In Part 1 of Small Business Late Payment Solutions, we talked about how late payments are costing small businesses and that everyone – big business, small business, bookkeepers, accountants, advisors and small business advocates – all need to do their part to fix this issue. The discussion touched on the importance of technology and credit Read More…
3 actions you must take to grow your start-up
Tue 18 June 2019 - 10:42 amPartner Content
Launching a business from scratch requires a great deal of ambition and bravery. While you might be filled with passion and enthusiasm for your venture, you might also be struggling with the fear of failure.
However, with the right steps, it doesn’t need to be an option. All you must do is focus on ways to strengthen your small business from day one, which can help you enjoy great success. Here are three actions you must take to grow your start-up.
- Gain a solid understanding of your customers
Many start-up companies make the mistake of assuming they know who their customers are and their behaviours. However, if you want to secure their custom and improve your brand recognition quickly, you must take the time to gain a solid understanding of who they are, what they want and how much they are willing to spend.
Surveys, reviews and focus groups can be an effective way to tap into your customers’ minds, so you can devise a strategy that increases your brand awareness and sales. However, you must be prepared to receive impartial, honest and potentially harsh feedback, but their opinions could help you to develop a stronger product/service and cater to consumer needs.
- Invest in your business
While you might be on a limited budget, you must be willing to invest in your operations to enjoy a greater return on your investment. Not only might you need to hire permanent employees or freelancers to complete various projects to a high-standard, but you may also need to invest in building an attractive website and driving traffic to your pages.
For example, if you want to rank at the top Google for various keywords, which can increase your conversion rate, you must invest in search engine optimisation (SEO) techniques. If you are unfamiliar with the many tactics you need to dominate the search engines, contact a reputable Sydney SEO agency for expert assistance.
- Enhance the customer experience
Your customers are the lifeblood of your start-up venture. To ensure your business’s survival, you must routinely find ways to enhance the customer experience, which can lead to increased satisfaction, repeat custom and a larger profit margin.
If you can deliver exceptional customer experiences time and again, they will not only return to your business, but they will sing your brand’s praises online and recommend your products or services to their loved ones.
To improve the customer experience, you must:
- Answer their questions as soon as possible
- Listen and respond to their feedback
- Improve the quality of your products and services
- Go above and beyond to help them
- Provide a free gift with their first order
- Apologise for any mistakes your company makes
- Reward them for their custom (such as a discount code or a customer loyalty program)
If you continually put your customers ahead of your profit margin and aim to deliver an exceptional experience that surpasses your rivals, your customers could soon become your biggest brand ambassadors.
- October 10 2019 The solution to small business late payments (Part 1)
- September 20 2019 Why security needs to be at the core of Australia’s small businesses
- September 3 2019 Effective tips on investing your business profits in a limited company
- August 19 2019 Don’t fall behind: Improve your credit management through data and technology