Starting a business on paper is easy. All you need to do is sign a few registration forms and away you go. Maintaining that business and turning it into something great is something else altogether. If you’ve recently started a new business and are eager to grow, these 7 ways to grow your business.
Outsourcing is seen by many as an unneeded luxury. However, outsourcing can actually save you money in the long-run as you can bypass hiring full-time workers. In addition, specialists will often do a much better job than somebody with a broad title. Outsourcing also frees up valuable time, which will allow you to focus on more revenue generating tasks.
Rent a Serviced Office
Service offices are significantly rising in popularity. Contrary to popular belief expansion can actually lead to serious problems. It’s not uncommon for businesses to drive themselves out of the market because they don’t have the facilities to cope with the demand. According to Skyline Offices, serviced office agreements are highly flexible and allow you to increase your space as you expand or contract. This slow moving approach is more cost effective than signing a long-term lease agreement that you may or may not require.
Forming partnerships with other businesses is a great way to increase your client base. Bear in mind that a partnership could mean anything from a complete integration to simply referring clients to one another. For example, if you own a website design company, try to partner with SEO firms; this way you won’t take each others’ business, but will indirectly share willing clients.
Keep your Employees Motivated
Bosses often understate the importance of having motivated employees. Don’t make this mistake. You’re only as strong as your weakest man. Try to limit the hierarchy in your office and listen to ideas and suggestions from everybody. If your workforce feels actively involved in the company they’ll strive for better things. Berghind Joseph state that over 80% of office workers now use their personal smart phone or tablet for work related activities. Take advantage of this by making a private social media page where your workforce can articulate their thoughts and concerns.
Diversify your Products and Services
Once you’ve mastered one industry and reached your peak, consider moving on and tackling something new. If you already have a dedicated client base, you may already have some willing prospects. In fact, experts state that upon expanding into new, but related territories, at least a third of your client base will jump on board.
Target New Markets
When you start a new business going niche is usually the key to success; however, there’s only so far that can take you. It’s never too early to start researching and testing new markets; baby boomers, pensioners, teenagers, or you could even be more specific, males in their early twenties for example. Whatever your product or service no doubt there are multiple target markets out there just waiting for the right company to come along.
Expand on the Internet
In today’s digital age a strong Internet presence is paramount. If you don’t already have an online presence you’re missing out on a phenomenal amount of business. Get a decent website, start using social media and devise a content marketing strategy right away. It can take months for a website to rank; therefore the sooner you start the better.