Are you too much in the ‘thick-of-it’ to see the bigger picture? Take a moment to step away from your daily work and let me help you do some blue sky thinking.
Consider new revenue streams
- Affiliate marketing
- Do you know any other businesses targeting the same audience as yours? Could they promote your product in return for you promoting theirs?
- Big overseas customers
- Did you know you can ask you local Chambers of Commerce to put you in touch with the Department for International Trade? They can help you find big overseas customers for free!
- Consider collaborating with your direct competitors to tackle common issues
- Could you bulk buy common raw materials, set up a shared industrial representative or pool certain resources?
- Can you reduce production costs without customer detriment?
- Can things be done in a different way?
- If you were starting this business from scratch, what would you do differently?
- Would customers notice a change to a cheaper supplier or service provider?
- Audit all your services
- Where could you save money by switching?
- Look at all your insurance policies
- Have you been renewing with the same one for years? Get some alternative quotes.
- Are you over insured? i.e. is your stock insured for £5 million when you only ever have £1 million?
- Are you doubly insured? i.e. more than one policy covers the same risk.
Fixed cost reduction
- Do you still really need that big office of yours?
- Can you outsource work rather than employ people?
- Is it cheaper to hire a subcontractor instead? Our hourly rates start at just £15.81!
- When was the last time you reviewed your technology needs?
- If you were starting the business now, what technology would you use?
- Are your old computers slowing down your staff?
- Consider hiring or leasing newer computers if the cost of out right purchase is too great for your business.
- How high is productivity in your business?
- Annual profit divided by total staff hours worked in that year.
- What is the margin between labour costs and revenue?
- Consider getting in a specialist and join My Marketing Dept in celebrating Proctober, a month of permanent productivity improvement.
Low cost – high worth benefits
- Consider awarding your staff share options instead of money up front.
- Life insurance is always welcome, but can be surprisingly cheap.
- Arranged discounts with local businesses or gyms can also be very low cost.
If you would like a 1-2-1 with a Chartered Marketer to explore business growth ideas then please book here.