You’ve probably reached a point in your business where it’s time to make a change. The world around you is at a constant shift, and you’ve discovered room for improvement, but is it safe to make that sort of leap? Is it wise to dive into a new direction with hopes of a return on all the time, money, and labor that has been invested thus far? Unless you have a plan, the answer is no. It’s evident that executing transitions while seeking growth can be costly due to trial and error. It’s risky business, pun intended. Now the question is, how do you not only accelerate growth, but expand in the right direction as safely as possible?
Before we take that dive, let’s cover a few things. Growth is boiled down to two choices when it comes to your business: marketing and investments. However, the two are also interchangeable to some degree. The two of them will get broken down for your convenience, but also allow this to display a clear picture of where to begin when deciding to accelerate growth. Prepare yourself to make the most ideal decisions suitable for your business. Now that you have an understanding of what’s important, let’s get started.
1. Revisit Your Marketing Strategy
Growth for your business begins with taking a look at where you are in your market and the progress made thus far. This provides an opportunity to shift after pinpointing the contrast between what’s working and why, vs what isn’t working and why not. Consider it an assessment on how much knowledge on your marketing strategy you’re aware of and its potential results, rather than the production and workflow of your business.
Keep in mind, you could be missing out on various types of marketing opportunities that might be suitable for your business. Here are a few channels you might find worth building a campaign for, or at the very least, tweaking them in order to experience accelerated growth.
- Viral marketing growth through customers referring you to other customers
- Social media ads using Facebook, Instagram, Twitter, Pinterest, etc.
- SEO ( Search Engine Optimization) by ranking your website in google search
- Content marketing using social media platforms to educate and/or entertain your audience
- Targeting blogs makes for collaborating with influencers who have obtained a specific audience to share information on your business’s purpose
2. Flexible Funding
Some businesses are inherited while others are built for the very first time. Either way, what remains consistent is that according to https://gourmetgrowth.com/ funding has always been a part of the process. It should be in favor of founders instead of lenders in order to prevent equity dilution, which in itself maintains a trajectory of growth.
Flexible funding is key, but the biggest question when it comes to funding your business is which funding option is best for you? This can be tricky, but once it’s figured out, it can save your business a lot of time and money. Let’s do a quick breakdown on what options could be best for you as you plan to make a shift towards accelerating growth into your business.
In order to kick-start new opportunities for your business, production funding focuses on materials from your supplier that are needed in order to enhance quality control, workflow progress, and customer satisfaction. Then there is purchase order funding, which grants the opportunity to get your business ahead by financing your purchases or paying the supplier for larger orders. This then allows you to fulfill orders from clients as promised. Invoice funding lends money matched with the amount due (the purchase order) from customers in order to get your business ahead with paying employees, suppliers, and increasing cash flow, as well as reinvestments in operations. Equity funding finances long term and short terms goals to invest in accelerating growth by raising capital by the sale of shares.
Accelerating growth for your business…
Can be a seamless process when discovering the best steps to take for your business. This takes knowing what needs to grow and why. What can make this growth happen? Finding the best marketing strategies suitable for your customers and the best lending options in favor of the owner allows you to have a better understanding of your business’s patterns in various aspects, such as production, invoices, and customer satisfaction. You can later repeat changes to further expand the growth you desire for you and your team.