4 Ways To Grow A Service Business

4 ways to improve your service business

Whether you are a seasoned business owner or just starting up it pays off to have clarity about your most profitable and least stressful options to build and grow your business.

It is important to agree first, that there is no best way to growth!

Every business owner has a different pathway to bigger revenue, healthier profits or bigger size of business, based on their starting point, goals, what their business capability and capacity to deliver is, as well as the personal aspirations of the owner.

If you started your business to make money and/or make a difference, rather than get away from your boss and the big office politics, you have probably already tried a few different ways to grow.

Maybe you’ve tried some advertising through social media, partnered-up or “bought a book of clients”. If you haven’t seen the results you wanted, it’s possible that you’ve attempted those growth options/strategies based on their feasibility – “can it be done”, rather than on their viability – “will it be profitable and sustainable long-term”.

Whether you are doing it yourself, or using business/marketing/ advertising advisors to help you, it is useful to use common sense decision making tools to make an informed choice, before you hand over the execution to the external consultant.

They may advise you in favour of their solution, which is human nature – think of financial advisers, brokers, sales agents and service providers with one or many products – naturally they will lean towards their most profitable product and service, wouldn’t you?

So, it will help if you have a system to make an objective decision.

So here is, a structured way to help you assess the viability of your different growth options, to  minimise the risks and every option increases your chances of success.

The 4 ways/strategies to grow a service business

  1. Build externally
  2. Build internally
  3. Partner-up
  4. Buy

Professional service businesses, because of their nature and the competitive advertising environment, will need to allocate more money and time to acquire new clients externally.

In comparison to partnering up and buying a business this strategy is still a low risk growth option.

It is also your main option if you are just starting and don’t have the ability to buy another business.

What to do to maximise the viability of this strategy:

  1. Plan out your advertising strategy before you start advertising and map out the whole advertising “infrastructure”.

Using carefully planned advertising campaigns, rather than one off advertisements, is the most successful way to advertise for a professional service business. Why? Getting new clients to engage with your business is about “stepping them up” the ladder of trust. Simply put, a potential client needs to see a few different advertisements (or credible pieces of content) before they pick up the phone to call you.

What you need to be able to execute this process well: find out more here

  1. Monitor and cull waste (reduce costs and maximise conversion)

As advertising in the pro service market is competitive and expensive you need to make sure that you are monitoring and culling non-delivering ads (there can be 100+ keywords/ads/landing pages combinations in a single advertising campaign running on google for example).

These campaigns need to be monitored almost daily when first set-up, to ensure costs are minimised and leads flow is maximised (it’s better to use professionals who do this set-up and campaign management on a daily basis, rather than learn to do yourself)

  1. Make sure that your “storefront” coverts visitors into clients

This is more than having your website spruced up – there is a misconception that successful websites are created by web designers.

This is like thinking that all a retail store needs to be profitable, is to get a good fit-out and that store fitters and interior designers will create a high sales volume for a retail store owner. Of course not – they still need to do a great job of creating a nice look and feel for the store visitors, but it is the quality and appeal of the products, as well as the quality of service of the sales assistants that will make the difference between a visitor and a buyer.

So, in the absence of a sales assistant or a store front, it is your website content and site flow (user experience) that will make the difference between someone just visiting and someone buying/making an enquiry.

What you need for a high conversion website, check here… 

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