Increase sales 

Grow your business by finding ways to increase sales or by targeting new markets. To increase sales you may have to introduce new business lines, expand your market, increase your marketing activities and improve customer service. If you are in manufacturing, this could mean increasing your productivity to meet demand.

Introduce new products or services

Provide a broader range of products or services for your clients or introduce totally new lines. You'll need to research your market to see if there is an appetite for your proposed offering. Consider using some of your existing clients as a testing bed, which can help you manage some of the risks and even help you learn how the product or service can be improved. Pay special attention to marketing and promotion to get the word out on your new offerings.

Expand to new markets

While targeting new markets can be costly, it can increase your client base. Market research will help you understand the potential new market and help you devise a strategy to tackle it. You'll need to also consider marketing, sales, distribution, and increasing your production to meet the new demand.

Enhance your sales channels

Evaluate and optimize your sales channels. This could help you reach more clients, increase your market control, and improve profitability. For example, you could:

• Provide your sales staff with enhanced training
• Contract independent sales representatives or hire your own
• Add retail outlets
• Use resellers
• Implement an e-business strategy

Marketing activities

Improve the efficiency of your marketing activities. Track the outcome of your current marketing or advertising and be prepared to shift your strategy if you are not seeing your desired results. Study your intended clients to know how best to reach them, and plan your marketing strategy accordingly.

Change price, terms or conditions of billing

Changing your prices, terms, or conditions of billing could stimulate market demand for products or services. Keep an eye on what your competitors are offering and your own profit margins to determine if you can reduce your cost. Without touching your price, sometimes sweetening the deal with favourable terms can sway the buyer your way.

Keep an eye on the competition

Always be aware of what your competitors are doing. This information helps you understand their behaviours, capabilities and limitations. Armed with this knowledge, you will be better prepared to defend your market position, react to changes, and find niche markets.

Improve community relations

Increase your presence and visibility in your community. Activities such as sponsoring community events, speaking at engagements, or supporting a local sports team can raise awareness of your business and stimulate market demand.

Don't neglect customer service

Keep in mind the customer's perception of your service quality or responsiveness. The positive word of mouth from a happy customer is worth its weight in gold.

Know when to pull the plug

Eliminate sectors, services or product lines having low margins, low profitability or excessive selling costs. This can be difficult due to emotional commitments to existing offerings, but in the long run, rationalization strategies can save you money that you can reinvest more wisely.

The information resources below could be useful if you undertake some of these activities.

• Marketing basics

  Brush up on key marketing concepts, learn how to develop a marketing plan, and assess strategic marketing options for your company.

• Promoting and advertising your business

  Learn how to use advertising and other promotional techniques effectively.

• Sales and customer relationship management

  Looking to increase your sales and manage relationships with your customers and the public? Learn how with these useful resources.

• Pricing

  Know the factors that will help you determine the payment you will receive in exchange for your goods or services.

• Online sales

  Learn how to set up a secure payment system for your online sales.

• Exporting

  Grow your business by selling your products and services abroad.

• Conducting market research

  Learn more about market research, how it can improve your business decisions, and how to conduct a market research campaign.

• Hiring employees

  Know your obligations and opportunities when it comes to hiring employees.