When you opened your small business, you went through months of trial and error as you worked to expand your customer base, increase your revenue, and master the art of entrepreneurship. Now, your sales are higher than ever before, and you’re wondering, “How can I keep growing my business?”
Working with a full-service digital marketing agency like Qodewire can help you break into new niches and nurture new leads. Furthermore, you can implement some of these strategies to move into this next phase of business ownership with confidence.
As your business grows, you might need to spend some time getting organized. For instance, this could be a good opportunity to update your business plan or any other important files and documents. It’s also crucial to remember that you’ll need to include any key changes in your annual report, such as a new company name or address, new shares, or even new membership.
If you forget to include these updated details for automatic filing, or if you neglect to file an annual report altogether, you could face fees or penalties from the state. In the worst-case scenario, the state could even bar you from continuing to conduct business there.
Budgeting and Investing
Your company is bringing in bigger profits than ever before – and you want to make sure you invest this money wisely. Otherwise, you could end up squandering the opportunities presented by this growth period.
You might be asking yourself the question, “How can I invest in my business?” Naturally, you’re curious about what steps you can take to invest these profits for the most substantial returns. Perhaps you’ve heard that you should reinvest a certain percentage of the profits back into your business, but there is no strict number.
Trajectify recommends mapping out a few potential realistic scenarios for the future of your business, choosing the path that seems the most financially sustainable and personally fulfilling, and then working backward to determine what you would need to invest in order to achieve this goal. You can also revise your business budget accordingly.
Hire New Team Members
To keep up with your busy workload, you’re probably trying to figure out, “How can I grow my staff?” It’s important not to rush this process – you don’t want to hire someone who isn’t a good fit just because you need more hands on deck.
Squarefoot recommends establishing an organized interview process, writing clear job descriptions that outline the specific qualifications candidates should possess, and looking for candidates who are genuinely compatible with your company’s existing culture. It’s important for your new team members to share your company’s values so that they’re truly invested in the future of your business.
And when it comes to onboarding, make sure that you thoroughly train your new staff while giving them chances to voice their own suggestions and take action on projects they’re interested in.
Leverage Your Strengths
While you might be interested in launching new products or breaking into different markets as your business grows, leveraging your existing strengths is also key. Do your customers love your current line of products? Continue promoting them heavily as you explore possibilities for new offerings. Have you had great success with finding new leads through virtual events and webinars? Keep scheduling events like this while you consider new marketing channels. You don’t have to neglect the qualities that helped your business succeed in the first place in order to continue growing.
Update Your Marketing Strategy
You’ve been asking yourself, “How can I keep growing my business?” Updating your marketing strategy is part of the answer. While continuing to utilize the marketing channels that have worked for you in the past is a smart idea, it never hurts to think about new ways you could highlight your offerings.
For instance, if you haven’t set up an email newsletter or business blog yet, this could be a chance to test out the effectiveness of these marketing methods for your company. If you do decide to undergo a major strategy update for your marketing approach, you may want to consider bringing on new employees or contractors who specialize in projects like this.
Hiring a social media expert, graphic designer, email marketer, or overall digital marketing manager could help you expand your company’s influence and reach within your industry.
Use Customer Relationship Management Software
If you’re not already using customer relationship management software, it’s time to start! CRM platforms like Salesforce can help you keep track of everything from marketing metrics to sales performance to client feedback and customer insights. Basically, a platform like this is a one-stop shop for all of the data you need to run your business more effectively.
Most importantly, a CRM system can help you find ways to streamline and automate consumer-facing processes, cultivate loyalty amongst existing customers, and get your products in front of new customers. The more you learn about your customers, the more you can do to meet their needs.
Manage Software Integrations
As you begin using new software like a CRM platform to manage your growing business, you may need to set up integrations with the other applications that you already use.
Using several different programs to manage your business can result in “silos” – in other words, different departments end up working independently of each other without communicating on a regular basis. One department may have no idea what another department is working on, and it’s all too easy for misunderstandings to occur, especially as your business grows.
In order to integrate your software, you may want to work with an IT professional – after all, data errors can be expensive! They can help set up your business with an integration platform that allows you to streamline workflows across different software applications.
As you move out of the startup phase, it can be tough to answer the question, “How can I keep growing my business?” It’s easy to get overwhelmed as you consider your new responsibilities. But moving forward with tried-and-true growth strategies can help you capitalize on your larger customer base and revenue. With these tips, you’ll be ready to guide your company into a new era as a thriving mid-size business!
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