How to take your business to the next level

Rajeev Lakhanpal

Tips from Experts on How to Grow Your Business

6 Expert Tips To Take Business To The Next Your Level

Your local Small Business Development Center (SBDC) is a great place to turn, as it offers free consulting, along with training that is often free or low cost. SBDCs work with a variety of small business owners and will see opportunity where you see obstacles.

Reach customers in more ways than one If y ou are a ret ai ler w it h n o onl i ne presen ce , co nsider set t ing up a w eb st ore as anot her w ay t o cap ture sal es. O nc e y o u h av e capt ured en oug h cu st om er em ai ls, co nsider a n em ai l cam pai gn t o ke ep y o ur m essa ge i n f ron t of y our cust or base. A nd don’ t f org et a bout socia l med ia.

If you are a retailer with no online presence, consider setting up a web store as another way to capture sales. Once you have captured enough customer emails, consider an email campaign to keep your message in front of your customer base. And don’t forget about social media.

Find employees eager for a chanc second e Often, we hear that businesses want to go to the next level, but can’t for lack of workforce. Explore opportunities such as “justice involved” individuals, who often have received some training and/or certification while they were incarcerated.

Use a 60/20/20 approach to manageme time nt Instead of spending 100% of your time knocking out tasks via the “Whack-a-Mole” method, I suggest a strategic approach to time management. First, use 60% of your time to proactively focus on tasks that truly add value to your business or cannot be done by others. The other 40% of your time should be divided into two categories: 20% on planning and 20% on strategizing.

Dig deep into your numbers As an established business, you should be using accounting software. Once you understand the basics, what else can you measure? Understand your inventory turns and dive into your cash flow. Now is the time to start to measure your business and use metrics to take your business to the next level.

Build and leverage cybersecurit strong y Businesses need to prepare and strengthen their cyber infrastructure, not simply to be ready for the next threat, but, more important, to position their companies to take advantage of the opportunities provided by a strong information security posture.

MAKE STRATEGIC ACQUISITIONS As a business, you grow by controlling cost and maximizing profits. As you acquire small businesses that are ancillary services, you not only control the cost of your primary business, but you gain the clients and customers of those ancillary businesses—not to mention the introduction into new areas of business or industries not originally served by you, through a partner they already have grown to trust.

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