Starting a business is no easy ride. As a business owner, it is inevitable that you have to wear multiple hats as you deal with its growing demands. Customer support, corporate taxes, legal compliance, sales, marketing, you name it. It can seem overwhelming at times. Here are some tips that could help.
To combat overwhelm and fatigue and keep your business on track, you need concrete strategies that are going to make that happen, correctly and efficiently. Not only will this make the business worth it, but it will also allow you to make an impact on your bottom line and accelerate its growth.
It is easy to get wrapped up in the short-term planning of your business, especially if it is new and you’re trying to stay afloat. Putting in the time and effort to work on both the short term and the long term will be a worthwhile investment and mean you can reap the benefits.
This article will look at 3 top strategies that are vital foundations to any business that wants to scale and grow.
#1 Focus on your current customers
One of the biggest mistakes in business is the need to acquire new customers while ignoring existing customers. What businesses neglect to understand is that it actually costs your business a lot more time and money to acquire new customers, than it does to sell to a customer that already has you in their good books.
It is wise to invest in your current customers, who are already warm leads by building an attractive loyalty scheme, or something that will incentivize them to repeatedly purchase from you. This could also double as a great incentive to drive new customers to you, as they learn how you treat customers.
This is not implying you should not acquire new customers, just to note the importance of paying attention to your existing ones.
#2 Build a sales funnel
A strategic sales funnel is an essential foundation of any successful business. The sales funnel is the purchasing journey that your business will lead your customers through. It allows you to identify, qualify and sell your products or services, while also enabling you to meet your customers where they are at on their journey, with strategically placed steps in the funnel. This can be anything from running Facebook ads to a landing page, signing customers up with their emails in exchange for a lead magnet (usually a free download or discount code), and so on. There are many different sales funnels that you can build that can be tailored to your business and customer needs.
Sales funnels are automated, so once the front-end work has been completed, they can work their magic in the background and drive in more leads. As digital marketing continues to grow more diverse and sophisticated, a sales funnel has the capabilities to grow with it.
As you grow your business, your assets and data will become more valuable and therefore, more vulnerable.
Whether your business has an office location or your employees work remotely, security should be high on the list. It has been found that many businesses are not prepared enough for security or data breaches, which puts important and sensitive information at risk, as well as increases the chances of your company being compromised. If you were to ever experience a breach, it can be detrimental to your business.
No business is too small to think about security measures. All businesses have some form of an online system, whether it is for internal communications, customer support, an eCommerce store or to hold sensitive business ideas, which means it is vital to have security measures in place to prevent a breach. Here are some ideas to help get you started:
- Regular password updates
- Strong, unique passwords for different channels
- Store passwords in a safe location
- Anti-virus software
- Verify any sources or documents that are received
- Train employees regularly on security issues to look out for (phishing emails, scams, etc)
- Secure your server
- Use a private network
- Work with a security company
These, and more, are vital for any business to keep all assets secure. Some extra measurements may be needed, however, if you are a business if a physical location, for example:
- Place security guards onsite
- Install security cameras
- Keyless access control locks that use identification
- Carry out regular risk assessments and safety training
- Secure high-value assets in a safe
- Install an alarm
Growing your business may seem overwhelming at first, but with the correct tools and strategies in place, you can skyrocket your business with ease and efficiency.