6 Practical Steps to Grow Your Business Today
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Growing a business is a delicate process. Grow too slowly, and you risk your competitors getting ahead. But grow too fast, and you’ll run into growing pains like personal time constraints, poor hiring decisions, and inefficient processes.
Creating an effective business growth strategy is essential for ensuring your business can grow unhindered by these issues. Today, JADCOM Media is here to help you explore a few important steps to take as you prepare your business for sustainable growth.
Outsource Growth Projects
Outsourcing to professionals and agencies is one of the best ways to help your business scale successfully. Look for marketing professionals who can handle growth-related projects like redesigning your website, email list building, and social media marketing.
Outsourcing is a great way to tap into tools and expertise without hiring employees or paying for expensive software yourself. At the same time, outsourcing can save you time and money while protecting your daily workflow.
Return to School to Advance Your Business Skills
Advancing your business skills can help you make smarter decisions as your business expands. If you’d like to learn more about running a business effectively, consider going back to school.
For example, you could earn a degree in HR to learn recruiting and management best practices. Business owners without experience managing employees can really benefit from this kind of training. An HR degree will also teach you how to shape company culture, administer benefits, and set policies.
If you run an IT business, earning multiple CompTIA certifications can help set you apart from your competitors. Many IT professionals possess these certifications. These certifications demonstrate that you have mastered basic IT skills and are a great way to show clients that you know your stuff! With this type of program, you can earn different certifications depending on your degree program.
Know When to Scale
Knowing when to scale your business is an important skill. Look for signs that it’s time to grow your business. For example, The UPS Store suggests several indicators that you should think about expanding your company:
- You’re feeling bored or unchallenged.
- New opportunities keep popping up.
- You’d like to offload some of your daily responsibilities to others.
- Your business is enjoying regular profits.
- Your business can’t handle increased customer demand.
- You’ve noticed a shift in your industry and want to act on new trends and developments.
Take Advantage of Budget-Friendly Marketing
As a small business, you might not have the budget for robust marketing strategies. And that’s okay! With the right strategy, you can grow your business through budget-friendly marketing strategies like social media, email, and content creation.
Don’t try to follow the same marketing tactics used by big businesses with unlimited budgets. To advertise on a budget, you need to meet your customers where they are. Produce highly-targeted marketing campaigns that show up where your customers most often spend their time, whether it’s a certain social media platform or their email inbox.
Consider Forming a New Business Structure
If you’re going to be growing your business by expanding into new markets, taking out loans, testing new product ideas, or hiring staff, consider restructuring your business first.
PropertyCasualty360.com explains that structuring your business as an LLC or corporation will protect you from personal liability in the event that someone files a lawsuit against your business. This will also shield your personal assets from business-related debts.
When it comes to choosing a business structure, consider forming an S corp. S corps offer pass-through taxation, meaning that all the business income is passed to the owner and reported on their personal tax returns. You will also be able to deduct business losses from your taxes.
Plus, S corps are not subject to self-employment tax, so they offer additional savings for business owners. If you think forming an S corp is the right move, consider using an online formation service to file your paperwork without the expense of hiring a lawyer. However, if you ANY doubt about what format is right for you, you should contact a legal professional.
Use Process Mining to Automate Workflows
Streamlining business processes is a great way to set the stage for growth. Using business process mining (BPM), you can identify time-consuming workflows and come up with strategies to optimize and automate tasks that are creating bottlenecks.
BPM involves using data to discover issues and improve workflows. Not only is this a great way to improve efficiency, but it can also help you manage risk and provide a better customer experience!
Options are Many
There are a number of steps you should take if you’re thinking about growing your business. Consider going back to school to sharpen your business skills, changing your business structure to save money and reduce your personal liability, and using business process mining to uncover new opportunities.
Adhering to these best practices and growing your business strategically will enable you to minimize risks and maximize returns as you reach new customers and expand into new markets.
JADCOM Media can help you with your business project, whether you are thinking of creating a website, ready to publish that book, need help managing your social media presence, or need support in any number of back office operations. If you have any questions, let us know!
