5 Steps on How to Expand Your Business

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Did you know that there were record numbers of new businesses in 2021? Despite the pandemic and the uncertain economy, more people than ever before want to take their ideas and turn them into profitable companies.

Have you ever thought about how to expand your business but did not know where to begin? Although the task can seem daunting, it does not have to be. Keep reading to learn some tips on how to make your business grow without stressing yourself out too much in the process.

1. Build a Solid Marketing Plan

If you want to grow your business, you need to make sure that you have a good marketing strategy. Marketing is the only way that you will be able to bring in new business.

Before you start throwing money at marketing, you need to form a marketing plan and consider your target customer. This will help you establish which forms of marketing you should invest in.

Social Media Marketing

In this day and age, it is impossible to have a successful marketing strategy without social media. Even though it was originally for young people, many networks have now expanded to include users of all ages.

However, there are still niche applications and sites for what you consider to be your target market. For instance, if you want older folks to buy your product, then you may not have as much success on TikTok, a platform where young people like to make funny videos and dances. 

One huge benefit of social media is that you can utilize hashtags to spread your content even further. Users can click on your handle or your hashtag to see all of your other content and share it across platforms.

Search Engine Marketing

If you have ever used a search engine, you know how frustrating it can be to sort through the results. Often, you just want to click something on the first page that looks like the result you wanted.

There are a couple of ways that you can increase your business’s ranking on search engine results. One of them is SEO or search engine optimization. This is where you create content with keywords that will boost the rank of your site organically.

You can also pay to be featured in the sponsored search results at the top of the pages. This method involves less work, but it may eat into your marketing budget.

Stick to a Marketing Budget

From the establishment of your business, you should ensure that you know how much you want to spend on marketing. You could be bleeding money and not know it if you do not have a set amount.

Many social media sites have functions where you can track how your advertising dollars are spent and who clicks on ads. This can help you to redirect your marketing budget toward more effective methods.

Meet with your marketing team every few months to evaluate the achievements of your spending and readjust your budget if needed. If you want to do something like scale up, you may have to up your marketing budget.

2. Keep Track of Finances

Financing your business may seem overwhelming at first, especially if you need to get a business loan or funding from an outside investor. However, it is important to keep track of every dollar you spend so you can budget for the future.

You will also need to ensure you show your investors how their funds are being spent. It may encourage them to invest more in your business if they see their dollars being turned into profits. Continuous funding is key if you want to learn how to grow your business.

Pay Yourself First

Even if you feel that you do not have the funds, it is vital that you pay yourself first. Whenever you have money come into the business, set aside a certain percentage for your personal bills and expenses.

Taking out a salary validates all of the work that you do as a business owner to grow your small business. You also need to ensure that you do not go bankrupt in your personal life while you try to build your business.

Use Bookkeeping Software

If you work with lots of accounts and receipts, then it may be worth it to use bookkeeping software to track your income. This can be especially helpful come tax season, where you can utilize the information for business writeoffs.

Many bookkeeping software mobile applications are easy to use. You can simply scan your receipts when you get them and it will enter the information into the software for you.

Hire an Accountant if Needed

Once you use your own accounting or bookkeeping skills and they are not working out, it may be time to hire an accountant. This can be a third-party agent or someone in-house who will handle the financial aspects of your business for you.

An accountant can keep track of things like accounts receivable, accounts payable, invoices, and other business expenses. They may also help you complete your tax return and gather the information that you need to get the most money back for your company.

For small businesses that are just starting out, you may only need a bookkeeper for a few hours every week. However, if you plan to scale your business, then you should think about an in-house accountant and financial advisor like here

3. Form a Scaling Plan

One of the best ways to grow your business is to scale up. Scaling up is a strategy where you expand multiple factors of the business all at once, so your company can accommodate the changes with increased funding.

Scaling can be difficult if you do not know which factors you need to work on to grow your business. However, once you get the ratios correct, it can be advantageous to refer to your plan when you want to take it to the next level. 

