You’ve read stories of entrepreneurs who started small businesses in their garages and ended up building multi-million-dollar empires. Your own venture may well be on track to become a huge financial success! And there are some things you can do to help it grow, like the three strategies listed below:
Reconsider Your Business Structure
You may have started your small business as a sole proprietorship, with business income and expenses included in your own tax returns. But as you’re planning on growing, taking on new partners, getting loans to purchase equipment and supplies, renting or leasing a bigger property, and maybe even hiring employees, a sole proprietorship or partnership won’t protect you from personal liability in case your business incurs debts or is being sued. So in order to shield your personal assets and keep them separate from your company’s, consider restructuring and forming a limited liability company. This structure will allow you to benefit from pass-through taxation while providing you with a separate legal entity for your business. When looking for a formation service, read the reviews online and compare their packages to get the best deal based on your needs. Would you benefit from customer service available around the clock? A registered agent? Attorney consultation? Take all this into account before settling on one company.
Hire a Digital Marketing Company
You may have heard of SEO, PPC, sales funnels, conversions, and other media marketing buzzwords and acronyms. But do you know how to take advantage of social media platforms and channels to promote and grow your business? With so many new advertising avenues, small business owners are becoming increasingly aware of the importance of a strong online presence, but they don’t necessarily have the time to delve into all these digital strategies and learn all their ins and outs, let alone create effective advertising campaigns to increase brand recognition and improve customer engagement. Thankfully, social media managers and digital marketing services can help them stay competitive in this global market. Ask the company or professional you’re planning to hire to share some of their success stories and to show you a portfolio of their work, along with client reviews and recommendations, before you entrust them with your business’s online advertising and content creation.
Invest in the Right Digital Technology
Streamline your business operations with the right tools, such as Customer Relationship Management software, a technology that will allow you to better manage customer interactions and lead to increased customer satisfaction and retention. A CRM system is designed to improve relationships by collecting and organizing client information. By giving you better access to this information, your response time will be shorter. Errors and redundancies that can cost a business time and money (and sometimes even its reputation) are also greatly reduced thanks to automation and real-time updates. Besides CRM, you should also look into a productivity tool to help you stay on task and keep track of the different phases of the projects you’re working on. A web- or cloud-based solution will allow you to take your work with you wherever you go, share files and documents with subcontractors, and collaborate with your partners without having to rely on email exchanges or phone communications. This is especially helpful in our global economy, where team members can be located in different time zones.
If you’re ready to take your small business to new heights, take advantage of digital technologies to optimize and streamline your work. Look for new customers using social media channels. And think about restructuring your company to make it even more profitable.
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