We're back, and with a very special post! This is a guest post from Julia Mitchell from Outspiration. Check out their website at www.outspiration.net to learn how you can make your Inspiration an Outspiration from people who have done the same!
Julia looked over our past posts, and had some extremely valuable input about Reliable Growth Management Strategies, which she shares in her post. If you like what you read, make sure you contact us and let us know! We can even put you directly in contact with her if you want her to write for your blog. Enough of me talking - let's get to her post!
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Reliable Growth Management Strategies to Take Your Budding Business to New Heights
When you’re poised to grow, the world is your oyster. You have increased revenues, more clients, a bigger market presence, and a better reputation to look forward to. It’s crucial you remain grounded – you don’t want operations to go off track due to mismanagement or because you bit off more than you can chew. Managing growth effectively can be just as hard as launching a business, if not harder.
Here are some proactive business growth strategies that can help you reach the next level without dropping the ball:
Acquire buy-in from employees and other supporters
You can’t grow your business alone in a vacuum. You’ll need supporters by your side – whether that’s employees spearheading the growth effort or investors willing to back your growth strategy. Talk to your team, explain your vision, and get them on board. Plan out the business infrastructure you’ll need to sustain the growth in advance.
Form new teams
You’ll require new people to man the stations when you grow as well as leaders who can manage your new people effectively. Get a good hiring process going. Make sure you hire the right people – a single bad apple could spoil the bunch. You want people who fit your culture and aren’t afraid of a challenge. Finally, consider training to knock them into shape.
Work on your finances
Your working capital will fuel your growth, says Business News Daily. It’s important to have enough beforehand, as a lack of funds at a crucial juncture will cripple your business. Make sure you have a handle on your cash flow and are organized with your budgeting. Look into getting a line of credit going as the last resort.
Devise growth channels
Where is the growth coming from? Ideally, you should have a business plan with concrete goals outlined along with the steps you need to get there. You should also have avenues of growth figured out – such as sales funnels, loyalty programs, untapped markets, third-party arrangements, and international expansions.
Use business apps
Technology can do the work of many people and can be a potent catalyst for business growth. You’ll find apps and services that can automate and optimize almost any business process you can think of. You can use apps for bookkeeping, communication, time management, document archiving, marketing, and more. Customer relationship management (CRM) platforms like Salesforce are especially useful for customer-related work.
Integrate the apps you use
Look for tools that integrate and inter-communicate. This allows you to automate all aspects of your business, with data being exchanged freely so you get a holistic view of your business ecosystem. You’ll be able to nip problem patterns in the bud before they push your growth off course.
Look after your legal obligations
Remember that growth will come with new legal and tax-related obligations. Changes like a new address, a name change, or revamped memberships have to be mentioned in your annual report. Failing to mention these changes or forgoing the report could cause you to receive steep fines and penalties. Sometimes your right to conduct business may be revoked. You can use ZenBusiness.com to file your paperwork.
Learn from other people’s mistakes
According to recent reports, 11 out of 12 startups fail. Some common causes of failure include taking on too many clients without the necessary infrastructure, launching a product too early, not enough demand, lack of sustainable production, employing too many people, expanding too big, and taking loans without a clear avenue of repayment. Avoid making the same mistakes these businesses did.
Wrapping up
Success is never a straight line, and neither is growth. It’s normal for businesses to experience growing pains and countless hiccups along the way. You’ll need patience, planning, and long-term commitment to grow sustainably. Armed with the right mindset, success is within arm’s reach.
If you like Julia's post, insight, style, or anything else, send us a message and let us know! We can put you directly in touch with her if you want her to do a guest post for your blog, or if you want to learn more about her! Email us at sweethartentertainment@gmail.com if you want to learn more.