It is that time of year when money can become tight, especially for owner managed businesses.
It is a juggle with tight cashflow, higher personal expenses, tax bills looming and also the big 2024 plans coming into place.
So how can you grow your business in 2024 without breaking the bank?
Analyse your marketing efforts
Fine-tuning your marketing efforts can help you use your marketing budget more wisely and achieve a better return on investment. Take a look at the marketing strategies you’re putting the most money into and work out which ones are driving sales. Tools like Google Analytics can help you figure out where your website traffic is coming from, allowing you to cut back on the areas that aren’t serving your business and focus on the ones that are achieving real results.
Social media tools can also give you a clearer picture of the type of content that engages your audience the most and utilising the free areas of marketing like social media platforms.
Review your website
Many business owners build a website and then consider it a job done. However, your website should be regularly reviewed, optimised and updated to make sure that it’s delivering the best possible results for your business. Make sure that your contact information is correct and visible on each page.
What’s the latest trends?
Show your customers that you’re an agile organisation by creating content, products and offers that reflect what is happening in your community and industry. Maybe this is micro influencers or supporting local communities, what is on trend in your industry?
Upgrade your sales funnel
If you generate a lot of leads but relatively few sales, then something is going wrong somewhere in your sales funnel. Either you’re not filling the top of the funnel with the right kind of leads, or you’re not nurturing them appropriately to convert them into paying customers so you need to give them a good reason to keep on coming back. When you share content to your audience regularly, you remain front of mind and build trust. Then, when a prospect becomes ready to buy, voila – you’re right in front of them.
Whether it is in person or virtual, building a network to vital to business growth. You can support each other, gain insights and really find great ways to grow your business.
The biggie – understand your finances
Knowledge, as they say, is power. Gaining a deeper understanding of your small business’ finances will empower you to make better decisions and grow your business more effectively.
Get in touch and we can chat about how we can support your business growth in 2024
Get ahead, get it done.
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Thank you for reading this weeks blog – VAT – A simple explanation for new VAT registered businesses.