by Lina Martinez
Most entrepreneurs have ambitions to make it to the top. When you set up a new venture, you may have plans mapped out for the next 5, 10 or 20 years, but how do you turn your ideas into a reality? If you’re keen to take a blossoming business to the next level, you’ve come to the right place.
Financing the next move
Running a successful business doesn’t just involve putting enough money in to get the venture off the ground and keep it above water for the first 12 months. You need to focus on continued growth and reaching that all-important stage when you’re turning over profits. Even if you’ve enjoyed a really positive start, it’s wise to make sure you don’t try and run before you can walk. If you try and grow your business too quickly, you may run into financial issues. If you’re thinking of taking the next step, ensure you have robust financial plans in place before you make any decisions. How are you going to finance the next move? Are you going to reinvest profits, look for external investment, borrow money or put more of your own funds into the business? Weigh up your options, do some calculations, and see which avenue is best for you. If you’re planning to apply for a loan, make sure you can afford the repayments. If you’re seeking help from investors, tighten up your business plan and prepare a presentation. Think about the kinds of questions that may be asked, and try and get some answers ready. Go through the figures over and over again. You want to ensure you can rattle off numbers without hesitation.
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Kitting your business out
If you’re planning to open a new store or salon, you’re moving to a larger office or setting up a new branch, or you’re taking on a wider range of projects or offering more services, you may need to think about investing in new kit, equipment, machinery, and supplies. To do this, you’ll be required to keep a close eye on the books. Think about what you’ll need to buy and how much it’s going to cost. Negotiate with suppliers and distributors, and weigh up all your options. Buying makes sense for items you’ll use all the time, but it may also be wise to consider hiring equipment too. Write a list of everything you need, and include priority items at the top. Whether you’re looking at machinery for a factory, coffee machines, tables, and chairs for a new cafe or you’re buying a selection of medical supplies for a new clinic, it’s important to shop around, compare prices, and invest in items that are not only useful, but that will also help you save time and money. If you’re working on design ideas after buying products, look around for inspiration, jot down some ideas, and use cuttings and images to create a mood board. You can then figure how you’re going to turn that vision into a finished article.
Consulting with industry experts is an excellent way to make advancements. An optometrist’s office could come to PECAA.com to find optometry consulting by the experts or a retail establishment might seek out industry-specific advising. Regardless of industry, there are experts out there ready to help you grow.
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Expanding your workforce
If you’re planning to expand your business, you may need to employ additional members of staff. Before you post adverts online or in the local press, think carefully about how many people you want to add to the team, what skills you need, and what kinds of positions you want to make available. It’s also worth considering your options in terms of contract types. Do you want a host of new full-time staff, or would you be better off hiring temporary employees or working with freelancers? If you have a seasonal business, and you go through lulls, it may be best to offer short-term contracts. This way, you have access to the staff you need during busy periods, and you’re not paying people to sit around doing nothing when it’s quiet. If you are hiring, include details about the role in your advert and specify the skills and experience you’re looking for. Take advantage of the opportunity to get to know candidates during the interview process, and look for motivated, energetic individuals who fit the mold of the business. If you have a short list, and you can’t decide, it’s a good idea to hold a second round of interviews and to pose different challenges. This should give you a better insight into how people respond to scenarios and situations and enable you to gauge who is a better fit for your company.
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Upping your marketing game
Marketing is crucial when it comes to putting your business on the map and bringing money in. It doesn’t matter how fabulous your products are if nobody is familiar with your brand name. If your marketing strategy hasn’t set the world alight yet, and you’re planning to try and reach that next level, the first step is to analyze what isn’t working and where you’ve been going wrong. Once you’ve pinpointed potential downfalls, you can work on addressing them and improving the efficacy of your campaigns. Use analytics and market research to identify problems, and adopt a fresh perspective. If you’ve been using the same techniques for as long as you can remember, you may have got too comfortable, and your campaigns may lack vigor, originality, and creativity. If you don’t have an in-house marketing department, or you’re not a marketing expert, it’s worth getting in touch with an agency that has expertise in your field.
Digital marketing is very popular in this day and age, but creating a website and posting a few blogs and images on social media doesn’t guarantee success. To capitalize on the growth of the Internet, you have to understand how to make the most of online marketing and ensure that your strategy is focused on the target market. Who is your ideal customer? This is the first question to ask when designing a new strategy. The next step is to find out all about that client. How much does that buyer earn? How do they spend their time online? What makes them buy one product over another? What do they look for in a brand? What types of deals and promotions are most appealing to them? Use market research to gather information, and then utilize your findings to shape your campaign. If you’re looking at devoting more time and energy to social media, for example, use data analysis to determine which platforms will be most effective. Facebook is the most popular platform, but among younger people, sites like Instagram and Snapchat demand more attention. You need to be aware of the best ways to reach your target audience.
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Driving sales
Every business owner wants to make a profit and to do this, you need to bring money in and take control of your outgoings. If your expenses are in order, it’s time to concentrate on driving sales. Revamping your marketing strategy should create leads, but you can also employ tactics like offering promotions to drive sales. Send out emails with discount codes or early access to flash sales or offer incentives for purchases and recommendations. If you’ve got a new menu launching at your restaurant, for example, you could run a competition on social media to win a meal for two in exchange for sharing the post and liking the page. If you’re offering new treatments at a beauty or hair salon, you could offer 10% off for new customers. If you’ve got a clothing store, you could slash your prices for one day only or offer a deal like buy one accessory, get another free. Think about what kinds of promotions will appeal to your target market, and ask your followers and friends for ideas and opinions. If you are planning to try and create a sudden surge in sales by offering 3 for 2, for example, make sure you’ve got enough stock to last or specify that the deal is available only while stocks last.
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Outsourcing
More and more businesses are choosing to outsource. Outsourcing involves working with other firms, agencies or individuals, rather than overseeing every task in-house. For many companies, outsourcing is a means of reducing spending, improving performance and saving time. To make it work for you, it’s important to think about what you want to outsource carefully. Ideally, the decisions you make should cut costs, enable you to access skills you don’t currently have access to and ensure your team is able to focus on core elements of the business. If you don’t have an IT department, but you have an office filled with computers, you might want to outsource IT management. If you have a medical clinic or a dental surgery, you may benefit from hiring external cleaners. If you run a shop, but you don’t have experience in accounting, you might wish to outsource bookkeeping.
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Are you an ambitious entrepreneur hoping to take your business to the next level? If so, it’s wise to plan ahead and figure out your next few moves. Focus on your finances, and work out how you’re going to cater for increased demand. Step up your marketing game to maximize visibility and drive sales, and consider outsourcing to save money and gain access to skills you don’t have on-site.