Last Updated on Mar 25, 2020 by James W
Without growing your business, the amount of money you could make will never be realised. There are no guarantees, of course, but the simple fact is that at some point in time your business is going to have to take a gamble on improving your situation. The road to success is often rocky, but there are several ways of reducing the risk of failure. Here are several great ideas to get you started which should provide an opportunity for you to grow your business and make more money.
Create a stronger web presence
The first things you should do is increase your web presence and convert more visitors. How? Well, there are a few necessary steps to take. First of all, if you haven’t got a website, build one. It’s the perfect way to increase your target market and get a foothold in areas around the country and internationally. Without a website, you will be restricting your opportunities of growth, and missing out on a valuable income stream.
Next, look into hiring an SEO company. They will ensure that your website appeals to the search engines and help you get further up the rankings for search results. The higher you get, the more visitors you will receive. However, the hard work doesn’t end there. Make sure your website is optimised well so that when visitors do arrive, they take the right action. Whether that’s filling out a survey or buying a product doesn’t matter. You set the goals first and then optimise them.
Hire people when necessary
If you are a small business, there will come a time when you have to hire new employees. Don’t be slow in doing this, as the longer you leave it, the worse it can affect your business. You can outsource work, too, if that can help you. In fact, as we’ve already pointed out when talking about hiring an SEO agency, it can lead to a more positive change for your company. All you need to do is be careful about who you hire and do plenty of checks to make sure that they deliver results.
In essence, if you aren’t hiring more people – either directly or outsourcing – then it’s a sure sign that your business is stagnating. Now, that might suit you down to the ground, but the truth is that unless you invest in people, you aren’t going to take your company to the heights of its potential.
Funding is an essential part of business growth. There are several ways to go about things, but they break down into two simple methods: fund it yourself or borrow money. If your business has a healthy amount of savings, then you will be far better off trying to grow than keep the cash overflow stuck in a savings account earning little interest. So take that money and invest it where it is needed. A new, larger premises, for example, can help you be more productive or create more products. A new fleet of vehicles can help you reach more customers all across the country.
Borrowing money is a little different, however. For small amounts and quick injections of cash into your business, you could go to your bank or borrow money from an independent lender. There are plenty available, and each has its own way of operating, so have a look around for a creditor that suits your situation. Cashfloat loans, for example, are available with no application fee and could be the ideal way to pay for a business deal that you could miss out on otherwise. For larger amounts that will grow your business in the long-term, and then try and find some investment from a VC or even a relative. They may expect some stake in your company, but if you can thrash out a deal that suits you both, then you will have a genuine opportunity for growth.
Grow where people want you
If you are getting more orders from a particular part of the country – or the world – then why not think about going there? If you stay around in your local area, there may only be so much growth you can achieve. So, by moving or opening a branch where you are wanted, you will get an excellent opportunity to expand. You can also use services like Google Trends and keep an eye on your industry press to reveal places in the world where there are interests in your product.
The world is growing smaller, and it’s never been easier to get a foothold in another territory, even if that is in another country. There are plenty of business services out there that can help you with a move or expansion, and it could have an enormous impact on your growth. Not only will you have a new market to serve, but you could also pick up new talent and new ideas of working.
Buy a complementary business
One of the quickest ways of growing your business is to buy another one or form a partnership with a complementary business. That will expand your market far quicker than you could do organically, and will give you instant access to new ways of working. Takeovers and mergers are often thought to be things that only large corporates do, but many small businesses do the same with great success.
Of course, this is a considerable investment, and it is vital that you thrash out a deal that suits both parties. But as it is the most effective way of growing your business, it makes perfect sense. The risk is reduced because you know that something works already – or you know why it is failing and have the skills to improve things. Either way, it is something you should consider placing in your long-term business plan.
As you can see, there are plenty of ways that you can grow your business and make more money. They all take time, of course, but the reality is that there are no real quick fixes when it comes to business. So, if you feel that your company is stagnating a little and could do with a boost, then why not give these ideas a go?