4 Ways Scottish Companies Can Grow Their Bottom Lines

We all love success stories, especially local ones. But if your business is to be a true Scottish success story it will need to figure out how to grow its bottom line without inflating its overheads – or at least not to the same degree.
Here are four ways Scottish companies can push towards expansion without putting their business at risk in the process.

    1. Look at Expanding Customer Base vs Releasing New Products or Services
      There are three main directions to go in when it comes to expansion. Companies can choose to expand their customer list, develop new products or services to sell to their existing customers, or do a little of both.It very much depends on the business, it’s status in the marketplace, the level of its branding success and how receptive current customers will be to a new release. If the customers are still buying from them but customer satisfaction levels are low, then releasing another product is riskier.It’s more likely that taking the time to improve the current product or service to ensure happier customers is going to bear more fruit in the form of a greater number of customer referrals. This could realise better medium to long-term results, but it requires a longer-term perspective over the sales figures this year alone.Chasing after new customers is the route that many businesses choose to take. It’s more exciting, has greater possibilities in their eyes, and is viewed as being less risky than creating a new product that might not be received well.

      But in the end the right approach depends on your business. small business growth

    2. Review Current Marketing Efforts
      Before jumping into new marketing plans to expand the customer base using existing sales channels, it’s important to examine the current state of play. What’s working with the marketing plan as it is? What isn’t being received well at all or gets a lukewarm response?Only by knowing what’s working and what’s not working can you craft a more effective marketing push that will perform better than past campaigns. This means digging into the data behind the marketing campaigns to draw meaningful conclusions from the information. If the business has used an outside marketing agency to design the marketing and deliver on it, get them involved to get a clear set of conclusions from the analysis.Once you have that, you can proceed with putting together a more effective marketing campaign based on what is working well and expected to continue to do so. Refining or dropping what hasn’t been working well makes the marketing effort more efficient by lowing the cost of customer acquisition and/or leaving money in the marketing budget to try new marketing channels.
    3. Broaden Marketing to Other Markets and Marketing Channels
      Once you’ve decided on the approach you will take with existing marketing channels, it’s time to look at the new ones you can explore.For instance, perhaps the company hasn’t explored much online advertising previously or only Google AdWords has been tried. In which case, would it be worth exploring private advertising deals on industry sites to get more B2B sales?Or, could some paid advertising on LinkedIn be a useful new way to pull in new customers who weren’t previously familiar with the brand?

      Look at what the company can try to explore the possibilities with new marketing channels. Branch out into areas that haven’t been considered before to see whether they could be profitably marketed to. Just don’t stick to what you’ve done before because substantially increased growth usually comes from trying new approaches.

marketing plan

  1. Expand Sensibly by Pairing Strong Sales Growth with a Smaller Growth in Expenses
    Companies must be careful when seeking growing sales. There’s the tendency to overinvest in activities that are expected to bring in new sales, which is then used to justify the increased spending level.Clearly, the idea is to have expenses trail the growing sales to end up with increased profits at the end of the financial year. Therefore, greater adherence to fiscal management is necessary to avoid a catastrophe.For example, overspending on high-end vehicles for the sales team is usually an unwise decision because it risks nullifying the bottom-line impact of your company’s top-line growth. Similarly, overpaying for fleet car insurance to cover all of those high-end vehicles is equally ill-advised.

    It’s possible to get sensible fleet insurance quotes from somewhere like quotezone.co.uk in order to avoid overpaying, but when you compare fleet insurance quotes the prices you are offered will be dependent on whether or not you’ve stocked your fleet with reliable, sensibly-priced vehicles first.

    Expansion needs to be carefully considered. Many companies have gone under because they grew too fast and failed to manage it well. If you’re planning to become a true Scottish success story you need to ensure you don’t make the same mistake.

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