6 Steps You Can Take Toward Business Growth
We all want our businesses to become self-sustaining empires. But, that does not happen without a lot of work and even more planning. Today, we take a look at six steps you can take toward growth that will help you achieve your goals.
Understand how to sell your products.
Some people make selling look like a breeze. But, the truth is that it is not second nature for everyone, but there are ways to help your customers make buying decisions that involve your products.
Consider your business structure.
Your business structure works as a platform upon which you will build your name. You have many options, but most of us start out with an informal sole proprietor arrangement. Take your business to the next level (without the fees of an attorney) by finding a formation service and transitioning into an LLC structure. There is very little paperwork involved, and an LLC in Florida gives you the flexibility to grow with additional members as your sales increase and you need to alter your management structure. The IRS will classify your LLC as either a corporation, partnership, or disregarded entity, meaning that your profits go on your tax return.
Beef up your credit.
There will likely be a time when you’re going to need to secure funding, whether it’s for startup capital or financial assistance as you grow. This calls for doing all you can to improve your credit score, as the best terms and rates for loans are reserved for those with excellent credit. Pay down your debt, make sure you’re making on-time payments on all your bills, and avoid taking out any new credit cards. To get a handle on what your credit score is, you can always download your credit report at AnnualCreditReport.com.
Implement business process management strategies.
Business automation is the way of the future, and business process management (BPM) is the way to get there. While there are many different BPM tools, business process management features many benefits, including the ability to analyze data, people, and systems to help you uncover ways to bypass unnecessary processes. Once you get your processes in place, stay in touch with your employees so that you know whether or not your new processes are working or falling short of your goals.
Utilize social marketing channels.
Even if you have independent sales agents that are responsible for bringing in business, you’ll still want to invest the money into marketing, and social media may be highly beneficial if you market toward individuals. You can use YouTube, for example, to create engaging videos, which Social Media Today asserts should contain valuable and relevant content. You can also use other platforms, such as Meta's Facebook and Instagram, along with Twitter, to get your visual, written, audio, and video content in front of the eyes that need to see it. A great way to capture attention for all of your social media channels is to design a banner with your fonts, text, and custom message. There are many different banner layouts, and you don’t need a graphic designer to find information on how to choose the right one for you.
Invest in customer retention.
Gaining customers through your selling and marketing efforts is one thing, but to truly grow your business, you have to retain the customers you already have. According to Delighted by Qualtrics, a 5% customer retention increase can boost your profits up to 95%. Not only will repeat business help pad your bottom line, but happy customers may be more willing to share their experiences with you online, which makes your customers likely to spend more money with you than with a business that does not have reliable reviews.
Your business may not grow overnight, and that’s a good thing. Your goal is sustainability, and steps, such as changing your business structure, streamlining with BPM, and utilizing all available marketing channels can help you stay the course so that you can enjoy fewer hurdles along the path toward success.
Take your business to the next level by joining The South Tampa Chamber of Commerce! With membership comes access to resources, connections, and more - plus you can learn from other local entrepreneurs like yourself. Don't miss out on this amazing opportunity - sign up today and start taking advantage of all that the chamber has in store for you.