Form a Detailed Scale-Up Strategy

Scaling up a company involves meticulous planning and adjusting ratios as factors change. When you get serious about scaling up, you should make sure that your plan is as detailed as possible so each actor can work in conjunction with the others.

Invest in New Technology

Automation is the key to scaling up because it will allow your business to grow without needing more human capital. Stay up to date on the latest technological developments in your industry and see if investing in them will significantly impact your company.

Evaluate which services you can automate so you can utilize employee bandwidth in other areas. For instance, a chatbot on your site can help divert some of the phone calls that would normally be answered by a receptionist.

Get Investments and Funding

When it is time to scale up, you will need more funds to be able to accomplish it without cutting into your other business expenses. If you still have investors on board, talk to them about the potential to expand the company and see if they are on board.

You may also be eligible for another business loan if you have paid it back or your credit is in good standing.

4. Hire Loyal Employees

Although the leaders of a company are integral in many of the operations, nothing would get done without the employees. You must treat your employees with respect so that they will stay loyal to the company and want to work with you as you grow.

Creating a reliable workforce will also have a huge influence on your company culture. In addition, you will save quite a bit of money by not having to constantly recruit and hire new employees.

Offer Competitive Pay and Benefits

One of the best ways to retain employees is to pay them what they are worth. Employees who make a good salary are more productive and will increase output for the business overall. It is an investment that will pay for itself in no time.

You should also offer benefits that will incentivize them to stay at the company, such as premium health insurance, paid time off, and things like mental health days. Knowing that they can take time off when needed creates a positive work environment.

In this day and age of remote work, flexible scheduling is also a must for many employees. It is better to use a hands-off approach and allow them to take the time they need, as long as they get their work done.

Promote From Within

Encourage your employees to work hard and apply for higher positions that open up within the company. Employees who already work for the business have inside knowledge and will cost much less to train because they may know the ropes better than an outsider.

You can also put promotional structures in place for different departments, depending on time, accomplishments, or both. These will give your employees something to look forward to and aspire towards when they plan their goals.

Promoting from within also helps you lose employees to job-hopping, which is staying in a position for only a short time while they look for something better.

Show Employee Appreciation

You also need to make sure that your employees know the value they bring to the company. Regularly offer events such as comped lunches to show that you recognize their hard work.

If you have the funds and the means, you can also do something fancy like a company retreat. Take everyone to a spa day or a getaway weekend where you can relax and get to know your employees on a personal level.

Employee appreciation also involves ensuring that the lower-level employees are just as valued as management positions.

5. Look Toward the Future

When you have a plan for the future, you should keep it in perspective whenever you want to make changes to the business. Assess and see if those changes align with your overall plan.

You should also identify star employees who you may want to take over one day. If you scale your business up, it may come time to delegate certain responsibilities so you are not overwhelmed, especially as you get older.

Consider a Business Consulting Firm

If you want a third party to evaluate your company, then it may be worth the investment to hire a business consulting firm. These firms will be valuable outsiders who can see which parts of your business are working effectively for growth.

They will likely want to interview employees from different levels and take a look at your internal processes to understand your goals. You can hire them to do a one-time evaluation or keep them on retainer for when you need a new assessment.

Make Attainable Goals

Goals are a vital component when you look into the future of your company. You want something that you can always be working towards, especially if you have had accelerated growth.

Although it is good to be ambitious when it comes to goals, you also need to be realistic. A great way of doing that is to set smaller goals within the larger ones so that you can feel accomplished.

Pass the Torch

If you want to move into a different industry or scale back your time in the business, you should definitely consider passing your responsibilities to others. Delegating can free up your time to look at more conceptual aspects of the business or simply take a break.

When you retire, you will need to trust whoever is in charge to run the company in your stead, so it needs to be someone loyal who has shown the characteristics of a leader.

Learn How to Expand Your Business

if you want to learn how to expand your business, then you should not have to worry about creating a solid plan for success. With these tips, you can help your company to prosper and get on track to expanding your business.

Would you like more tips and tricks for building your business? Check out our site for all the ideas and inspiration you will need to ensure your company runs smoothly.

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