Learning how to grow your business fast is hard work. With stiff competition, costly expenses, and confusing sales and marketing to deal with — it can take a toll on you.
But it doesn't need to be difficult. You just need to know where to focus your energy. Besides, at least you are not still at a 9 to 5 job that sucks the life out of you.
So if you really focus on taking a step back, and trying out new methods to grow your business and make more money faster, you'll be amazed by the results.
Below, we’ve listed some ideas that can help you to grow your business organically in a challenging economic climate.
How to Grow Your Business
Here are the best tips to grow your business fast.
1. Use a Business Banking Account
There are many benefits to having a specific account just for your small business. Here are a small handful of those:
- Having all your withdrawals together can make it tough to determine whether all bills have been paid in either circumstance.
- Whether you are the sole member on staff or have employees, it can be difficult to determine exactly how much money you have available for business expenses when the two are mixed.
- There are tax advantages for small businesses you can take advantage of with a business account.
- You will not be able to get a business loan without one.
- If nothing else, a dedicated small business bank account will lend your business an air of professionalism.
Primarily, there are two major account options when determining what to look for when opening a business bank account: checkings and savings.
You’re probably asking yourself, “What bank account should I have?” In short, your first option should be a small business checking account because you will be using that account to keep track of your small business transactions.
A checking account like Novo will allow you to pay your business expenses and deposit your company profits, which makes it easier to keep your books accurate and is invaluable for making sure your business is profitable. It will also make it easier to file your business taxes!
That being said, having a business savings account is also a great idea, and you can set one up at the same time as your checking account. There are plenty of benefits to having one as well, since you can earn interest on your money and it can actually help you boost your company’s credit.
Get a business edge with an award-winning, free business checking account from Novo. With no monthly fees, unlimited refunds for ATM charges and a focus on digital banking, Novo business checking is a great option for small-business owners on the go.
2. Build an Email List
One of the first things any business owner should do is create an email list. This is such an effective way to grow your business fast and in an easy way.
You can entice your website users to sign up with a lead magnet.
Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse, and others for building and managing your list.
3. Build a Sales Funnel
People who sign up for your company's email list expect you to sell to them. So this should be your logical next step. Many business owners know this yet prolong building an effective sales funnel due to lack of time or knowledge.
Many business experts suggest that every sales funnel should be mapped out before it's created. Mapping out your end goals — whether it's doling out coupons or selling a high-ticket coaching class — it's vital to build this funnel with precision and automation.
4. Research the Competition
Most likely you have already done this but if you haven't, you're missing out. It's easy to pop in your competitor's URL into SimilarWeb and compare the traffic statistics and analytics. You can grow your market share and website traffic with SimilarWeb's digital market intelligence platform.
Another option is using AdBeat to scope out competitors' PPC marketing strategies and emulate those to scale your business. These are tried and proven methods for growing your business fast.
5. Consider Invoice Discounting
For new or startup ventures, it can be exceptionally difficult to undertake work while also maintaining a viable level of cash flow.
This is particularly true in instances where you’re required to adhere to 60 or 90-day invoice terms, as this can cause significant payment delays that make it hard to take on new work or projects.
There are innovative payment solutions that may help you to negate this issue, however, with the type of invoice discounting packages available through Touch Financial offers a relevant case in point.
With this type of financing, you can effectively sell your accounts receivable to third-party investors, enabling them to realize their cash value immediately. Once your clients repay their invoices, you can use this to settle your debt and return the business to an even keel.
6. Create a Flexible Workforce
Every successful team requires at least a small core of permanent employees, who are responsible for leading a business’s daily operations and implementing a strategic growth plan.
Small or startup businesses should strive to reduce their permanent wage bill where possible, however, so long as this does not compromise the quality of products or services delivered.
With this in mind, creating a flexible workforce can help firms to grow organically, as this enables entrepreneurs to tailor teams to suit the needs of specific projects and fluctuating workloads.
7. Use Capital Injections Wisely
Capital injections can be a crucial lifeline for small businesses, offering the funds needed to stabilize and grow. To use them wisely, prioritize addressing immediate financial challenges, such as paying off high-interest debt or covering operational expenses.
Consider investing in growth opportunities, like expanding product lines or entering new markets, which can boost revenue and market presence. Additionally, upgrading technology and equipment can enhance efficiency and reduce costs.
Check out the widget below to see small business loan lenders and rates that could support your business's needs.
8. Use Temporary Spaces to Drive Growth
The issue of permanence is an interesting one for scaling businesses, as committing to long-term cost increases brings considerable risk (particularly in the current economic climate).
This is particularly true when looking to relocate to a new office space. Whether you’re investing in a new office space or opening an additional retail outlet, this requires a significant up-front cost and often comes with extended lease terms.
To negate this, you could consider moving in temporary workspaces as your company scales and enters into a period of transition. This enables you to scale the venture in line with organic growth levels, without the need to spend outside of your means or invest in costly lease agreements. Remember, these structures are often available on rolling monthly agreements, so there’s no risk of a long-term financial loss if the business’s fortunes fluctuate.
9. Attend Networking Events
Connecting with like-minded people at networking events can help you expand your business by providing you access to new ideas and experiences. The connections and relationships that result from attending networking events may last for years.
Consumers desire to spend their money with companies that are passionate about causes that contribute to a better world. Look for methods to give meaningfully to the issues you care about and communicate it with your consumers, whether you donate to cancer research or help a charity such as a homeless shelter.
You may publicly show your support for underprivileged individuals, contribute to charity events, volunteer your time with fundraisers, and offer long-lasting goods to promote sustainability. There are many ways to be socially responsible as an organization; choose a few that work best for you.
11. Host Local Events
Organizing your own events in your neighborhood is even more beneficial than attending events since it allows you to expand your network while still being active in the community. Whether you're organizing a fundraising, giving special offers on holidays, or sponsoring a local sports team, providing a one-of-a-kind experience for your clients will help develop greater customer intimacy.
12. Go Above and Beyond for Your Clients
While this may be more difficult to do as you grow, always remember that the client's experience is paramount. If a customer feels like they're just another number to you, they're likely to take their business elsewhere. It's important to go the extra mile whenever possible, whether it's offering a small discount for referrals or taking the time to send a handwritten thank-you note.
13. Focus on Small Business Accounting Tips
As a small business, you have to be extra mindful of your finances since one misstep could put you out of business. Stay on top of your accounting by utilizing budgeting tools, tracking expenses, and knowing which tax deductions are available to you. You can also save money by negotiating better rates with vendors and looking for creative financing options. There are a ton of small business accounting tips that you probably already know, but it's important to have a solid understanding of the basics before moving on to more complicated concepts.
14. Improve Ergonomics at Work
The well-being of your employees should be a top priority, and one way to ensure their comfort is to improve the ergonomics in your office. This may involve anything from investing in adjustable desks to providing cushioned chairs and ergonomic keyboards that help improve posture at work. By making small changes, you can create a more comfortable work environment that will lead to happier and more productive employees.
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