Expansion is the goal of businesses on both a large and small scale. Unfortunately, entrepreneurs commonly struggle with the sequence of steps needed to make growth possible. Often they fall victim to an innate inclination to take on too much responsibility and delegate too little. Other times, entrepreneurs commit marketing or operational mistakes that inhibit the overall growth potential of their venture.
Most business owners are self-motivated individuals who understand that entrepreneurship requires sweat, hard work, and sleepless nights; what many fail to realize is that often, expanding a successful business venture becomes less about working hard and more about working efficiently. To increase your company’s efficiency, grow your business, and increase your profits, experienced entrepreneur Sam Dushey encourages individuals to consider these five simple rules.
Prioritize Internal Investment
When a business venture first becomes successful, novice entrepreneurs make the mistake of pocketing the increased profit rather than reinvesting in the company. If you are the sole owner of a business, your first goal as an entrepreneur is not to increase your profits in order to collect a bigger income, but instead, you should prioritize on gaining the funds to hire an employee or team that will make your job as the company’s leader easier. This allows you to move away from time-consuming administrative tasks and focus instead on applying your intellect and skills toward strategically furthering your company.
Maximize Social Media Presence
Sam Dushey states that these days, nearly all effective marketing strategies capitalize on social media. In fact, many businesses in the modern age advertise exclusively using tools like Facebook, Instagram and Twitter. These platforms are often the most powerful way to reach potential buyers, grow your reputation and build your brand.
Of course, creating rich and detailed profiles on these sites is the first step. After you’ve established your company’s social media presence, you’ll also want to increase your visibility by producing quality, engaging content. In many cases, choosing to advertise with Facebook ads, promoted Tweets, or sponsored Instagram posts can exponentially increase your marketing reach for a relatively low cost.
Networking is the process of making mutually beneficial connections, often with those in your industry or in related fields. The benefits to continuous networking are endless. When done effectively, it creates a community of resourceful individuals who are professionally driven and committed to helping one another. As a business owner, strong networking skills will land more leads, find more potential clients, and give you the resources you would otherwise not have access to.
Capitalize on Customer Loyalty
Some novice business owners wishing to expand their companies will likely over-focus on the pursuit of new clients and mistakenly neglect their current customers. Remember: it is always easier to keep a current customer happy than to find a new one. Additionally, keeping current customers content is one of the most effective marketing techniques. If you consistently meet your client’s needs, they’ll continuously return to purchase your product or services. When you go above and beyond, they’ll eventually bring more business along with them.
Embrace New Technology
As a business owner you’ve probably already learned that the biggest rewards are generally accompanied by a risk. When it comes to marketing and business management, never be afraid to step out of your comfort zone. Embrace new technology and think innovatively about how it can simplify your job, help you reach customers, or improve your overall method.
According to Sam Dushey, the world’s best entrepreneurs are trailblazing, innovative thinkers, and their actions show it. Stay open-minded and embrace technology rather than shying away from it. Often, experimental methods or the implementation of new tech gives a company the push it needs to get ahead.