Finally Ready to Move Forward Growing Your Business? Here Are Easy Ways to Do It

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Finally Ready to Move Forward Growing Your Business? Here Are Easy Ways to Do It.

If you are a first-time business owner that’s finally getting into the swing of things, you may be ready to enter what we call a growth phase. This is a time in your business’s life where you are actively seeking new clients and looking to increase both your revenue and profits. But this doesn’t come intuitively to everyone, which can cause growing pains.

Linuxexperten.com presents a few things you can do to dip your toes into the proverbial waters of expansion without getting in over your head.

Expand your offerings.

One of the easiest things you can do as a business owner is to find out what your customers want more of and give it to them. You might, for example, sell things like jewelry, virtual-reality headsets, or specialty gourmet food and subscription boxes to cater to your existing clientele. These ideas are profitable online endeavors.

Forecast your finances.

Financial forecasting is the process of figuring out how much you are likely to grow within a set number of months or years. Once you have an idea of where you might be if you don’t make changes, you can then look for things you can do to push those numbers further in your favor.

If you’re a services business and are going to hit your revenue goals, you need to have a plan for invoicing so you can collect payments promptly and avoid late-paying customers. Make it easier for customers to pay you by accepting payments through your website and app. Also, create concise and easy-to-understand invoices. You can use a customized invoice generator to add your business name and logo, a color scheme, and any additional pertinent information.

Avoid unnecessary expenses.

Did you know that 29% of startups go under because they run out of money? And that there are lots of things you are probably spending money on that you really shouldn’t? Overpriced office space, lavish perks for your employees, and business travel all fall into this category. Look for ways to save, which also includes setting aside money for necessary expenses, such as financial accounting and reporting.

Depending on the type of business you run, you might be fined or prohibited from doing business if you fail to report to the right governing bodies certain changes, such as selling shares, changing your address or name, or memberships and affiliations. Fortunately, you can work with a service to help you file your annual report for just $100 plus state fees.

Better define your niche.

When you spend time defining your niche, you can spend your time catering to those customers who are most likely to patronize your business. The Alexa blog suggests that having a niche market sets you apart from the competition. To get a better grip on your niche, take a look at the profiles of your current customers. Do you notice a pattern of women over 40 or military veterans buying your products or services? Cater to them, and you may find that you exert less effort but reap more rewards.

Use technology.

Technology matters more than you might think. Using certain software, such as a customer relationship management program, like Salesforce, can give you a better overview of your business. This is crucial because you have to know where you are so that you can define where you want to go. Other tools you can use include Slack for easy team communication and collaboration and Redbooth for workflow management and improved planning.

On the marketing front, optimize your social media presence by working out a digital marketing strategy. This should include posting on standby platforms like Facebook, Twitter and YouTube,    and updating often to stay relevant to your audience.

Get rid of ‘dead’ products or services.

Debt products are those that sit on the shelf long enough to collect dust. MoreBusiness.com asserts that it’s time to discontinue products or services if they are not growing 25% year-over-year, they cost more to provide than they earn in profits, or there is too great a chance that the competition could easily adopt the same ideas.

As you watch your bottom line carry the weight of your business, you have to look for ways to balance profits, revenues, and growth. The tips above can help, and they can put you on the right path toward sustainable expansion. More than anything, remember to go slowly. Don’t try too many new things at once. Despite your excitement, slow and steady really does win the race.

Photo via Pexels

Article contributed by:

Cody McBride - TechDeck.info

 

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