So you want to grow your business but aren’t sure where to start. Perhaps you have a growing business and want to maintain momentum, taking your sales to the next level. Or, like many, you may be struggling to move your business forward after the pandemic and the current economic climate.
Whatever the reason, success comes from growth, moving forward and finding a suitable solution. You can’t continue doing the same things and expect a different result – you’ve got to try something different or supercharge your current efforts to elevate your business to the heights of its potential. There are so many opportunities to develop and expand in this fast-paced world. Here are our five best tips to grow your business in 2022.
Grow your business online
Today, every business needs an online platform. It’s not an option; it’s a necessity to reach your customers. If you’re not doing it, your competitors are. If you run a service-based business, the internet is the best way to spread your portfolio and testimonials while reaching new clients. If you sell products, having a digital store and fulfilment process is essential to maximising your sales.
It’s also the best place to market your business. Social media advertising and organic reach on platforms such as Instagram and TikTok not only provide an untapped market of eyeballs on your content but also act as a medium to connect with your existing customers and keep real estate in their front of mind, increasing loyalty and long-term value without necessarily spending much money at all.
Invest in RnD
‘RnD’ looks like a fancy acronym reserved for companies with protocols and illustrious synergy opportunities. In reality, ‘research and development’ is for every business. It doesn’t have to be scientific or revolutionary. It can be as simple as learning and applying something new that your customers want.
Conduct market research to learn more about what your clients like or dislike about your products or services. Perhaps they’re craving a new ice cream flavour in your range or think the layout of your store is confusing. Whatever the results, researching and listening to your customers is the best way to invest in growing your business.
Other types of RnD, such as technical product development, or complex formulations and prototypes, may require additional funding. Using existing cash flows to fund growth is not possible for many businesses. There’s a range of costs to meet just to keep with wheels ticking over, let alone invest in new developments. Using an experienced business finance broker can help your business source the funds it needs to invest in a successful future.
Build Better Sales Funnels
Not everyone out there will be your customer. Perhaps they don’t know your business exists, or if they do, they don’t need what you sell. It’s also possible they simply weren’t convinced to buy from you. A sales funnel is all about getting many eyes on your offer, filtering down who is actually a potential buyer, and then converting them to a paying customer.
The best sales funnels run themselves – think of an automated Instagram ad that sends viewers of your prime customer demographic to an online store that sells a trending product relevant to them. Poor funnels fail to attract attention, and when they do, they leak customers due to a clunky sales process that fails to convert initial interest into handing over the cash. Fix your sales funnels. Fix your business.
Upskill and Train Your Staff
We know that the labour market is as tight as it’s been in a very long time, and finding qualified staff at the right price isn’t easy. Turnover is also an expensive exercise that should be avoided wherever possible. Instead, help your existing employees maximise their productivity. It could be as simple as putting them through a service refresher workshop, a social media marketing course to leverage their digital aptitude or supporting their professional qualification to improve their standing in your industry.
Take Care of Your Finances
If you want to grow your business, you need the financial firepower to do so. More leads mean more employee hours, and more sales mean more inventory. Whatever your business does, more working capital provides more opportunities. Two great ways to sure up your financial position are business loans and debtor finance. Business loans are often great for small businesses looking for a simple loan to spend on whatever they need to. The application process is relatively simple, and there are unsecured options, meaning you can be granted a loan based primarily on your business cash flow alone.
Debtor finance is another option suitable for businesses that sell on credit. If you issue an invoice, debtor finance will forward you a percentage before your debtor pays. This provides you with the cash to fulfil orders and invest in growth instead of relying on late-paying customers to stump up 30 days (or often longer) down the line.
These five tips might just be how to best grow your business in 2022. Take each idea onboard and see how they might apply to your specific circumstances. Don’t be afraid to try new things to take your business to the next level.
Capital Plus Finance is an experienced business loan broker. Choosing the right business loan for you is what we do, ensuring you receive flexibility, fast approval and excellent service. With a panel of many lenders, The Capital Plus Finance team will do everything we can to help your business qualify for a suitable funding solution. Please give us a call anytime to find out more or to have an obligation-free chat about your situation.