In an ever evolving market it is difficult to grow your business, maintain the competitive edge, and stay relevant. In operating a business, owners often overlook simple considerations that assist with business growth.
At Callea Pearce Lawyers, we pride ourselves on our approach, progressive strategies and positive solutions. We often engage in strategy sessions with our clients and, discuss our clients personal and business needs from both a legal and practical perspective. We have compiled a list of free (and low cost) business growth considerations that are often overlooked by business owners.
Having an online presence provides excellent exposure for your business. It is amazing how many businesses do not operate a website or have an online presence. Beyond providing a platform for an online presence, a website allows your business to accomplish different marketing strategies to help your business grow.
If you operate a business and do not have a website you are missing great opportunities. You website allows for 24 hour client access and engagement. Tools such as Google’s Google My Business allow businesses to set up a free mobile-optimised website to represent your business.
Social Media platforms are often ignored by small and medium businesses. There is a misconception that social media platforms are used solely for interacting with family and friends, sharing photos of yourself and, sharing your experiences.
Small businesses do not realise the exposure and growth potential that free social media offers. To provide a snapshot:
- As at April 2018 Facebook had 2.23 billion monthly active users;
- As at June 2018 Instagram had in excess of 1 billion monthly active users; and
- As at June 2018 LinkedIn had 467 million users.
In simple terms, numbers do not lie! Most businesses are now realising the benefits a social media presence can offer. Platforms such as Facebook and Instagram can be used to provide the public a snapshot of your business, they allow you to engage existing and potential clients and showcase your business and your skillset. It is an excellent free advertising platform if utilised correctly.
A key consideration any business should have is community engagement. Unless your business model is strictly online, your client base is likely to be local to your business operations.
Being involved in the local community, whether it be free education/information seminars or volunteering with local drives and promotions, provides an excellent platform to engage with the community and your existing and potential clients.
Network with complementary businesses – Your Network is Your Net Worth
Another often overlooked aspect of business growth and expansion is networking with complementary businesses.
Establishing a trustworthy and tightknit professional network is paramount to business growth. Service professionals such as lawyers often network with complimentary service providers such as accountants, financial advisers, builders and developers. Networking is an excellent no cost marketing option and if done correctly, ensures the provision of high quality output services for your clients.
“It is not the strongest of the species that survive, nor the most intelligent, but the most responsive to change”. In simple terms, a business that is not adaptable to change is bound to suffer.
A critical consideration to business growth and expansion is diversification.
It is important to regularly review your operations and business model, undertake market research and follow emerging business trends. If your sector has undertaken considerable change or disruption as a result of innovations, you should take steps to review your business model and diversify your operations to ensure your business is at the forefront of its relevant sector.
Focus on a Target Audience
A common mistake made by businesses, small and large, is the catch all approach. More often than not businesses try to become all things to all people and, in doing so cast a wide net which may not result in increased business or growth.
Identifying your target audience and tailoring your business will allow for higher client engagement and increased conversion. Additionally, focusing on a niche or target audience will help your business to focus on its strength and area of expertise.
An extremely important aspect of business growth is being client focused, both in relation to previous clients and prospective clients.
Your existing clients are likely to have a lot of insight to share with you. That insight can be used as a mechanism for review to improve your efficiency, effectiveness and, the overall service to your market.
It is important to consider talking to existing or previous clients and seeking reviews and feedback on your business or your services. Clients will often be ready and willing to share their experience in dealing with your business. A positive client experience can be used as a free advertising or marketing tool on your website and social media platforms. Alternatively, the feedback received could also be used to identify and address aspects of your business which can be improved.
Client reviews can be done by simply speaking to your clients or asking them to fill out a survey or questionnaire.
Ask for help
Operating a business can often be stressful and daunting, particularly in periods of stagnation or growth.
Asking for help should not be limited to external intervention. A simple method of asking for help is staff engagement and delegation. You should review your business and determine the relevant work and income streams and explore potentially delegating certain aspects of business operations to appropriate staff. Delegating work flow and income streams will allow you and your staff the opportunity to focus on relevant aspect of the business. This may in turn result in increased production and capacity.
Asking for help or assistance should not be limited internally. Businesses should consider exploring external assistance that can be provided by relevant industry consultants and like minded business owners.
The above considerations are free (or low cost) steps any business can implement to assist with growth.
If you would like to discuss your business or personal needs please contact our office on 03 9743 1333 to book a strategy session with one of experienced team members.
Please note the above is intended to be commentary and general information. Commentary and general information should not be relied upon and substituted as legal advice. Formal legal advice should always be obtained.