Want to grow your company this year? Of course you do- making as much money as possible is the name of the game when it comes to business. Maybe things are already snowballing and you want to continue the progress you’re making, either way, here are three ways you can help your business to grow.
Improve your marketing methods
Growing your business means gaining more customers, and therefore earning more profits. And the most effective way to do this is by improving your marketing methods, as this enables you to reach more people (and the right kind of people) and drives more traffic to your website. Marketing isn’t cheap, but the payoff is well worth it if you spend carefully and go about things in the right way. From digital methods like blogger outreach, affiliate marketing and partnering with the right websites, to throwing events, celebrity endorsements and more, these are all ways that you can get your brand out there.
Open new departments
As your business continues to grow, you’ll find that you will need to open new departments to keep everything running as it should. You could outsource these to third party companies, or you could set up your own departments instead. For example, if you want to start shipping overseas, you will probably need a bigger warehouse along with a shipping fleet. Having more employees means you’ll need more people working in accounting and payroll to ensure everyone is paid correctly. Sometimes it will be cheaper and make more sense to outsource, especially in the beginning. Take manufacturing for example, opening your own plant can be extremely costly and involve finding the right people with specific expertise which can be time consuming. Whereas if you outsource to a third party, they have everything needed to get started. You’ll pay a fee, but avoid the upfront costs. However, if you’re able to, long term it can be cheaper and be better for efficiency to set up your own plant. You avoid third party fees and generally have more control over that area of your business. It all depends on where you are in your journey, and your budget.
Move to a new premises
If you do decide to open your own new departments instead of outsourcing then you’ll of course need a larger premises for all of your employees to work from. Just like buying a house gives you more security than renting, buying premises for your business is the way to go if you’re in a financial position to do so. It means you’re not wasting money on rent, and always have some capital tied up in the property which you can sell if you ever need to. Plus you can make changes to the building to adapt it to exactly what your business needs. There are costs involved, you might need to completely refit the windows and doors, secure the building, look into hydro excavation to dig around delicate plumbing works and more, you will be adding value to the building. Ideal if you come to sell later down the line.
How will you be growing your business this year?
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