How to Grow Your Business: 15 Tips for Instant Growth
Has your business hit a plateau?
In other words, you saw positive growth at the start of your venture and now there’s – well – nothing. No new business, no clients worth bragging about and a bank balance to prove it.
Today, we have the ultimate gift to share. It’s real-life ideas worth stealing from some of the most successful companies in the business. The best part is that these are ready for you to run with right away. No research, no testing and no elaborate excuses that will delay the implementation process. And did I mention that they’re cost-effective?
Without further adieu, here are 15 ways to grow your business from no name to instant fame.
- Trim the fat. Too many brands think they need to offer and appear everywhere. It’s high time you simplify your business. Take a hard look at your efforts and inventory. Weed out the unprofitable and hard-to-sell.
- Get social. Start social accounts for your business on Twitter, Facebook, Instagram, and LinkedIn. Post thought leadership content on your platforms and prove your worth in salt to your audience.
- Automate your processes. Lessen your overhead expenses by finding ways to automate your non-producing items like accounting, customer care, mail, sales reporting and ordering.
- Get your employees to start thinking like you. Encourage your employees to research ways to make their tasks more efficient as opposed to relying on the standard way of operating. Efficiencies save you time and money and can go towards employee incentives.
- Invoice on time. Learn to bill your clients faster. Receivables can count up to 50% of your actual assets. The sooner you invoice, the sooner money comes in.
- Find investors. If startup capital is what your company needs to reach its full potential, pitch your business to investors specializing in your industry. Not sure where to start? Use a financial marketing agency.
- Reward your team. Reward your employees for meeting budgets and deadlines. A small bonus is much cheaper than an increase in costs and slow production.
- Revisit your price list. Are you selling your products or services below industry standards? Small price adjustments can make a massive impact on your bottom line.
- Monitor your energy efficiencies. Changing to LED light bulbs, for example, can drop your utility bills by up to 20% per month. Monitor your water consumption. Get creative with ways you can lighten your carbon footprint and expenses.
- Learn to delegate your services. Figure out what turns the biggest profit in your business. Once you do, focus on that and delegate the rest.
- Offer promotions. Highlight special offers, features, promotions and news in your email footers, website, invoices, and newsletters. The trick is to attract new business so find ways to lure them in.
- Go where your audience lives on the web. This could be social media groups and forums. Become a trusted advisor in groups and forums by offering valuable solutions to problems. Have the perfect blog post that helps answer a question? Use it to your advantage.
- Use pay-per-click advertising. While this does cost you in media spend, you only pay when a potential client clicks on your ad. This is by far the most cost-effective form of paid advertising and quick to implement.
- Be a thought leader. When your local media need an experts opinion in your industry, offer yours. Many online news sites are looking for spokespeople in different industries. So, put in the hours and write some press releases.
- Take on a mentor. Every industry has its individual nuances. Consider a mentorship with either an industry leader or an investor seasoned in your industry. Angel investors, specifically, often like taking growth stock companies under their wing and can depart invaluable information on how to grow your business.