5 Things You Can Work on Now to Help Your Business Grow
Guest Contributor: Marissa Perez, businesspop.net
You've excitedly progressed from the seed and development stage to the startup phase of your business. You may now feel lost trying to elevate to the growth-and-establishment or expansion phase. Consider five pointers to help you boost your company's development.
1. Makeover Your Marketing
You can become so invested in the quality of your company's operations, products, and services that you forget the need to communicate your value in a way your target audience can appreciate. Videos powerfully demonstrate how you can solve problems for your ideal customers.
Create promotional videos that showcase your offerings. Research indicates that most video marketers gain increased website traffic, better lead generation, and higher sales. Adapt the messaging for different audiences and platforms. A merge video tool allows you to combine clips and images for compelling content. Editing becomes simple, and you can share precise moments personalized for each audience segment.
2. Revisit Your Business Structure
Forming a business structure provides protection and advantages that give you a foundation for further expansion. Sole proprietorships and partnerships require little documentation but expose your personal assets to business liabilities. An LLC keeps business accounts separate while preserving pass-through tax advantages, and you don't need the paperwork necessary for corporate structures.
An LLC permits flexibility in management and ownership, so form your business with an exit strategy in mind. Experienced financial counselors can guide you through investment strategies that complement your company goals.
Create your entity by filing yourself or hiring a formation service to avoid hefty lawyer fees. Click here to compare reviews from different companies to determine the best service for your needs.
3. Embrace Analytics
You can't avoid risks, but calculated assessments allow you to make decisions outside your comfort zone that lead to more successes than misses. Data analytics provides you with the information you need for informed conclusions. Find patterns and trends you can capitalize on to stay ahead of the curve.
Use business analytics to advance innovation and financial performance. Historical data can highlight the results of repeating a particular action, and predictive analytics employs machine learning and statistics to anticipate future events. You can take action based on solid odds instead of only using intuition.
4. Form Strategic Partnerships
Share resources with complementary companies to "scratch each others' backs." The union can provide you with access to new markets and open the door to creating better value for existing customers. Strategic partnerships come in three forms:
Non-equity alliance: Two or more firms sign a deal to combine resources without sharing an entity or creating a new entity.
Equity alliance: Two companies buy equity in another company, or one company buys equity in the partner.
Joint venture: Two companies function as separate entities and combine resources for a stated objective. Each firm is responsible for its costs and profits from the venture.
5. Avoid Short-Sighted Mistakes
Accepting multiple funding offers and rapid scaling may seem positive, but you must consider all metrics to grow sustainably. If customer satisfaction and profitability decline at the cost of quick growth, you can ruin your brand reputation and flame out.
Avoid quick fixes like unscrupulous SEO techniques. Search engines eventually discover schemes and penalize offenders. Also, don't use apps to mine contacts from users for spamming. Organic growth establishes trust and a strong brand.
You can grow your business by applying wise strategies. Prosper by considering your eventual exit and thinking about your company structure and marketing techniques. Your determined efforts will pay off in sustainable expansion.
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