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Once you’ve gone through the motions of setting up and establishing your business, the next step is to try and grow your business and it is this stage that can be the most difficult to implement. Growing your business means maximising your profits without compromising your vision or the integrity of the company and it relies on a combination of determination, innovation, ambition and dedication. There is no doubt it takes hard work to grow a business but it also takes creativity and thinking of ways you can improve and enhance different aspects of the business. Here are some business growth tips for 2018.

 
Business Growth Tips for 2018
 


Establish A Proper Growth Plan

To increase your chances of successfully growing your business, you need to have some sort of plan in place. Trying to implement and develop strategies without a structured plan is likely to end in failure. In order to know your next move and what elements of your business to direct your focus, you need a strong growth strategy. To write a business growth plan, it is essential that you first conduct some research. This should include a SWOT analysis and research into the market and competition. Writing or drafting a growth plan is a similar process to writing a business plan, however, in this case, the focus should be predominantly on expansion. Your business growth plan should entail a description of opportunities for expansion, identifying your ideal customer and your value proposition. It should include the company’s financial goals and revenue streams, a marketing plan, a financial plan and an overview of the staffing. Look at sample growth plans online and make sure to write a draft plan first before reviewing it. Once you have a growth plan established, you should ensure you regularly review and update it as the business changes.


Harness The Power Of Social Media

No matter what your business is, it is important that your company has an online presence and is active on social media. Engaging on social media platforms is a cost-effective way of finding potential customers and clients, expanding your networks and furthering business opportunities.
Promoting your brand on social media channels is one of the best ways to increase your brand’s awareness and help to create a brand identity, which is an important part of growing your business and connecting with different audiences. People spend hours and hours a day on social media and regardless of what your business does, regularly updating your social media platforms and interacting with your community online helps to drive traffic. Building a sense of community amongst customers, providing rapid customer service through social media and sharing unique and interesting content all help to build brand loyalty, promote your product and services and demonstrate the integrity of your business. Consider the way you can use different platforms to your advantage and what demographics use what platforms. You can integrate a social media feed onto your site so customers can see your latest status updates and are encouraged to follow you when they use your site.


Create A Mobile-Friendly Site

Focusing on your digital presence is an important part of growing your business and something you should be thinking about is having a fast-loading, mobile-optimised site. No matter your business’s specialisation, a mobile site is quickly becoming essential for businesses in this day and age. While you should have a functional website that is easy to use, many people use their smartphones for the majority of their online activity and often use these more than they might use a desktop computer. Some studies suggest that more than half of search engine queries come from someone using their mobile phone. For this reason, to enhance user experience and ensure more customers buying your product or services, you need to create a site that is mobile-friendly and therefore, will not frustrate your potential customers or impact how the site loads.


Network

Growing your business requires staying up-to-date on what is going on in your industry and constantly being on the lookout for new opportunities for expansion. One way to do this is through networking. Networking is about forming and honing relationships and building up your networks. It can open up many opportunities for new projects, collaborative work, access to industry-specific information and exposure to new talent. Networking can present you with opportunities for expansion and by continually putting effort into networking, you can keep on growing your business. These days, networking can take place online and offline. Being aware of forming connections online and being active in different online spaces is a way you can network online. Being good at networking is about having strong communication skills and navigating social interactions. The great thing about networking, and always making an effort to talk to people, is that one friendly conversation could lead to a business breakthrough.


Use Automation Processes

One of the benefits of living in a time of such rapid technological change and advancement is that there are new platforms, programs and tools out there to help businesses automate processes and provide solutions for the completion of certain tasks. By embracing standardisation, you can yourself time and money when it comes to doing menial, administrative tasks and instead focus your attention on more important parts of the business. You can use automation processes and cloud solutions to help you improve the day-to-day functioning of your business. For example, these type of processes make it easier to handle bill payments and staff wages, pay suppliers, create invoices and effectively track your expenditure.

If you’re serious about growing your business and are seeking financial help, Hashching could help you find a financial solution that works in both your personal and professional life.

 
 
 

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