Winning new business is crucial part of business growth aspirations. Our top tips will help you make the most of new business opportunities and create sustainable growth for the future.
1. Prepare to grasp market opportunities
The economy and individual market sectors are forever changing, and your business should always be on the lookout for gaps to exploit. You need to know where to find these opportunities and understand how to take advantage of them. See find new business opportunities.
Learn about your target customers, look for market gaps and develop a solution. Make sure you can:
- clearly explain why people should buy from you
- project your expertise
- be confident in asking for new business
- develop high quality business promotional material
- create an appealing website, including case studies to appeal to your target markets
Aim for the benefits of winning new business, but keep an eye on the risks too.
2. Grow your market share
There are several strategic options to get the most out of your marketplace such as:
- selling more to existing customers
- focusing your customer service and marketing efforts on retaining customers
- expanding your customer base to include similar people who are not currently customers
- selling through new channels or into new markets
- using your core competences to create new products or services
3. Prepare your business to compete for new contracts
Private and public sector business contracts can be very competitive. Good preparation will increase your chances of a successful bid, and improve your prospects for future contract work. It’s important to show high standards, even at the pre-qualification stage. Consider how your business measures up in terms of employment practices, health and safety policies and environmental compliance.
For help to identify areas for improvement in your business and where to find contracts opportunities, see prepare your business to tender for contracts.
4. Sell your goods and services to the public sector
The Northern Ireland public sector is an important part of the local business market worth hundreds of millions of pounds each year. Your business can reap huge benefits by tapping into the supply chain. Organisations such as departments, their executive agencies and district councils buy a huge variety of products and services, providing a customer base that is stable and pays on time.
For information on the procedures and rules for government tenders, and where to find the latest public sector tender opportunities, see tender for contracts in the Northern Ireland public sector.
5. Look to win new business abroad
Selling your goods or services in external markets can be a lucrative way to win new business.
Increase your chances for success by researching:
- potential customers
- the trading environment
- route to market
- local suppliers