The tow bar business will probably never go out of style. As long as people drive cars and have stuff that needs to be hauled, it will stay relevant. That said, growing a tow bar business has its challenges like any other enterprise, and we’ve got tips to help you grow your business from where it is to where you want it to be. Read on to find out more.
If you have become established in one particular aspect of your industry and are feeling a bit stuck and stagnant, consider expanding your range of offerings to include other relevant services and products. For example, you could add towing accessories and kits if you’ve been exclusively selling tow bars this whole time. West Cott Tow Bars is a great example of a business that has grown through diversification, as the company offers more than just heavy duty tow bars, and boasts a wide range of products that includes weight distribution systems, sway controllers, break controllers, protection bars, smartclick wiring, accessories, cargo barrier and much more.
Due to changing economic circumstances, it can be difficult for business owners to maintain the same prices for their products and services. However, maintaining good relationships with your suppliers on a long-term basis will enable you to negotiate better rates down the line, which will then trickle down as savings to your clientele. Trust us, your customers will definitely appreciate your ability to provide consistent prices and quality, and will reward your efforts with loyalty and word-of-mouth marketing that is simply priceless.
Find a way to set yourself apart from the competition by offering something different, like a same-day towbar fitting service, where you service customers while they wait. Remember, people will always lean towards supporting a business that puts their needs first, and are always looking for ways to save time.
Quality is key:
Even if you offer a wide range of towbars, make sure that they are industry approved brands which are safe, reliable and suitable for different car makes, including imports and commercials.
Provide a top-notch service:
Providing good service is not just about offering your customers the best quality products and brands, because they can get that anywhere. As the old saying by the late poet Maya Angelou goes, ‘people may forget what you said, but they will never forget how you made them feel’ and this saying rings true in the business arena as well.
You see, the best way to gain and keep customers is by offering a great service, and this can only be possible if you have a team of employees that is not only qualified and skilled, but friendly and compassionate towards your customers as well. Make sure that your team understand the importance of keeping customers happy, and only hire people that are passionate about the motor industry, while having a willingness to work hard. Oftentimes, the best way to set your business apart from the rest is to offer good service on a consistent basis. This will help to attract and retain customers, which is the recipe for long term business growth.
Try some constructive criticism:
If you’re finding it difficult to grow your business past a certain phase, it might be a good idea to utilise some constructive criticism. Start by examining all levels of your operation to find out where you might be lacking or what could be holding your business back from achieving growth as desired. For example, if you’re still using archaic paper records, then you might want to transition to electronic filing instead. This will not only save you time in filing records, but will save you money and improve the efficiency with which you perform your filing and billing tasks. Plus, won’t be any risk of having incomplete tasks, and everyone will be on the same page as to how tasks are progressing and so on.
Keep track of your business’ finances through efficient accounting software instead of using the out-dated method of pencil and paper. Really good accounting software like Quickbooks for example, will make light work of managing financial aspects like payroll, utilities, vehicle and equipment loans, fuel costs, training costs invoices and many others.
Lookout for fresh opportunities:
Evaluate your industry for new opportunities that you can leverage in order to grow your business. This could mean looking out for what your competitors are doing, working to understand your demographic better, evaluating your distribution channels and even analysing foreign markets for growth opportunities, as well as potential industries that you can expand into.
Founder Dinis Guarda
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