The basics for growth and success
When you own a business, one thing that will keep you up at night is growth. When is it time to scale up, and what are some tips for when and how to grow your company? We met with the Central Willamette business services team to put together these quick insider tips.
Secure More Funding
Okay, this might seem like an obvious tip, but far too many business owners shy away from borrowing money. With the right business loan, you can expand your fleet of vehicles, buy new and better machinery, invest in new technology, boost your marketing and advertising reach, and hire all the right people to make things happen. However, do the math before you sign on the dotted line. Too much debt without adequate return can strain your company. Smart options include small business loans, lines of credit, crowdfunding, and investors (such as new business partners).
Optimize Your Sales Funnel
This includes analyzing the journey your customers take to find your business. Once you have mapped that voyage, optimize it by focusing on lead nurturing and your overall customer service experience.
Update Your Digital Marketing
According to Hubspot, inbound digital marketing efforts can be up to 60% less expensive while delivering up to 3x the results of standard advertising channels. Utilize targeted online advertising (Google, etc.) as well as social media (pay to boost your posts and your brand). Don’t forget to include money for content creation (videos, blog posts, and more). Carefully crafted content can boost your brand appearance and make you look better to customers. Clunky and amateur videos can give the appearance that you are both unprofessional and untrustworthy.
Invest in the Right People and Partnerships
You’ve probably already considered outsourcing some business functions such as bookkeeping and legal. However, you can also outsource your social media management, customer service, and outbound sales (in some cases). Additionally, partner with complementary businesses to gain exposure in new markets. What about your own employees? A Gallop study found that companies with dedicated employees outperformed the competition by 21%. So, give your employees more responsibility and invest in their careers and ongoing training and education.
Automate Where Possible
People still make business work, but automation and artificial intelligence (AI) can help make their jobs easier. According to Forrester, 74% of businesses report that automation can improve customer service. These options include customer relationship management (CRM) software to communicate better and track your customers, as well as project management tools to track workflows and tasks, and AI tools to help proof documents and brainstorm ideas.
Evaluate and Plan for Growth
Before you start to grow, plan for it. Take a long look at your business’s strengths, weaknesses, opportunities, and overall threats. If you started to grow, could your people and business infrastructure (computers, fleet, machinery, and shipping) keep up? Also, do your market research. Is the customer base you plan to target as large as you expect? How much of that segment could you realistically hope to take from the competition?
Let’s Work Together
Put the Central Willamette business services team to work for your business growth. Whether you need business savings and/or loan options, or merchant services, our business professionals are here to put your company first.