Are you ready to level up? If it’s time to grow your small business, there are simple strategies you can use to fuel expansion.
We explore four ways you can start serious small business growth.
There are few small business owners who have professional knowledge of all business growth strategies. Asking for help and guidance can give you a big advantage as you expand. The SBA sponsors Small Business Development Centers (SBDC) nationwide that offer free or low-cost workshops on a variety of topics. Another SBA sponsored nonprofit association is SCORE. For over fifty years, mentors have worked with entrepreneurs to help their small businesses get off the ground and grow. Like the SBDC, most services are low-cost or free.
Utilize Your Staff
The secret sauce that can grow your business could be right under your nose. Get your team involved in business building brainstorming sessions and keep a suggestion box in the office. Survey your staff to discover if they have any hidden talents that they would be willing to share to help you grow. A word of caution – don’t expect your employees to go above and beyond without recognition or compensation. It’s important to establish a company culture that embraces creativity and progress.
Explore Social Media
Creating a social media profile – on platforms like Facebook, Instagram, Twitter, LinkedIn and Yelp – is relatively easy and 100% free. If you have not made the leap into online social media marketing, now is the time. A majority of consumers go online to find and vet a small business. Your profiles should include professional-looking photos, targeted copy and contact information. If you don’t have the bandwidth or know-how, consider bringing on an hourly contractor to set up, run and monitor accounts. A social media specialist should have advanced knowledge of how social media advertising can reach your current and potential customers. Check out our blog post How To Hire a Social Media Strategist for additional information.
Seek Additional Funding
“It takes money to make money” is an old adage that applies perfectly to the business of growing a small business. With steady cash flow and good credit, you can qualify for affordable funds to spike business growth.
Proceeds from a small business loan can be used for a variety of purposes depending on the lender. Funds can be used as working capital to shore up day-to-day operations. Funds can also help increase marketing efforts, hire additional employees or add inventory. A popular way to use low-cost funds is to refinance existing high interest debt. SmartBiz customers have saved thousands each month by paying off expensive debt.
Not all small business loans are created equal. An SBA loan is the best bet for small businesses with low rates, long terms and low monthly payments.