As we race towards the finishing line for 2019, it’s bewildering to realise just how fast the year seems to have gone! For some sectors, it was a slow start with various state and federal elections destabilising market confidence but we have been delighted to see that, for many of our clients, business is now on the rise and they are looking forward to a stronger 2020.
Despite the tough year, it has been a time of growth and improvement for many businesses; for others, it’s been a time of change and a chance to get ready to take advantage of better conditions ahead.
If your business is going through the latter, here are some simple tips for achieving growth even in slow times:
1. Look after your existing customers well – they are invaluable in both good and bad times and very costly to replace.
2. Reduce your risk by diversifying your customer base if you are reliant on too few customers.
3. Be proactive in your marketing – while your competitors are quiet, you have a great opportunity to be heard.
4. Take the time to improve your service and operations so that you are well-positioned to cope with the influx of business when the good times return.
5. Use quiet times to train your staff so that your customer service is a key competitive advantage.
6. Keep staff motivation high – show your staff they are valued as it costs a lot to replace well-trained, quality staff.
7. Keep a tight grasp on your finances – know how you are progressing, protect your cashflow and maybe pay a few extra visits to your accountant.
8. Think innovatively about the products you sell, the services you deliver and future market needs. A quiet period is a chance to think differently about your business and, as long as you research and test well, it can be time to make beneficial changes for a more sustainable future.
We’re very proud of our clients who have done so well against the odds this year – see our story below on how many of our clients who have won much coveted awards, for example! If you are looking to take advantage of improved market conditions in 2020, come and have a chat with our Director, Barbara Ketley. She has worked on growing hundreds of brands across a diverse range of sectors for over 25 years and would be delighted to help you to jump-start your business growth for the new year!