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Did you know that nearly 96% of all businesses in Australia are small businesses? According to statistics from the Australian Taxation Office, small businesses are, therefore, the backbone of the country’s economy. Entrepreneurs always wish to establish a business and eventually see it blossom. This dream proves very tricky for many, as a reported 60% of Australian businesses fail in the initial three years. Despite all these gloomy statistics, there are still strategies you can adopt that will help you to take your business to new heights. Here are four of such tips that will help you expand your business.
- Introduce new products and services
What keeps big brands like Apple and Amazon at the top of the business food chain is their ingenious innovation that continually brings up new and exciting products and services for customers. Data on Statista indicates that iPhone units sales hit 217million as of 2018. In 2007 when the device debuted it sold just slightly over a million units. Adopt this strategy by also engaging your customers with innovative new products and services of your own, and you are likely to establish a solid customer base for a long time. Innovation like this is what will undoubtedly ensure the continuous expansion of your business.
- Establish a strong online presence
In today’s modern world, establishing yourself as a potent brand cannot be accomplished without the help of the internet. An estimated 81% of buyers do online research before deciding on big purchases. A 2020 study by Social Media Perth also indicates that 84% of Australians aged 16-64 searched the internet to secure a product or service. Therefore, have a website made for your business and be present on as many social media platforms as possible. Also, consider engaging the services of a Search Engine Optimization (SEO) expert to increase traffic to your website and broaden your potential customer base.
- Sell More Products And Services To Existing Customers
Focusing on getting your customers to purchase more from you is a smart and powerful business tip that can help you expand your business. According to research, 65% of a company’s business comes from its existing customers. Therefore, focus on building strong relationships with your existing customer base. Businesses that continuously deliver to buyers become known as credible suppliers. Consider using transport companies to make your company stand out as a reliable supplier, able to deliver orders irrespective of size or quantity. Your business will surely gain acknowledgement to help it develop and expand over time.
- Acquire other businesses
One of the most noteworthy contributing factors to the rise of Facebook as a brand is its constant purchase of other businesses – mostly competitors. According to Forbes, mergers and acquisitions can be the fastest way to expand a business. A merger or acquisition pools together resources, products and services to give the new company a greater chance of reaching new markets. It will be best if you consequently targeted beneficial competitors that will compliment your business. Your business will benefit from exposure to new markets, access to new technology and solidifying its place in its industry.