As the new financial year begins, it’s a great time to think about further business growth in the year ahead. And with everything from accounting to marketing to take care of as a business owner, there’s plenty you can do to set up your business for growth. Below is our list of what you can do to set up for further business growth in the new financial year.
Look at the numbers
With tax time here, now is a great time to sit down with your accountant and review your numbers. Take the time to look at how your business performed in the last financial year. Were there particular areas of the business that did well? You may even find particular weeks or months were better than others. The key here is looking at when cash flow was good and bad. This will help you pinpoint where improvements are needed for stronger business growth.
Check in with staff
If you have a team of employees in your business, it’s important that you check in with them to see how they’re going. Are they too busy? Not busy enough? This is an easy way to make sure you get your staffing levels right and make sure you’re not unnecessarily increasing your expenses. When you’re checking in with your employees, also take the opportunity to ask them about customer feedback. This may help you gather some additional customer feedback you wouldn’t get from speaking to your customers directly, especially if there are customer complaints.
Embrace social media
If you own a retail store, cafe or restaurant or bar, it’s essential to be on social media in today’s business world. Not only is social media a great way to share information about your business, but it’s a chance to attract even more customers. This is especially helpful if your business isn’t in a high-traffic area. The power of social media is that you can reach people from all over the world. So, start getting creative with social media. You could offer people a special discount or entry to a competition if they’ve found your business via social media. This creates a connection for your customers before, during, and after they’ve visited your business.
Survey your customers
How often do you ask your customers how they’re finding things in your business? Remember, your customers are the lifeblood of your business, so show them you care by asking them about their experience. This will help you to build stronger relationships with your customers, plus it may highlight areas to improve. If you’re on social media, you can even survey your customers at mass by creating a poll. This is particularly useful on Instagram Stories.
Build your brand
Every business needs a brand for strong business growth. Whether you own a clothing store or a cafe, making sure people know you and your business will help you grow. Today, the fastest and most affordable way to build a brand is on social media. With your brains behind your account, you can share your unique message with your audience. Other ways to build your brand for stronger business growth is through having articles written about your business in traditional and online media.
There are numerous moving parts that go into running a business. If you can take some time to reflect and review different aspects of your business, you’ll set yourself up for stronger business growth. At the start of the new financial year, these aspects should include your financial performance and marketing and branding efforts to bring in more customers.
Speak with a lending specialist today about funding the growth of your business.