Once you’ve got your business up and running, you quickly learn to cope with family life and work. You have your routines, and you’re really organized to ensure the kids don’t miss out on anything. Sure, there are a few late nights and plenty of early starts. But the thrill of making it work energizes you and pushes you on in your commitment to the business.
So what happens when you realise that your business has real potential? Not only is it generating a good income, but it is already exceeding your forecasts. Is it time to celebrate? Absolutely. Every good thing that comes around should be a personal pat on the back for all your hard work. But, it could also be a sign that you need to make a choice.
If your business model is working, it’s easy to sit back and enjoy it. But you might be missing out on an opportunity. After all, did you ever get back to those international enquiries that came in? Branching out into new territories is a great way to grow your business. You can use Baydonhill or other foreign exchange services for businesses to help pave the way into international markets. You may also need some changes to your business bank account.
If your business sells products online, would you also consider running a retail store? This is a great way to meet the customers that are loyal to your website as well. Pick an area where your deliveries are most prominent to start up in. A retail store comes with a lot of overheads, but there are still many benefits for you and for your customers. You may need to hire people to help you run the store as well. Input from your staff can be very valuable when you’re looking for fresh insight and ideas.
Is your product or service limited in any way? Perhaps it is possible for you to create different products to meet the different needs of your customers. A budget and a premium version of the same thing can be a great way to increase sales. It reaches a larger demographic of customers too. Can you increase your product portfolio? Are you able to upsell and cross-sell at every transaction? These are all great ways to increase the value of each transaction and the value of each customer.
Good customer service and customer relationship marketing techniques are essential. They go a long way to increasing the lifetime value of your customers. You want the customers you have won over to keep coming back. It’s cheaper and easier than having to attract new people all the time. Use social media and email campaigns to keep in touch with those who have bought from you before. Offer them memberships, discounts or subscriptions to ensure they feel valued.
Of course, all of these ideas will require further effort and time on your part. I know just how hard it can be to juggle parenthood and business management. But pushing hard now can certainly reap long term rewards for your future. Strive to make it work for you today.