Guest Post by Julie Morris of JulieMorris.org
Growing a business is harder in practice than in theory, but with some key adjustments, it’s often possible to maximize the efficiency of your operations and discover new lines of revenue. Whether you’re overhauling your marketing efforts, diversifying your portfolio, or making new hires, a few changes can reset your company’s direction and set the pace for long-term development.
Customer Profiling
Understanding who your customers are and what they want should be a key priority for growing businesses. Fortunately, with the advent of big data, it’s easier than ever to gain a clear insight into the customers buying your products/services and their spending habits. Take the time to learn about data mining tools and see how you can operationalize your website or social media channels to build more acute profiles.
Business Structure
The structure of your business can affect everything from your personal liability to your tax obligations. If you haven’t already, consider forming a Limited Liability Company (LLC) to benefit from the above advantages, reduced paperwork, and more. You can often avoid hefty lawyer fees by filing yourself or using a formation service – these can also help you to navigate regional regulations (LLC Georgia, for example).
Diversifying Products/Services
Expanding your portfolio to feature more products/services may be costly, but it can also protect you from risk and increase company revenue. The key is to carry out plenty of research in advance, sometimes asking the customers themselves to ensure they will be receptive to the new offerings. You also want to be sure of costs, logistical efficiency (especially if manufacturing will require adjustments to your supply chain), and any regulatory constraints. Expanding your product range is a major undertaking and essential for the growth of a company, but without correct preparation, it can also set you back.
Cost-Efficient Marketing
With modern marketing strategies, it’s possible to promote your products/services without overspending. Creating the collateral, for example, might not cost you a dollar – online banner makers allow you to design customized banners for your website or social channels and personalize them with text, color, fonts, and even animations/videos. You can then utilize paid marketing services on social channels to precisely target certain demographics and maximize the efficiency of your campaign.
Key Hires
There’s no faster way to shake up a business than with a few new hires. Bringing in personnel with fresh ideas and a strong work ethic can quickly change the outlook of your company and reorientate its direction. At an early stage, however, it’s vital that every member of the team pulls their weight, so take a holistic look at the areas your company may be lacking and ensure that the wages of your new addition are justified on the balance sheet.
Business Process Management
If you’re looking for ways to help make your business more efficient, take a moment to consider Business Process Management (BPM). This refers to the process of automating and optimizing workflows via the analysis of people, systems, and data. With a BPM framework, you can create a feedback cycle that scrutinizes aspects of your work cycle to ensure maximum efficiency in all areas of your business.
Business growth rarely comes easily, but with the right application of data, a few changes to your business structure, and refinement of your internal processes, there’s no reason why you can’t hit your wider objectives and set the tone for future development.
Regina Coley is an educational consultant providing instruction to children and adult learners, identifying areas that need improvement, and identifying resources to fit learners’ needs. Learn more about her services at: www.reginacoley.com