Business Growth Hacks

Here, 21 SBDC consultants share strategies that can be used by any business to grow.

1. You can reach your customers in many different ways

Consider setting up a store online if you are an offline retailer. Once you have received enough emails from customers, it is worth considering an email campaign in order to keep your message alive for your customers. Don't overlook social media.

If you are an internet-only business, you may consider a direct mailing campaign. Included in the catalog is a list of your top sellers. This will allow you to prospect to new buyers. Once you have tried a variety of channels, you will know which ones are most effective in reaching your goals.

2. Employers looking for second chances are available.

We often hear from businesses that they want to be able to take their business to the next level. However, there is a shortage of qualified workers. There are many opportunities available for people who were incarcerated and have been trained or certified. They are looking for entry-level employment and may be eager to work. For businesses, these individuals might be eligible for tax credits as well as assistance programs to help them develop.

3. Time management is best done with a 60/20/20 strategy

Instead of wasting your time on "Whack a Mole" methods, I recommend a strategic approach to managing time. First, devote 60% of your time proactively to tasks that can be done only by you or your business. The rest of your time should go to planning and strategizing. Planning is the allocation of time to resources and schedules that will allow for the operation or the growth of the business. Strategizing is spending time evaluating the ways in which you can improve your business performance as well as your customer experience.

4. Get into the numbers

An established business should use accounting software. Once you've mastered the basics of accounting software, what can you do to get more information? You can now understand your inventory, and your cash flow. Now is a good time to start measuring your business and using metrics to move your business forward.

5. Create and leverage strong cybersecurity

Businesses must strengthen and prepare for cyber threats. But, it is more important to position companies to seize the information security opportunities. Small business owners have been bombarded with messages highlighting the constant threat that malicious software, cybercriminals, and other elements pose to their digital information security.

Businesses need to make a commitment to improving their information security infrastructure. They must position and strengthen the business to meet the expectations of government agencies and larger corporations. Information security is not about protecting against a threat. It's an investment that can help you thrive in a digital economy.

6. Strategic acquisitions

Growing a business means maximizing profit and controlling costs. Acquiring small businesses that provide ancillary and related services will not only reduce the cost of your primary businesses but also allow you to gain customers and clients from these ancillary businesses. You may also be able to introduce new industries or business areas to your business through a partner you already trust.

7. Incorporate business tools

Every company needs a business toolbox. Your business toolbox must include:

To keep you on track, your business plan helps to prevent any setbacks
Marketing plans that give your company visibility in the marketplace, and establish loyal client relationships.
An employee manual that outlines the rules and regulations of your business and ensures compliance with labor law.
Accounting software can create current financial reports instantly, to help you keep track of your business activities
Computers and networks for computers as well as an IT infrastructure

8. Stop using social networking in an abusive manner

Businesses need to stop selling through social media. Marketing and sales can be two different things. A social media strategy that only focuses on selling might not work. Your audience will appreciate the value you provide and build a relationship with you by creating and documenting content. This could be industry knowledge, tips and techniques, or entertaining behind-the scene videos.

Giving more than you take is the foundation of all relationships. Share your industry trends, information, and insights. If a potential customer needs to make a purchase, they'll be able turn to someone they know and trust.

9. Google to Your Advantage

Google My Business pages are an amazing and free tool for local small businesses. Then, claim your Google My Business account for free.

Complete it (including the business description).
Get the best dashboard.
Post often.
All reviews will be responded to . . Be especially careful with the poor ones.
Keep the page updated and current.

10. Attract new generation of workers

Many businesses are not ready to hire the young workforce today. Prepare for the future and find out about the strengths, weaknesses and potential talents of your target age group. Then, rework your interview questions so that they best reflect the talent you are looking at hiring. It is crucial to know how to speak with employees in a way that makes them understand the importance and tasks of their role in your organization.

