Are you looking to take your business to the next level this year? Growing a business is not easy. As a small business owner, it is one of the toughest challenges you will face. The key is to keep an eye out for improvements you can make that facilitate growth and increase your customer base. Investing time and effort into certain strategies will not only help you get more customers, but also be more productive and stand out from the pack.
Here are six actions you should consider taking that will help you expand your business in 2020.
1. Revisit your ‘why’
During a period of growth, it is more important than ever to communicate your business purpose to your team and customers. To effectively share what drives your company forward, you will need to revisit your ‘why’. When you launched your business, you likely started with a narrow focus and then expanded into relevant areas. What was that focus? What was the burning problem you wanted to solve? Ask yourself, what are your innate strengths? Where do you add the greatest value? When it comes to business growth, most people tend to think from the outside in. The most successful leaders, however, think from the inside out.
2. Obsess over customers
If your business is experiencing a lack of growth or conflict, odds are the source comes from unmet customer needs. You can only develop attractive products and services if you truly understand the needs of your clients and prospects. Encourage and invite your customers to provide their honest feedback. Listening to your customer’s needs not only allows you to pinpoint areas you need to improve, but also lets your customers know they are valued. Ultimately, putting the customer at the heart of all business decisions will build strong, long-term relationships that lead to overall growth.
3. Capitalize on top trends
Another way to ensure your business thrives this year is to embrace change and consider how it can translate into future opportunities. Keeping up with and leveraging current trends can help your business grow in 2020. For example, two-thirds of the world’s workforce is now working remotely; this trend can significantly cut costs for your business and allow you to hire the most talented candidates – regardless of their location. Other trends your business can utilize include expanding your reach with micro-influencers, letting customers experience products through augmented reality and rethinking content to take advantage of voice search.
4. Keep your brand front and center
From social media and trade shows to networking events, building relationships is highly beneficial for your business’ growth. Considering there is currently over 3 billion social media users, it is safe to say social media is a very relevant and powerful tool; you can use social media to reach your audience, attract new customers and stay relevant. Attending networking events is also a great way to connect with people – employees, customers, and even investors – who can help you grow your business. Because trade shows tend to draw people who are already interested in the product or services you offer, they can also help to improve your bottom line.
5. Focus on employee morale
Have you considered the impact your employees have on your business growth? Engaged employees are fully immersed in and enthusiastic about their work, even going above and beyond the call of duty. In turn, their productivity and innovation will make your company more competitive and fuel growth. To boost employee engagement, find out what benefits your team desires most. Flexible scheduling? Training and coaching opportunities? Recognition? New tools and resources? More collaboration? This year make it your goal to find ways to empower your employees and give them reasons to take pride in your business.
6. Find flexible funding
How successfully your business handles growth greatly depends on your access to necessary funding. The key is to know your options in advance, so you have access to a flexible cash solution when you need it most. Many businesses are turning to alternative financing options like invoice factoring to cover day-to-day expenses and accelerate growth. Factoring invoices allows you to turn your business’ unpaid invoices into immediate working capital. The money you receive is cash your business has already earned and is waiting to be paid; thus, no new debt to repay. Your business not only secures quick access to the capital it needs to operate smoothly, but also help managing past-due receivables.
Business growth takes time. The key is to choose growth strategies that are suitable to your business and your circumstances. If a strategy fails, simply refine your approach and focus on the strategies that are achieving results.
Do you need a flexible source of funding to build your business and take advantage of opportunities this new year will bring? At Bold Business Capital, we help our clients quickly secure the working capital they need to grow and maintain promising relationships with their customers. Our invoice factoring services, for example, allow you to sell your business’ outstanding invoices, at a small discount, in exchange for a quick advance of funds. You can have cash on hand in as little as 24 hours, there is no debt to repay and you secure unlimited funding potential.
To learn more about how invoice factoring works and how it can help your business grow, contact our cash flow experts at Bold Business Capital to get started.
