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Top tips on how to grow your business (part 2)

Top tips on how to grow your business (part 2)

Last time we gave you part one of our ‘top tips to grow your business’

1. Define and refine

Take some time to analyse your target customers and drill down to a niche market within this group – it will mean your voice is louder than your competition’s as you can speak directly to them, offering solutions to their problems.

2. Don’t over spend!

Whilst it’s tempting to throw money at a variety of potential solutions, be careful where you spend your money and ensure that you can increase your chances of a good ROI

3. Diversify Your Products or Services.

Does your product sell well throughout the year or are there peaks and troughs? Is there any way you can diversify your product or service or capitalise on events throughout the year such as Christmas or Valentines Day? By thinking carefully you may be able to identify a gap in the market during your quitest period.

4. Franchise

If you have a good idea, then franchising could be your best bet. There are endless stories of entrepreneurs who have franchised their small business and become a success. Think, do you have a system that could be replicated by others to ensure success?

5. Exporting

Whilst not appropriate for everyone, expanding into international markets can boost your business faster than anything else, introducing you to a whole new market and set of opportunities. It takes a lot of time and effort but if your product has international potential, then just go for it!

We hope you have found the above tips useful and inspiring. Why not share your top tips to growing your business on our Facebook Page and Twitter Page? Look out for part two…