The ultimate goal for any business owner, is to successfully grow their company in the most sustainable way possible. Whilst some businesses are able to do this relatively quickly, the vast majority require several years of sustained success in order to make the step up. If you are a business owner and want to give your business the best chance of growing, be sure to read on to find out some of our top tips on how to quickly, yet sustainably, grow your business.
Get to Know Your Customers & Their Needs
It may sound obvious, but one of the biggest pieces of advice we can give you is to know your customers inside out. By this we don’t mean guessing what your customers may want or need from your service, but actually ask them for feedback.
Knowing exactly what your customers want from you is vital to your business thriving and inevitably growing the future. Having an open communication with your customers on your services, things they’d like to see you offer in the future and where they think your overall service could be improved will play a vital role in helping your business grow.
Invest in Online and Offline Marketing
Marketing your business in the right way can help your business grow at a vastly accelerated rate. Getting the right balance between your online and offline marketing can be challenging, with many businesses starting to place a much heavier emphasis on the digital side. There is good reason for this shift in thinking, with almost everyone accessing the internet in some form on a daily basis, there is a huge market to place your business in-front of.
Having a functional and user friendly website is absolutely vital to the success of your business in the 21st century. It cannot be understated just how important it is to have a genuine online presence, you can expect to a huge upturn in business if you do invest in a simple, yet effective website.
Depending on the customers you serve, utilising the right social media channels may also be a fantastic way to engage your client-base. Be sure to spend some time researching into the types of social media your customers generally find themselves on and make sure you have an active account on these channels.
Whilst the digital side of marketing is definitely taking over, it’s also important not to completely neglect traditional forms of marketing. The humble branded pen is ideal if you’re attending networking events and you should definitely consider sponsoring local events or sports clubs if your business predominantly serves the local community.
Utilise Business Loans to Grow Your Business
If you are looking to grow your business quickly, then taking out a business loan may be your best bet. It’s a well known fact that having a sustainable cash-flow can be one of the biggest challenges faced by businesses across the UK; without it, a business’ growth can be significantly stunted. To alleviate such issues arising, your business should consider taking out a business loan, as this can release the funds you need to see your business plans come to life.
A few of the funding options you could choose to use to help your business grow are:
- Short Term Business Loans – Choosing to take out a short term business loan offers business access to working capital when you need it. Generally, short-term business loans are paid back within 2 years and most lenders are pretty flexible when it comes to repayment plans. This type of loan is perfect if a business is looking to fund a growth period quickly, as once the loan is accepted, you can expect to see funds in your account within 24 hours.
- Invoice Finance – Invoice finance is ideal for businesses who find themselves regularly waiting for invoices to be settled. Having a constant cash-flow can help your business grow at an accelerated rate, rather than waiting up to 120 days for an invoice to be settled. With invoice finance, your business simply sells their outstanding invoices to a factoring or discounting company, for a cash lump sum.
- Business Asset Finance – Business asset finance is similar to invoice finance, as it is a form of asset-backed lending. This financing option is perfect for businesses who want to purchase or refinance assets such as equipment, vehicles, software or furnishings. Whether you’re looking to grow your business by investing in new equipment or want to free up cash by refinancing a vehicle, business asset finance could help your business expand.
- Trade Finance – If your company is in the business of buying and selling goods, you could choose to utilise trade finance to grow your business. This type of loan is ideal if your supplier is not allowing you to purchase goods unless you pay up front. Trade finance ensures you are able to pay for all the goods you need, so you don’t need to worry about turning away business in the future.