Yelp, and Facebook to see what people are saying about your business. Take their feedback onboard and always respond in a timely and professional way.
Ask and you shall receive
Don’t be afraid to ask customers for their opinions in person. You can do this by including comment cards in customer orders, conducting customer focus groups, or simply asking for feedback during in-person interactions.
Foster a strong community
Building a strong community around your business can help attract new customers and bolster loyalty among existing ones. Consider hosting events, offering customer incentives, or creating an online community. Customers can connect with each other, feel included and share their experiences with your business.
Find the right business loan
Business loans can give your business the boost it needs to take things to the next level.
Whether you’re looking to expand operations, purchase new equipment, manage cash flow or invest in marketing, the right business loan can help you get there by giving you access to the funds you need to make it happen.
If you’re a start-up business or have been around for years, borrowing money might be just what you need to jumpstart your business growth. With the right interest rate and repayment period, you may be able to cost-effectively grow your business on terms that suit your individual needs.
Some growth opportunities finance can help you achieve:
- Purchase commercial property.
- Buy business assets such as vehicles, machinery or stock.
- Access cash flow to keep on top of expenses while moving onto the next job.
- Invest in research and development or a new marketing campaign.
Tech it to the limit
Take your company to new heights by utilising the latest in automation tools, chatbots, and big data analytics.
These technologies can help you streamline operations, enhance the customer experience, and make smart data-driven decisions. With a chatbot supporting your team by responding to routine customer enquiries, their time is freed up to focus on more important tasks. Meanwhile, automation can increase efficiency and reduce costs, allowing you to invest in other areas of your business.
Last but not least, big data analytics offers valuable insights into your customers and business performance, helping you make informed decisions that drive growth.
Keep an eye on your cash flow forecast
Without cash flowing in, it’s almost impossible for a business to keep trading. While profit is often the main metric business owners measure, it’s important to ensure the cash flow position is healthy too.
Accounting software (or even the traditional spreadsheet and budget) can help you forecast the timing of cash inflows and outflows, so you can plan effectively and ensure you always have funds available to cover any cash gaps.