[List] 3 Great Ways to Grow Your Business and Scale Revenue
Photo by Scott Graham on Unsplash
Are you wanting to find out ways to grow your business? Did you know that between 20 percent and 70 percent of businesses fail within their first 10 years of operation? And most of them do so because they either refused to scale their operations, became lethargic, lacked innovative strategies, or simply managed their cash flow poorly.
The best way to ensure your business stays around for a long time –or at least, till you sell it for a huge profit if you want- is by actively growing and scaling the business. If you’re looking for really effective ways to grow and scale your business, the tips in this article will help you do just that.
Develop Vital Partnerships
Many small business owners routinely ignore this business growth strategy, but it works like gangbusters. First, you want to find relevant businesses whose services or products complement yours, and then talk to them about referrals and partnerships.
This way, you and they can push each other’s products and services. For example, if you sell auto parts, you can talk to auto shops and mechanics that are in your city about buying their parts from you when customers need the parts. And you can refer customers who buy parts directly from you to the auto shops.
If you did this with 50-100 auto shops in your city, you would have a ton of business, and they would benefit from the arrangement too. Strategic partnerships are a win-win for everyone involved.
No matter how great your product or service is, if you don’t get it in front of the right people, you’re losing out on a ton of money. So, use every selling tactic that works for your type of business to promote and market the business. If you’re struggling with figuring this out, find an offline or online sales training program that can help make this process easier.
It’s imperative to identify the best marketing channels and mediums for your business. You can’t just do what everyone is doing. Your marketing has to target your audience wherever they are. So, if your audience is online and on select social media platforms, you’ll need to go advertise and market your products and services there.
If they’re largely congregated offline, then you’ll need to take out print ads, TV and radio ads, billboard ads, and even bus bench ads. If you must, attend industry trade shows and exhibitions. These events have some of the people in control of the company checkbooks in attendance.
Get a Grip on Your Cash Flow
Do you know what are your receivables and expenditures are? Are you breaking even, losing money, or making a profit? The best way to do this is to have an efficient way to track your cash flow.
Many smaller-sized business owners often make the mistake of spending the money as it comes in. Yet, they’re surprised when they’re told they’re in the red. Don’t be caught unawares.
Use software or hire an accountant to help keep track of your numbers. This way, you’ll be able to effectively channel your resources to where they will make the most impact.
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