October 4, 2022

Thrive Insider

Exclusive stories of successful entrepreneurs

4 Ways to Grow Your Business

4 Ways to Grow Your Business

If you’re a business owner, then you’re probably constantly searching for new ways to grow your business. Keeping profit margins modest and increasing your customer base are great ways to see more money in the bank. If you have any aspect of your business online, then one thing you can do to improve sales is increasing your online presence. You can also look to expand your business, whether through organic growth or expanding through acquisition. There are so many benefits to growing your business, such as increased income and profits and the opportunity to employ more people. If you’re interested in growing your business, keep reading for my top 4 tips.

Increase Your Profit Margins

One of the biggest things you can do to grow your business is to increase your profit margins. With the extra profit, you can use that to funnel back into your business, spend on advertising or stock, and even improve your online presence which will result in more sales. There are quite a few things you can do to increase your profit margins, from outsourcing to other countries, through to using more the best lab balance to ensure that measurements are accurate and you’re not wasting money on ineffective scales and lost products. Learning how to increase your profit margins can be transformative for your business.

Find New Clients
Finding new clients is a great way to grow your business, because it means you’ll have more opportunities to sell. If you’re operating in an industry where clients are often repeat clients, one new client can actually mean numerous new sales over the course of their lifetime. How will you find new clients? Well, you can find them through word of mouth, through advertising techniques, through Google Search and through promotions. Get creative about the ways you can attract new clients. You may also find it useful to do some surveys to better understand how you acquired your current clients, this may give you clues for what to focus on for future clients. Check out BCI Worldwide for some great logistics solutions. 
Expand Your Business
Can you expand your business in some way? Maybe you want to move into a new market, or are looking to offer new products. More services or products means more opportunities to sell. Of course how you expand will depend on the industry you’re in. You can also consider expanding your business by way of acquisition – maybe you purchase a competitor’s company and merge their products with your own. Perhaps you expand into new markets, or take your brick and mortar business online. There are so many different ways to expand and as you do so you’ll quickly see that your livelihood improves.

Improve Online Presence
If you’re not online for your business, then you’re definitely missing out on potential to earn more. There are so many different ways people are making a lot of money using the Internet. For example, my friend is an author on Amazon, and she makes 5 figures each month through self publishing, but she also is noticing a big jump in her income from using TikTok to reach more readers. Social media, blogs, and search engine optimization can all do a lot to improve your overall income for your business.

Growing your business doesn’t have to feel overwhelming. Try any of these tips to see a considerable difference in your business.