Resources – kuzopasolutions

Growing Your Business

Want to grow your business while still managing your resources, maintaining profits and enhancing your brand? A scalable growth plan is the way to go. With a scalable growth plan, you can take measured steps to manage growth, so that your costs and efforts decrease (or increase marginally), while your profitability increases. Take a look at the recommendations below to see how to make that a reality for your business.

Have a Flexible Business Plan

Develop products or services that meet increased demands and can be easily replicated, but only increase costs minimally. Include goals and map out milestones you want to reach, and keep a careful watch on your costs. Always have a Plan B and pay attention to the details. Anticipate obstacles you might run into with your business plan and decide how you’ll manage them. If certain services or inventory aren’t selling, change your plan, so you don’t have excess inventory or unnecessary costs.

Nurture Current Customers

According to small Business Trends, 20 percent of your current customers will account for 80 percent of your future profits. That’s an important insight for businesses looking to expand. Clearly, although new sales are vital to growth, it’s far easier and cheaper to cultivate your existing customers than it is to find new ones. You already have a wealth of information about your customers and their preferences. You can use this to personalize your outreach and cultivate your relationships. Analyze your customers’ buying patterns and reach out with special promotions for similar products/services. Offer reminders for specials or special events. Don’t be afraid to follow up if your customers haven’t engaged with you in a while (think of those “you left something in your shopping cart” emails from online merchants).

Raise Your Profile

Although you may not have the same name recognition as powerhouses like Amazon, Starbucks or Google, you can raise your business’ profile with a robust online presence. Keep your website updated and easy to navigate. If it includes online ordering, make sure it’s secure and easy to use. Younger consumers, especially, want to feel a connection with the businesses where they shop, so get personal. Talk about your team on your site and maintain a presence on social media sites like Facebook and Twitter.

Build a Trusted Team

Put a trusted team in place to manage day-to-day functions and give yourself time to focus on the big picture. Look for those who have experience in growing a company and who can quickly adapt to rapid change. You may also want to consider using contractors or have subject matter experts when you need flexibility or have fluctuating revenue or needs.

Have Financing in Place

Don’t wait until you need it to apply for revolving credit through a business credit or line of credit Having approval ahead of time will allow you the flexibility to manage changing revenue patterns or to seize opportunities when they arise. Analyze your customers’ buying patterns and reach out with special promotions for similar products/services. Offer reminders for specials or special events. Don’t be afraid to follow up if your customers haven’t engaged with you in a while (think of those “you left something in your shopping cart” emails from online merchants).

Scaling Your Business: When and How in 5 Steps

Move your business to the next level with plans for scalable growth.

Entrepreneurs who want to grow their businesses need to develop a scalable plan that focuses on cost-efficient expansion.
Small business owners can adapt to change by staying flexible, engaging current consumers and assembling the right team.
Early approval for a business loan gives entrepreneurs peace of mind that they can purchase new equipment and property when they need it.

1. Have a Flexible Business Plan

Develop products or services that meet increased demands and can be easily replicated, but only increase costs minimally. Include goals and map out milestones you want to reach, and keep a careful watch on your costs. Always have a Plan B, and pay attention to the details. Anticipate obstacles you might run into with your business plan, and decide how you’ll manage them. For example, if you determine that certain days or times of the month are busier than others, you can plan ahead, so you’re neither overstaffed nor are you scrambling to hire workers. If certain services or inventory aren’t selling, change your plan, so you don’t have excess inventory or unnecessary costs.

2. Nurture Current Customers

According to Retention Science 20% of your current customers will account for 80% of your future profits. That’s an important insight for businesses looking to expand. Although new sales are vital to growth, it’s far easier and cheaper to cultivate your existing customers than it is to find new ones. Are you wondering how you can do that? You already have a wealth of information about your customers and their preferences. You can use this to personalize your outreach and cultivate your relationships. Analyze your customers’ buying patterns, and reach out with special promotions for similar products and services. Offer reminders for special offers or events. If your customers purchase gifts at a certain time each year, you can offer to send them reminders for birthdays, anniversaries or other milestones. Don’t be afraid to follow up if your customers haven’t engaged with you in a while (think of those “you left something in your shopping cart” emails from online merchants). Always have a Plan B, and pay attention to the details. Anticipate obstacles you might run into with your business plan, and decide how you’ll manage them. For example, if you determine that certain days or times of the month are busier than others, you can plan ahead, so you’re neither overstaffed nor are you scrambling to hire workers. If certain services or inventory aren’t selling, change your plan, so you don’t have excess inventory or unnecessary costs.

3. Raise Your Profile

Although you may not have the same name recognition as powerhouses like Amazon®, Starbucks®* or Google®, you can raise your business’s profile with a robust online presence. Keep your website updated and easy to navigate. If it includes online ordering, make sure it’s secure and easy to use. Younger consumers want to feel a connection with the businesses where they shop, so get personal. Talk about your team on your site, and connect with social media sites like Facebook®* and Twitter®*. If you’d like more tips, read our article on online tools to help you promote your business.

4. Build a Trusted Team

Put a trusted team in place to manage day-to-day functions and give yourself time to focus on the big picture. Look for those who have experience in growing a company and who can adapt to rapid change. You may also want to consider using contractors or subject matter experts when you need flexibility or have fluctuating revenue or needs.

5. Have Financing in Place

Don’t wait until you need it to apply for a business line of credit. Having approval ahead of time will allow you the flexibility to manage changing revenue patterns or to seize opportunities when they arise.