Learning how to grow your business fast is hard work. With stiff competition, costly expenses, and confusing sales and marketing to deal with — it can take a toll on you.
But it doesn’t need to be difficult. You just need to know where to focus your energy. Besides, at least you are not still at a 9 to 5 job that sucks the life out of you.
So if you really focus on taking a step back, and trying out new methods to grow your business and make more money faster, you’ll be amazed by the results.
Below, we’ve listed some ideas that can help you to grow your business organically in a challenging economic climate.
How to Grow Your Business
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Here are the best tips to grow your business fast.
1. Build an Email List
One of the first things any business owner should do is create an email list. This is such an effective way to grow your business fast and in an easy way. You can entice your website users to sign up with a lead magnet. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse, and others for building and managing your list.
2. Build a Sales Funnel
People who sign up for your company’s email list expect you to sell to them. So this should be your logical next step. Many business owners know this yet prolong building an effecting sales funnel due to lack of time or knowledge.
Many business experts suggest that every sales funnel should be mapped out before it’s created. Mapping out your end goals — whether it’s doling out coupons or selling a high-ticket coaching class — it’s vital to build this funnel with precision and automation.
3. Research the Competition
Most likely you have already done this but if you haven’t, you’re missing out. It’s easy to pop in your competitor’s URL into SimilarWeb and compare the traffic statistics and analytics. You can grow your market share and website traffic with SimilarWeb’s digital market intelligence platform.
Another option is using AdBeat to scope out competitors’ PPC marketing strategies and emulate those to scale your business. These are tried and proven methods for growing your business fast.
4. Consider Invoice Discounting
For new or startup ventures, it can be exceptionally difficult to undertake work while also maintaining a viable level of cash flow.
This is particularly true in instances where you’re required to adhere to 60 or 90-day invoice terms, as this can cause significant payment delays that make it hard to take on new work or projects.
There are innovative payment solutions that may help you to negate this issue, however, with the type of invoice discounting packages available through Touch Financial offering a relevant case in point.
With this type of financing, you can effectively sell your accounts receivable to third-party investors, enabling them to realize their cash value immediately. Once your clients repay their invoices, you can use this to settle your debt and return the business to an even keel.
5. Create a Flexible Workforce
Every successful team requires at least a small core of permanent employees, who are responsible for leading a business’s daily operations and implementing a strategic growth plan.
Small or startup businesses should strive to reduce their permanent wage bill where possible, however, so long as this does not compromise the quality of products or services delivered.
With this in mind, creating a flexible workforce can help firms to grow organically, as this enables entrepreneurs to tailor teams to suit the needs of specific projects and fluctuating workloads.
6. Use Capital Injections Wisely
Need capital for growth? You can compare all of your funding options with just one easy application with sites like Fundera. Fundera’s partners offer a range of products, including SBA loans, lines of credit, short term loans, merchant cash advances, equipment loans, invoice financing, and personal loans (that can be used for business).
If you are completely overwhelmed by how to get the funding for your business, Fundera is one of the best places to start your search for business funding. You can see which funding options you’re eligible for and only have to provide basic business information. Fundera makes it so easy to get and compare offers from the best funding options in the industry, with just one application. If you are interested you can get more information from Fundera here.
7. Use Temporary Spaces to Drive Growth
Games that pay you to play. Yes, we're serious.
These 3 apps will pay you to play games on your mobile device:
- Mistplay (Android) - If you have an android device, you can download this app and start getting cash rewards for playing new games.
- Solitaire Cube (iOS) - Earning money by playing games on your phone sounds like a dream. But this app really pays you for playing solitaire with cash rewards.
- Lucktastic (Android) - This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.
The issue of permanence is an interesting one for scaling businesses, as committing to long-term cost increases brings considerable risk (particularly in the current economic climate).
This is particularly true when looking to relocate to a new office space. Whether you’re investing in a new office space or opening an additional retail outlet, this requires a significant up-front cost and often comes with extended lease terms.
To negate this, you could consider moving in temporary workspaces as your company scales and enters into a period of transition. This enables you to scale the venture in line with organic growth levels, without the need to spend outside of your means or invest in costly lease agreements. Remember, these structures are often available on rolling monthly agreements, so there’s no risk of a long-term financial loss if the business’s fortunes fluctuate.