The strategy for growing a small business is not one-size-fits-all, but the goal of increasing sales and growing revenue is universal. There are many ways to approach business growth, but there are a few key strategies that can help take the business to the next level.
Understand Your Clients
Knowing who your clients are and what they need in their buying journey is paramount. Clients today are looking for a very customized experience and making communications as personalized as ever makes the difference between a one-time client and a long-term relationship. Because of this, market research gives you a window into how to meet them where they are and expand not only current client relationships but also prospective relationships.
Grow Your Online Presence
An online presence can take shape in many forms, but because it has become one of the best ways to market your business value, it should be prioritized. Here are a couple of ways to expand your online presence:
· Social media — There are many opportunities on social media to share your message and grow your business, including paid ads and organic posts. It’s important to diversify your social strategy and draw your audience to the valuable assets that you have, such as articles, one-pagers, eBooks, and more.
· Thought leadership — Instead of simply promoting your business, product, or service, it’s worthwhile to publish content that educates your audience on the value your type of business provides. This will help current and prospective clients recognize their pain points and how they can solve them.
Stay on Top of Your Financial Health
When you have a strong financial structure, your business is much more likely to succeed. It helps stabilize your company and protect the future of your business. This includes keeping on top of the books, maintaining good business credit, and making smart funding decisions. Managing finances can be challenging, but it’s important to be educated about the best financial moves you can make.
· Don’t be afraid to take loans — Loans can be intimidating because of the long-term responsibility. But often, loans are necessary for purchasing more products, equipment, or space, and can help increase your cash flow. Be sure to research and determine the best lenders, interest rates, etc. for your business.
· Set aside time for bookkeeping — This is something most business owners know to prioritize, but many don’t as much as they should. Set aside monthly or quarterly review periods to make sure your books are in order, even if you’re working with a professional bookkeeper.
· Look to the future — It’s always important to plan and execute the finances of today, but it is just as critical to set up long-term financial goals. Planning ahead financially helps you stay on top of potential future endeavors in terms of cash flow and revenue. It also helps give you a continual competitive advantage.
If you’re looking for help with planning your business’s financial future, Republic Bank is always ready to help. We have expert bankers and financial advisors on the team that can help you set up the most ideal business plan for your unique needs. Reach out to us at 800-526-9127 — and take a look at our financial tips page for more information.