By Sophie Davidson
In December, Prime Minister Malcolm Turnbull unveiled an investment plan worth AUD$1.1bn designed to boost Australia’s competitiveness and nurture business relationships. Although this was in response to a protracted period of low commodity prices, it is hoped that the package will also encourage innovation and fund industrial research and development.
However, if you feel as though your business won’t be on the beneficial receiving end of the PM’s “Innovation Statement”, what can you do to change your growth potential in 2016? Here are 10 ideas and suggestions.
1. Generate capital through investing
Want to expand into new premises or upgrade essential equipment but don’t have enough capital? Well, consider exploring investment opportunities such as spread betting or forex trading, the latter of which is the largest financial market in the world.
2. Attract new clientele
With so many promotional practices and marketing methods at your disposal, it would be foolish not to try to attract new clientele. But, sometimes the old ways are the best, so ask current customers to pass on recommendations and capitalise on the power of referrals.
3. Increase sales among existing buyers
In the search for new audiences, it is easy to unfairly overlook patrons that have purchased your products and services in the past. So, try to persuade one-off customers to buy from you again or aim to sell more of the same goods to regulars. Make them feel valued and you’ll get value from them.
4. Improve your products
Not only is there the possibility of generating greater sales through product improvements, you may also be able to set a higher price point. If you are unsure how to enhance your offering, talk to customers and ask what would make your goods or services more useful and valuable.
5. Target other markets
Think about your biggest audience demographic and what other products or services they are buying. Branching into new territory may be the key to tapping into a whole new market in 2016.
6. Expand into new regions
Thanks to the extensive and far-reaching nature of the Internet, you can now market your goods or services on a global scale. You never know whether a group of customers exist on the other side of the world without being proactive and finding out for yourself.
7. Merge with or acquire a new business
Taking over another business is a big step for most organisations, but it has the potential to noticeably increase your turnover and profitability. Alternatively, merge with another business instead, as this way you’ll still receive the same sort of benefits without the massive responsibility of managing daily operations.
8. Train your staff
Staff training is often seen as an unnecessary expense even though it can improve the expertise and adeptness of your employees. After acquiring new skills and knowledge, employees will be more productive, helpful, innovative, and happy at work.
9. Hire new staff
If you don’t believe training would be beneficial to your workforce, why not hire some new staff members with fresh ideas? They may be able to spot gaps in the market or suggest product improvements you weren’t previously aware of.
10. Set yourself some goals and stick to them
Think about where you want your business to be in 12 months time and do everything you can to get there. Don’t lose focus and keep your eyes on the prize.