5 Ways to Grow Your Recently Purchased Business

Whether your new restaurant’s a thriving hub of activity, with reservations extending to the end of 2020, or you’re now the owner of a salon that could do with a new lease of life, there is always an unexplored avenue for expansion which could benefit your business no end. Below are a few failsafe ways to develop your new venture and ensure you are getting the most bang for your buck.

Author: Miss Chloe Byrne

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1. Marketing

Spreading the word about your business offering in whatever way possible is maybe the most important step you can take to draw in new custom. Print marketing such as posters and leaflets will help to reach a local clientele, alongside a carefully curated TV or radio ad. However, in today’s tech-obsessed society, social media is the key to maximum exposure and a wider audience. Facebook, Twitter and Instagram are all priceless tools to keep your business in the limelight. Encouraging customers to leave a review on platforms such as TripAdvisor or Google wouldn’t go amiss either.

2. Loyalty schemes

Your customers are your most valuable asset- without them you simply don’t have a business. With an uncertain trade future in our midst, consumers are increasingly starting to shop local, regularly frequenting their new favourite independent green grocers or coffee shop. Some kind of incentive to keep your customers coming back for more, be it a card or online account which works on a points system, is sure to generate repeat business. Take a leaf out of Starbucks’ book and offer a free drink after so many purchases or exclusive discounts on other items.

3. Extend opening times

Your customers are your most valuable asset- without them you simply don’t have a business. With an uncertain trade future in our midst, consumers are increasingly starting to shop local, regularly frequenting their new favourite independent green grocers or coffee shop. Some kind of incentive to keep your customers coming back for more, be it a card or online account which works on a points system, is sure to generate repeat business. Take a leaf out of Starbucks’ book and offer a free drink after so many purchases or exclusive discounts on other items.

4. Expand offering

A pub which only serves beverages is probably making only half the amount it could be. Fire up the oven and get some mouth-watering pub favourites on the menu to encourage customers to part with their cash. It may require a little more effort but you’ll soon see profits sky rocket as a result.

5. Refurbish

Revamping your business could be just what it needs to set it apart from the competition. Adding more seating could work wonders for your turnover, particularly if you have an outdoor space; an ideal spot for the clientele to enjoy in the summer months. Giving your establishment a face lift and transforming it into a place where customers want to while away the hours not only means more sales for you, but also a fresh working environment for your dedicated team. After all, a full restaurant or café only attracts more diners, so it’s a win-win situation all round!

As with any business, room for growth is always a positive aspect rather than a cause for concern. Don’t be afraid to take the plunge and set up new initiatives to ensure your business prospers for years to come.

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