So you’ve established a customer base, streamlined your operations, and are running at a comfortable speed. That’s great. However, you are not satisfied, and you know your business can grow. State Your Funding dives into how to make that happen through implementing growth strategies that make a better business.
Watch Your Software and Apps
Your business likely runs on technology. Because of this, you have to make sure that all of your apps are connected so that there is no miscommunication between one part of your company and the other. By keeping everything from your workflow software to your cloud storage in tune, you’ll have a better overview of your business.
Something else to consider is that you need to use apps to keep your business organized, particularly where your finances are concerned. Time-saving software for invoicing and more will help you do everything from effectively managing daily cash flow to track your everyday expenses. You’ll also want to ensure that your software can help you keep up with the money that you intake while also reducing input errors. Your financial technology should save you time by duplicating invoices and allowing you to send and view multiple financial documents at once.
Know Your Strong Points (and Your Weaknesses)
If you want to grow your business, you have to know your strengths and weaknesses. A few strengths to consider are customer service, efficiency, and availability of products compared to the competition. You also want to look over your books to see if you have enough money to fund your growth and expansion endeavors.
Weaknesses come in many forms, and they might even be related to how much money you spend operating your business. For example, if you’re spending too much on overhead, such as office space and supplies, you may have to cut your profit margin so narrow that it barely makes a dent in your bank account. The point here is to know where you’re doing well and where you are struggling so that you can make changes that run your business the best way possible.
Understand Target Marketing
Target marketing is the process of narrowing down your marketing efforts to specific customers that are most likely to spend money in your company. This means that you have to spend some time researching your demographic. You can use a customer relationship management platform, such as SalesForce, to create targeted customer engagements. Your CRM can help you better listen and interpret customer responses and intentions.
Once you know your customers, you can then tailor content to their needs. The Small Business Development Center at the University of Georgia explains that large businesses – think Coca-Cola – target certain products to specific demographics. The more in-detail you can describe your ideal customer, the better. In other words, it is not enough to simply know that you want to sell to people in your area, you also need to identify individuals in an income bracket and make lifestyle choices that might influence their decision to buy from you over the competition.
Create the Ideal Team
Your employees are also an important part of your growth strategy. Having the right people in place is crucial to your business. On the same token, getting rid of employees that are not right for your business or that engage in problematic behaviors is also paramount to your success. Assemble your team by starting with areas where you have the greatest need. For example, do you struggle to keep up with customer emails? If so, a personal assistant or customer service representative is an ideal first hire.
Growing your business starts by making decisions that help perpetuate healthy cash flow and make room for growth. From knowing your software to targeting your ideal customer, the steps you take today will help you walk toward success tomorrow. A final thought to remember: Your business is constantly growing and changing. Don’t be afraid to try new growth tactics to cater to your ever-expanding demographic and to keep up with changes in technology and social policy that help you create a better business.
Julia Mitchell is goal-driven to have a career that makes her excited to wake up every day. Now she is working in her dream job in a financial services firm.
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