Sure, you’re passionate about your products and services, but you still want to see tangible financial results. Every business owner wants to make more money and that’s why planning scalable growth is essential.
With the current pandemic hitting small businesses more, a new growth strategy is inevitable. It’s one of the hardest times to be a small business owner, with more people being made redundant and fewer people buying. However, that doesn’t mean you should give up.
There are still plenty of ways to make more money from your small business; bring it back to normal revenues and grow it further! But how?
This article will discuss five key areas to focus on.
1- Explore the Available Funding Sources
You probably already know that to make money you need to have money. So, why not consider getting a business grant offered by local governments? Or probably a low cost loan?
Business loans are good alternatives to a credit card and can have many benefits. If your small business has a good credit history and you want to commit to borrowing over three to five years, this could be a great solution. Contact an alternative loan company for more information.
2- Be More Organized
You can’t make money even in the normal economy, if you aren’t organized. You’ll spend hours on basic administration tasks or finding all your information. So, organization is key.
Go paperless to avoid losing files. Automate your payments so you never forget them – and so you don’t have to spend hours doing it all manually. Keep a digital calendar so you know when you have meetings and events. Being organized means less time faffing around and more time making money.
3- Go Online
A small business in post-pandemic won’t make money if it isn’t online. Customers expect every business to have a website where they can purchase a product or enquire about a service at least.
So, what are you waiting for? Learn how to make a website – or hire someone who already can. You will instantly be a better competitor to other businesses and will see a rise in sales.
If you’re having trouble deciding where and how to market your business, you can always hire a franchise marketing company.
4- Leverage the Social Media
Even better, get on social media – especially if your target market is young people. Most people under the age of 40 are on social media. Teenagers predominantly use TikTok and Snapchat, whereas millennials are more vocal on Twitter, Facebook and Instagram.
Know your market and create a presence for your brand on the right social media channels. If you can engage influencers, make shareable videos or start a hashtag – even better.
5- Listen to Your Employees
Employees are crucial in all businesses, but especially in a small business. These people love your brand and want to help to develop it. Alongside your customers, they are your biggest promoters.
So, listen to what they have to say. They will be interacting with clients and customers daily and will know what people want. They will have great ideas about how to make money. Encourage a working environment where employees are listened to – and you’ll notice that money is being made.
The Bottom Line:
A scalable business growth plan is the key to take your small business to the next level, and with the current pandemic, it is a must. There can be tens of things to do, but the above five must be considered at first.
About Author: Grace Bynes
Grace is a Business Analyst by profession with more than 7 years of experience of working with digital businesses mainly eCommerce and SaaS startups. Grace also loves to travel and explore the world!