Plan ahead

Running out of cash is a major reason why many small businesses fail. Especially when going through a growth spurt, it’s almost a given that you may lose track of the money coming in and going out. Or you may underestimate what you need to keep up the cash flow. To keep sales consistent, your business may need to spend more money. Therefore, plan ahead, especially when it comes to your supply chain, partnership agreements and your marketing budget.

Know your customers

You need to know what your clients need. After identifying a target market when developing your business plan, you need to engage with them so as to improve your business. Whether it’s through alternate monthly surveys or regular emailers, ask for honest feedback. Take note of complaints and use those to change your way of interacting with clients, launching new features and/or making internal adjustments.

Also, stay on top of competitive moves and economic events. This, in addition to client feedback will provide the broad picture for growth avenues.

Leverage your customer base

With a satisfied customer base, approach your best and most satisfied clients to get testimonials and reviews. In this manner, you’ll transform your star clients into brand ambassadors.

Remember, new clients will often conduct research on websites, Google reviews and social media to gain an insight into your reputational strength.

The social media imperative

You simply can’t afford not to have a social media presence. By integrating social media professionally into your daily business, you’ll be able to manage your reputation and attract new customers.

Hire only the best

Star employees is another catalyst for fuelling business growth. Ensure that those people you employ are committed, suitably qualified and above all enthusiastic about your business. Remember, they’re key to the truth about your business.

License your product

With the right product, licensing is a superb way to up your income stream at minimum effort. Should you be in this fortunate position, speak to a qualified attorney to handle the process for you.

Analytics is a must

You’ll only ever understand what works for your business with analytics. Measure your organic and paid marketing. Knowing whether buyers respond to your social media advertising means you can refine your marketing methods. Tracking your website performance is also key. Know which demographic visits your site the most often, which channels working and which don’t.

Get additional income streams

With extra income streams you’d be able to buffer any dips in your mainstream business. All it takes is some brainstorming and we at Hills Business Solutions will be more than happy to guide you in this process.

Finally, be assured, we’ll be with you every step of the way in scaling your business.