Freshen up your business offering to grow
by Shivani Gupta,
Newcastle Herald Small Business Column,
published Monday, 25 April 2011
What is your plan to ensure that your business continues to grow? I look at this formally when I do my business plan reviews but it is something that should always be on a small business owner’s radar.
Even if you are happy with your income stream you need to increase revenue to keep up with the cost of living increases. To maintain or grow revenue you can just increase your prices by the CPI each year, you can work extra hours to serve more clients or you can look at other options.
You have worked hard to obtain your current clients and it costs money and time to find new ones. An efficient way to generate more income is to start with existing clients. Make time this week to look at your current products and services. What is selling well and what products are your existing clients not taking up? Do they know about them? Look at what else you can offer your clients to help them and add value to what you are already supplying.
I had a call the other day from a business that did carpet cleaning and pest control. I needed my carpets cleaned but for convenience I also booked my regular pest control inspection too. As these two services are the most common things people need help for in the home this business decided to offer both services.
Diversification doesn’t have to be high cost and it may just be that you have different channels for the same product. I met a fitness coach the other day and suggested that she sell her book online as well as through bookshops and tradeshows. If you are a lawn mower, what else can you offer to do while you are at a client’s house or can you team up with another subcontractor to offer another service for a cut to an existing client.
You may also need to refresh products or services to meet clients’ changing needs. While you will have a good idea what needs to be changed ask your clients what they think via a formal survey or when you interact with them.
My review led me to realise that I did not have enough product. My business planning e-book was successful but another time intensive business book was not needed. Based on client feedback I have created short, practical tips e-tips to help people to find their passion in the seven areas of their lives. I have also introduced online coaching as a lower cost alternative to face to face coaching for time poor clients and those in other geographic markets.
Think creatively about your product and service offering to grow your business.