If you’ve got your business up and running, congratulations! You’ve made it through some of the first steps of running a business. Now is not the time to slow down, though! There are more things you need to add to your list to keep up customer flow, production running and flat out keep yourself above water. By investing your time wisely and following a strategic plan, you can do all of these in the pursuit of being successful, while doubling in size.
One of the biggest factors in running a business is capitalizing the resources around you and strategize on how they will work for you and your business.
1. Using the Internet
Being profound on the internet will increase your business dramatically. Active social media accounts (like Facebook, Instagram and Twitter) allow more interaction with customers and give them a sense of what your company does and what you can give them. Focus on marketing content for your website that will boost your ratings on Google such as SEO, Google AdWords and paid advertising. LinkedIn is a popular networking service for businesses, boosting employment potential. So many traditional, long-standing companies are being overshadowed by the new business owners approach. The Millennials and Generation X’s know how important the internet is and are using it to their advantage every single day. We can’t sit back and say, “I don’t understand the internet” or “I don’t need the internet.” Embrace it, and the results will be astonishing!
2. Customer Focus
Every business would be nothing without their customers. As a new and growing business owner, you’ll want to market heavily to new consumers, but you need to maintain your existing customers as well. Market to both ends of the spectrum to keep them interested. If it works for your company, offer a customer loyalty program. Another recommendation is to have a quality control person within your company call and just say hello once a year. Your customers will appreciate this, and it will keep your company fresh in their head. Timing is everything!
3. Promoting Your Product
As we mentioned before, your product is out on the market, but it doesn’t mean it will stay there without further efforts. There is always something more you can do! Figure out where your product adds more value and exploit that. Find trade shows to promote your product and get the word out. Advertise in local newspapers (yes, we know what you are thinking, but it still works), billboards, establishments that use your product, text messaging, etc. Look for stores to place your product or open new locations. If you are a service-oriented business, find new partnerships of businesses that need your services for their clients and vice versa. This is the fastest way to grow your business while increasing the quality of your client.
4. Research the Competition
Do you know if there are similar products out on the market? Obviously, there are, but are you familiar with them? Are you up to speed with your closest competitors and the services they have to offer? We are confident you did your research before beginning your business. If you feel you didn’t do adequate research and you need to understand your industry better, have a professional business plan written for your company. A business plan will provide the necessary research for not only your company’s strengths, weaknesses and targeted market but your competitors, too. Differentiate from the competition by broadcasting how your product has its own unique features. What else can your product do? How can it better serve your customers?
5. Tracking Your Costs
When it comes down to the main structure of your company’s game plan, finances are always a necessity in starting, expanding and maintenance. By tracking your inflow and outflow, you have to come up with an effective strategy that allows for growth but doesn’t cost you an arm and a leg or, worse, strap the company. You will also need to avoid tax penalties and keep your company in line with corporate compliance laws and regulations. Every state is different depending on where you set up your corporation or LLC. Nevada Corporations or LLC’s have different regulations than say, Wyoming or California Corporations or LLC’s.
Corporate Capital can step in and help you along when it comes to strategizing your finances and figuring out taxes. They can help you with any bookkeeping or accounting needs. There are a lot of perks besides financial advice when working with our team here in Las Vegas, NV. We can help you minimize costs, avoid IRS problems, pursue tax breaks and deductions and other areas of expertise.
If you are looking to grow your business, let Corporate Capital help you expand with the assistance of our experienced advisors and staff. Give us a call at 855-371-0070 today to set up a consultation. Might as well, it’s FREE! Although we are located in Las Vegas, NV, we have the privilege of working with over 13,000 clients across the country! From California to Florida, New York to Texas, or anywhere in between, we can help you start and grow a successful business!