Your business might be ten years old. It might be ten days old. Either way, you’re ready to grow. You have the expertise needed to start your particular business, but not every secret of the business world is open to you. You might be an expert in product production, running a gift shop, or financial advising, but that doesn’t mean you know how to grow your business from the ground up.
When it comes to growing your business, there are a few simple tips that should help you, no matter your business model. If you stick to each of the following tips, you could experience marked growth with every passing year. Succeeding in business comes down to a few key things: finances and strategy. If you have the funds you need, you’ll stay afloat. Keeping those funds, however, requires some strategy.
Each of the following tips will help you hone that strategy. Rely on each one to start growing your business this year. Each one will save you money in some way, and that saved money will allow you to invest and thrive the way you should. Without further ado, here are the best ways to grow your business.
Follow Ethical Practices
Not every business is ethical with its paperwork. As a small town gift shop, it might seem easier to wiggle your taxes when it comes to employee salary. As a small landscaping company, it might seem easier to pay summer employees in cash, without a proper invoice. While it might appear easier and cheaper to bend the law, any exposure–or audit–could mean the end of your business, so play it safe.
Besides staying on the good side of the law, you should also prove to customers that you’re following ethical behavior. More and more people are starting to care about ethical business practices, and they want to purchase from companies they trust. Pay your workers well. Buy from fair trade sources. Use green practices throughout your company, like SeQuential biodiesel, which leaves a much smaller carbon footprint. Wherever you can show customers you care, try to prove you’re one of the good guys.
Try Unique Marketing Strategies
Every business relies on marketing strategies. Your business has probably tried multiple things during its life. You know that not all of them work. A radio ad might be perfect for a mattress store, but it does your high-end hair salon no good. Depending on the marketing technique, it could be perfect for your business and targeted customers. Or, it might be a waste of your time and money.
It’s always wise to try unique marketing strategies, especially if they’re less expensive. You could host a community event at small function venues in Brisbane, or see if a blog could help you grow your website traffic. Blogs, facebook videos, and other internet techniques are all free if you have the skills to create them, and they could help expand your business opportunities.
Every business has to make investments. You have to pay your employees, purchase materials, and buy equipment. You can’t run a business from a cardboard box. If you could, you’d make a better profit! Rent, salaries, and business purchases all add up and cut away at your yearly margin. Wherever you can, it’s important to save money as a business by spending less.
Simple things can save you money, if you arrange them right. Do you need two employees in your gift shop all day, or do you only need two during peak hours? Do you need to buy equipment, or can you rent some of it? If you run a warehouse, you can try forklift rental in Akron, OH. You can also have the janitor come in less frequently, or clean the office yourself. Whatever ways you find to save money in your business, try to worker smarter, not harder, to save revenue.
Hire Remote Workers
The internet has provided businesses with amazing new opportunities. Now, a business can staff itself with workers from across the country. Instead of relying on the nearby talent pool, you can hire the best in the world, as long as they’re willing to work remotely. You can communicate with an online platform, or use weekly video conferencing to still keep everyone in the loop.
Remote workers save you money in a couple of ways. First, they’re often paid by project, not by the hour, so you’re not paying for anyone’s facebook break. You’re also not required to provide dental or health insurance, or any other benefits. You can rent a small office space, but still work with over twenty employees. In short, remote workers are a goldmine if you want to save money as a business.
Not every business makes it. A lot of new businesses fail, and you have a 66% chance of failing in your first ten years. If you want to keep your business thriving, you have to make sure you’re taking the proper care of it. Good business strategies include all of the things listed here. You might need to engage with the community more: maybe support a local kid’s softball team. You might need to cut back on employees and hire a few remote workers to handle accounting and marketing. You might need to rent instead of buy. Whatever corners you can find to cut, as long as the cuts are legal, you should do whatever you can to save your business money. Every strategy comes down to making the most of your funds.
In short, make sure you’re turning a steady profit. Money in the bank will allow you to begin new business ventures, start investments, and try new opportunities. If you’re not growing, you might be dying, so keep your business fresh and on the rise. The reason most businesses fail is lack of funds, so make whatever decisions you need to to keep raising your profit. Stay ethical, keep your customers loyal, and improve your company with every passing year.