5 Tips to Take Your Small and Midsize Business (SMB) to the Next Level
Once you launched your business, you realized that being an entrepreneur takes considerable time and effort. From the start, you wore many hats – from sales and marketing to finance and customer support. You were virtually a one-person show focused on survival. The time has come to take the next steps and grow your business, which means entering uncharted waters. While there’s no magic formula, there are tried and true strategies that will help you take your SMB to the next level.
To help you on this journey, we’ve compiled 5 tips to help you boost your business’s growth and take your SMB to the next level:
Tip 1: Hire the Right Talent
As your business grows, you won’t be able to handle all the daily functions independently. Growth means change, and you’ll need to relinquish some of your tasks to unknown resources. It sounds scary, but it doesn’t have to be. For instance, you have your processes etched in your mind. Be sure the processes that have gotten you this far are clearly documented in a step-by-step fashion so that your new hires will have no trouble completing their assigned tasks.
By hiring the assistance you desperately need, you’ll now have the time to focus on growth strategies. Ensure that the talent you hire is the right fit for your business. Otherwise, you’ll probably spend unnecessary time completing tasks and correcting errors. In the words of Jim Collins, an American researcher, author, speaker, and consultant, “People are not your most important asset. The right people are.”
Tip 2: Automate What You Can
Once again, it’s about freeing up your time to focus on what’s important – growing your business. While you may not have an open checkbook to purchase all the necessary technology, you can start with the basics and expand as your business grows. To start, you’ll want to automate:
While this is not a complete list, it’s a starting point to help nurture leads, build a loyal customer base, and ensure you’re getting paid for the products or services. Another consideration is to put your technology in the cloud. The benefits of the cloud are significant: it provides scalability, high reliability, increased security, and reduced management costs. Before investing, take a look at your business and ask yourself two questions – are the functions repetitive or monotonous, and is this purchase a strategic business decision? If the answers are no, you should outsource the tasks.
Tip 3: Take Social Media Seriously
Nothing will give your brand a boost like promoting it over social media. A powerful tool, you’ll want to be on all major social media platforms like LinkedIn, Instagram, Facebook, Twitter, etc. These outlets allow you to highlight your expertise in the field and gain insights on what potential customers need, are saying about your business, etc. Be sure to include keywords (SEO) in your posts to attract potential customers.
Tip 4: Nurture Customer Relationships
Let your customers know that you appreciate their business. This may be as simple as a quarterly newsletter, an invitation to a webinar, promotions before they are widely distributed, or a customer loyalty program. This will encourage repeat business and help build customer loyalty.
While nurturing existing customers is important, don’t forget about expanding your customer base through new customer acquisitions. Whether you have one or five sales reps, you need to draw new customers to you. Inbound marketing provides a low-cost vehicle to get customers to come to you.
Tip 5: Look for Ways to Improve
Even as your business begins to stretch its wings, know that there is always room for improvement. Keep assessing results on your sales and marketing efforts and look for ways to cut costs and increase revenue.
As you know, business growth takes effort and dedication. By being patient and considering reinvestment opportunities, you’ll have a business that will soar!
Looking for more tips to take your SMB to the next level? Contact our team to discuss how we can help increase qualified leads to your site and generate higher revenue!
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