If you’re one of the 5.9 million small businesses in the UK, you’ll no doubt be aware of the challenges involved in scaling up your business. It doesn’t happen without strategic thinking, hard work, and let’s face it, a bit of luck.
But making the leap to the next stage doesn’t have to involve a big financial commitment. Here we look at some simple strategies you can incorporate now to help grow your business.
Utilise social media
If you’re not already harnessing the power of social, it’s time to get out there. With consumers nearly 58% more likely to buy from a brand they follow on social media, how can you afford not to?
Which platforms you focus on will depend on your business and it pays to do your research about which platforms are most relevant. For example, people aged 50-64 are more likely to use Facebook than Instagram.
Having a clear social media strategy where you outline your goals and measure your success is crucial, so you can continue doing what works and stop doing what doesn’t. For example, if you plan to promote a particular product or service through your posts, does it lead to an increase in sales?
Don’t forget to carefully monitor your social media pages. Watch what your customers are saying about you and be quick to respond to any questions or feedback.
Research your competition
Keep your friends close and your competitors closer. Thorough research of what your competition is doing will help you keep pace and hopefully identify areas where you can step ahead.
Checking out your competition’s websites, social media, online reviews and advertising will reveal what they are doing well, and more importantly, what they aren’t.
For example, are customers annoyed at their slow communication or poor range of products? Focus on addressing these needs and you’ll be in a good place to steal their business.
Increase your storage
More sales equals more profit, but if you don’t have the space to store larger quantities of stock, consider taking advantage of purpose-built business storage. This increased storage space will enable you to maximise your business’ earning potential without having to make a big investment in property.
If you’re wondering ‘where can I store stock in York?’, our purpose-built business storage units are conveniently located in Clifton, just off the ring road. Perfect for short-term and long-term storage lease, as and when you need it.
Think outside the ‘box’
Our units aren’t just for business storage. In York we also offer flexible workspaces where you can run your business. Perhaps you’re currently working from home, or your current premises are too small for purpose.
Whether you need a trade counter, a MailBox facility or a combination of office and storage space, we can offer this all in one bill, along with broadband and phone connection, heating and power. No need to sign a long contract or pay a big deposit – it’s an easy way to grow your profit margin.
Reward customer loyalty
You’ve probably heard the oft-quoted statistic that it can cost five times more to attract a new customer than it does to keep an existing one.
But did you know that increasing customer retention by 5% can lead to increased profits of between 25% – 95%?. Not only that, but happy, loyal customers are more likely to recommend your business to others.
So, it pays to look after them. Do some research (whether that’s via email, questionnaires or good-old face-to-face) on why your customers come to you – is it fast delivery, great customer service or specialist products – and continue to focus on these areas so you can keep your existing customers and attract new ones.
You may also consider a rewards programme – whether that’s a VIP-style payment programme, such as Amazon Prime, or a points collection scheme like Boots. Keeping your customers close and rewarding their loyalty will pay dividends.
If you’re looking for small business storage in York, we have over 40 years’ experience and fully understand the particular needs of small companies. Get in touch today to see how we can help you grow your business.