Growing your trade business can be tricky if you don’t have a plan. As an accounting and advisory firm that has helped numerous small businesses develop success, our expert Infuse Advisors & Accountants team has come up with numerous useful strategies for business growth. Let’s take a look at some below.

1. Develop an Optimised Pricing Strategy

Figuring out the right price is a crucial aspect of your marketing strategy and can be a defining aspect of your growth strategy. With the right pricing, you will quickly grow your customer base.

However, developing optimised pricing is easier said than done and requires extensive market research and constant adjustment.

One approach is to adopt dynamic pricing models, which use data analytics to gain a better understanding of customer behaviour and market trends. Through careful data-driven insights, you can adjust your prices based on factors such as demand and competition.

2. Offer Customers Expanded Payment Options

Making it easier for your customers to pay you will lead to more business. Narrow and exclusionary payment methods, such as cash only, for example, will lead to the exclusion of customers from your potential base. This leads to lost revenue and is entirely avoidable.

Offering multiple, flexible payment methods that range from traditional payment options like cash or cards to things like mobile payments, online payments and even installment plans can lead to more customers being brought into the fold.

3. Implement a Customer Loyalty Programme

You can attract new customers and improve your existing customer retention rates through the development and implementation of an attractive loyalty programme that rewards repeat customers with discounts, special offers or points that can be redeemed for future services.

The great thing about loyalty programmes is that they encourage repeat business and can lead to increased sales from existing customers. In addition, new customers frequently see the potential benefits and are more likely to become loyal patrons, generously promoting your business by word of mouth.

Infuse Advisory & Accountants is primed and ready to offer expert advice that will lead your trade business to success. For tailored strategies for business growth, contact us today!