When you are ready to grow your business, your first thoughts swirl around the idea of getting more customers and adding new products. However, there are other areas to grow that are just as (if not more) important. Having a solid foundation is critical to your success. Today, ClearLine Interactive takes a quick look at a few often-overlooked components of business growth.
LLC Formation
If you have yet to form a business structure, now is the perfect time to look into forming an LLC. LLCs are typically smaller than corporations (there are many big businesses that still operate on an LLC structure), but it’s a great format if you’re ready to grow. As an LLC, you’ll have a few perks at tax time, and your management structure is highly flexible. If you don’t have the time to do state-specific research on your own or you don’t know where to look, find a formation service, which will save you money over an attorney’s office.
Project Management
When you have multiple people working on a project at any given time, you have to have project management. Ideally, you’ll look for cloud-based programs that allow you to keep up with your teams, their work, and where things are in real-time. Project management allows you to collaborate, share resources, track tasks, and quickly communicate with the right parties. By having a centralized location with up-to-the-minute updates, you can more easily see which team members are most valuable for each job. Plus, you’ll be more efficient and productive.
“Traditional” Marketing Methods
Although social media marketing is perhaps the most important in the digital age, there are still plenty of practices outside of the digital realm that makes sense. Networking, for example. Education-oriented site Business Student is an advocate of joining your local chamber. This allows you to network, find volunteer opportunities, form relationships, and even enjoy some free publicity every now and then. Anytime you network, make sure that you have business cards on hand. If you think these are outdated, you can always go virtual and use your smartphone to share your contact information.
Another great way to spread the word is by hosting a giveaway. You can give away free gift cards in exchange for potential customers filling out surveys, or hold some kind of raffle. If you’re looking for ideas, click here for more ways to expand your potential customer base.
Online Reviews
Word-of-mouth used to be the bread and butter of the marketing world. However, today there is a new standard of trust. Your online reputation is one of your most valuable assets. Utilize the services of a company that can help you get and share online feedback so that you can showcase to the world your dedication to your customers. If you’re scared of reviews, don’t be. Even a bad review is an opportunity to turn cautious consumers into customers.
Acquire an Existing Business
One of the quickest ways to expand your operation is to simply buy a company that’s already done the legwork for you. If you own a car dealership and you want to move into another ZIP Code, invest in an established automotive business here. Dealroom explains that this is a smart move when formulating a strategic growth plan.
There are many logical ways to build up your bottom line. But the ones listed today, which include forming your business structure, investing in project management, and paying close attention to your online reviews, are all too often overlooked. Remember, every piece of your business deserves your attention, and you owe it to yourself, your family, and your employees to be thorough during times of expansion.
ClearLine Interactive is here to help your business site get noticed. Call 603-759-0422.
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