Home Business Magazine|Summer2020
So, you have launched your remote business. You have landed a few customers — you might even say you are seeing a steady stream of business. But now you have hit a plateau, and it is time for the next steps: You need some actual growth.
Before You Plan To Expand, Get Back to Basics
One of the most difficult challenges a business can face is too much growth, too quickly, without the infrastructure to support the increased strain on your current systems and processes. So, before you start planning the expansion of your empire, get your own (proverbial) house in order.
Use Business Data to Identify Your Pain Points
Are you a solopreneur spending half of your day dealing with admin tasks that an assistant could be handling? If so, the easiest path to growth might be hiring someone. But for other businesses, figuring out what is holding you back might not be so easy.
This is why business data is so crucial. Every business is unique, so your job is to figure out which metrics matter most. For an eCommerce business, what is the rate of cart abandonment? For service businesses, how many clients are repeat customers versus one-time customers? Looking at these numbers can help you figure out why your business is struggling to grow and inform the strategies you use moving forward.
Check Your Cash Flow & Budgeting
Realistically, how much extra money do you have to invest in a solution? How stable is your cash flow? If your business is closer to failing than hitting a plateau, should you consider a business credit card or a line of credit to help offset those expenses? Be mindful of your cash flow and the amount of debt you can take on. You should also have a timeline of when you expect to see your investment pay off.
Depending on how you choose to invest your money, those expenses may be tax-deductible. Small business owners can write off operational costs such as marketing, research & development, home office space, and employee or contractor wages.
Set Your Goals
By now you have examined the data. You have looked at your finances. Hopefully, you have at least an inkling of what you might be holding you back. Now it is time to set some goals to work toward. Make sure that you choose an achievable goal and indicate how you will measure success — and in what time frame. “Grow my business” is incredibly vague. “Boost client retention by 30% in 6 months” is a lot more specific.
7 Smart Tips to Help Grow Your Business
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