11. Build in downtime

Mother Nature does provide some downtime for farmers, but you have to make your own. This is not vacation. This is work time.InIt is the right business for youOnThe business: To review data, simplify systems, plan and prepare for the next day.Whatever timeline is most convenient for your business. Even one hour can allow you to plan strategically and give insight into small problems before they become serious issues.

12. Learn everything you can about it

Know your numbers. These include your gross profit, net profit, credit scores, days on hand and days cash. This will allow you to see the financial health of your company at all times. Also, get to know your customers. Find out who they're, where they live, and what you can do to retain them.

13. 1.

For your business to succeed, an advisory committee can be one the most important decisions you make. An advisory board is a powerful tool for managing your business. It can help you get access to experts at very low or no cost and offer new ideas. Select a small team to meet you quarterly to discuss issues, form a plan, and assess your progress. An advisory panel can increase the business' value, help with growth, and serve as mentors to help you reach your goals.

14. Avoid falling into the common tax trap

Try to lower your tax rate before you make critical business decisions. Your business purpose should be not to win a war against the government. It should be to make profit.

15. Ask and share

Never avoid asking questions from other business owners because you don't want to appear ignorant. It's not you who are the expert. Exchange Business knowledge. When information is shared, others will see your confidence in building a company and may discover new partners.

16. Plan to sell your company

Succession planning is the only way to take your business to the next level. Due to the silver tsunami of Baby Boomer business owners, which now accounts for over half of all small-business assets, it is worth considering converting to employee ownership in an ESOP or worker cooperative.

The transition to employee ownership preserves your legacy. Your business will continue to operate and buyers willing and able to buy your business know the best. It helps you keep your workers employed, as well as providing ownership equity. Passage of the federal Main Street Employee Ownership Act in August 2018 provides for mandated outreach and technical assistance from SBDC staff to advise for employee-ownership transitions, and for the SBA to expand loan access to employee-owned companies.

17. A strategic plan should be developed

Short-term goals can be set at quarterly, semiannual, or annual levels. Then create a plan for achieving those goals. Be sure to include the following resources in your plan: cash, people and equipment. To track your progress towards your goal, you should establish metrics and adjust your plans accordingly based on your progress. Determine the reasons you aren’t meeting that goal. Marketing isn't working Do you target the right segment of customers?

18. Numbers don't lie

It is crucial to establish sound systems and processes in order to spot anomalies in costs or revenues in order for profitability to be improved. You'll be able to quickly identify the problems faster with point-of sale systems, inventory management and bookkeeping processes, procedures, and practices. Owners who have been in business long enough to be comfortable relying on qualitative data but neglecting the readily accessible quantitative data is a common mistake. Retailers might believe that a particular product is selling well. But, once they see the numbers, it becomes clear that it is not.

19. 19.

The business world loves acronyms such as URL, URL. SMART and SWOT. CFIMITYM stands for "Cash Flow Importance More Than Your Mother". Small businesses can fail due to lack of cash. Inadequate cash reserves (aka "running short of money") can make it harder to keep your business afloat. You can't pay your bills. You are unable to make payroll.

You can have a business that makes a profit but has no cash. Profit is an accounting concept. Cash refers to the money in the company's checking account. Even though you might have assets, such as inventory, or accounts receivables to keep track of what's owed to you, you won’t have any cash. You can't collect on what you owe if cash isn't available.

20 Do not ignore this cost.

While it's not part of the profit and loss statement it's an important line for business owners. It is important to quantify and identify opportunity cost within their business. There are many ways to identify opportunity cost. The most common example is when a business owner wastes time on tasks or other areas that are not beneficial to their business. Although they may be saving money hiring for or outsourcing that work, they end up spending more time tying up their hands and doing the job poorly. Businesses that accept clients who aren’t the best fit for their work is another example. This can result in reallocating resources, which may slow down growth or dilute the company's image. If opportunity costs are addressed, growth is more likely to occur.

21. 21.

Your business is a lonely place. You can make decisions alone, see a few successes and worry on your own. Make your tribe of guides, counselors, coaches, and friends. They can help you celebrate the good times and guide you through the dark tunnels.