At Fair Business Loans we are always looking out for straightforward business advice to pass on to our small business loans UK clients. We were therefore delighted to come across a new guide “Growing Your Business” from Gov UK. It contains eight main points which we summarise below, but do check out the main report for more information.
1. Plan for growth
- find creative ways to increase sales to existing and new customers
- aim to improve your products and services and involve your customers in testing these changes
- develop new products and services for either existing or new markets
- taking on new staff or train your current staff
- create or extend your business’s online presence
2. Get extra funding
- investing previous profits back into your business
- taking out a loan, we can offer business loans London based
- looking for other sources of finance, including government-backed schemes
If you are considering going for the latter option, do get in touch with us here at Fair Business Loans to see how we can help you move things forward.
3. Increase sales to existing customers
- The simplest way to increase your sales is to sell more of the products or services you’re selling at the moment to the customers who are already buying them
- persuade one-off customers to become repeat customers
- target customers who have stopped buying from you and trying to win them back
4. Attract new customers
- advertising in local media
- using other forms of marketing, including online
- expanding outside your local area
5. Improve your products and services
- Start by talking to your existing customers to find out their views on:
- what they’re buying from you, and what they value most about it
- what you could do to make it more useful and valuable to them
- what would encourage them to buy more
- Make changes based on feedback from your customers.
- Also consider selling online if you are not already doing so
6. Develop new products and services
- Talk to existing and potential customers and find out about their needs
- If possible, develop a prototype as quickly and cheaply as possible to test it and find out if you’re meeting a real need
- Try out different prices with different customers in a consistent, realistic way to see what people will really pay
- If there are other businesses competing for your market, think about whether you can provide something better than what’s already available and/or what you’re already offering
7. Hire and train staff
- Employing people: This can help you spread your workload, expand production and take advantage of new and different skills and expertise. We ran a recent blog on tips for employing people for the first time.
- Apprenticeships: Taking on an apprentice allows you to grow your capacity by investing in people who want to learn, and who can make a increasingly contribution as they do so.
- Training your staff: Giving staff training opportunities can increase their loyalty to your company and their productivity - as well as your profits.
8. Work with a mentor
- Business mentors can help you develop your ideas for growth by sharing their skills, expertise, experience and contacts.
- Find free and paid-for mentors in your area with knowledge and experience relevant to your business on the ‘Mentorsme’ website,
For more information on any of the above, do go to the Gov UK website. If you may need a small business loan as part of your business growth strategy then look no further than Fair Business Loans! Come and find out why we are an ideal partner to help you move forward. Contact us today.