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Oct
09

A Guide to Growing Your Small Business Successfully

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Congratulations are in order if you currently operate a prosperous small business. This achievement is far from easy, after all. In fact, statistics suggest that about half of US small businesses don’t make it out of their fifth year without closing permanently. 

Yet simply treading water and remaining as a small business isn’t enough for you. You want to expand, gain more customers, and generate greater profits. There’s just one major problem with this idea: Where do you start? 

Growing a small business is a serious challenge. Get it wrong, and you might end up with no business at all. To ensure that doesn’t happen, here’s a guide to growing your company successfully. 

Acquire the right funding

Money is required for any business growth plan – that much is obvious. Yet how you actually gain this cash will vary depending on your situation. If you have enough stored in the bank, for example, you may decide to use this to fund your expansion. 

Most will have to look at alternative financing, however. In that regard, one of the best options is business line of credit. Now you might be wondering how to get business lines of credit. The good news: even new businesses can acquire this type of financing, let alone established ones. Plus, as it acts effectively like a credit card, you can dip into the money when needed – so it is always there as a safety net of sorts. 

Invest in the right systems

If you’re trying to complete all tasks on your own, you could limit your business’s potential to grow. While employees can help with this, it makes sense to utilize modern and robust systems to handle various different tasks.

Something like a CRM or accounting software can go a long way to streamlining and automating various jobs. This frees up plenty of time for you to focus on other areas of your company, the type that can truly make a difference during an expansion. 

Enhance your online presence

It’s essential your company has a strong online presence. More and more people are using the web to find businesses – local or otherwise – though the power of search. This means if you show up on the first page of Google for relevant keywords, you could attract a large amount of new customers. 

Admittedly, you might already be investing in the likes of search engine optimization (SEO) and social media marketing. However, you have to put in even more focus on these aspects, as well as concentrating on the likes of online ads, email campaigns, and even traditional marketing tactics.

Take the right risks

You have to take risks when going through with a business expansion. You have to go out of your comfort zone and take a gamble. Yet this doesn’t mean you have to place it all on red and leave it to luck. It’s all about taking the right calculated risks, the type that set your business expansion up for success without being against the odds.

Categories : Articles, Jill's Blog

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