If you are thinking about growing your business, you are going to have to start saving; and I don’t mean money, I mean time! Sure, money needs to be a part of it, whether you are learning a new skill to expand your services, or spending time and money working on that big marketing campaign you’ve been dreaming up for the last week. Time is important.
I am going to outline a couple of things you can do with your time (and money) to not only grow your business, but ensure it thrives.
Learn a New Skill
Depending on the industry of your business, you may be able to learn a new skill for a relatively low cost. Plenty of young entrepreneurs get their start in business through video learning on websites like Youtube.
You can also seek to learn part time with offerings from online universities, flexible college schedules and part time studies at TAFE.
Go to seminars and workshops
Spending time going to the right seminars and workshops allows you to gain insight into what is coming next in your industry which will allow you to stay on the cutting edge. It also provides you with a unique opportunity to network with likeminded individuals.
Look for a good Business Coach
Finding a mentor or business coach could push your business to the next level, but you have to make sure that you get the right one first. When searching for the right business coach, you will need to consider the amount of time they have spent in the industry, as well as the amount of success they have had with the businesses that they have coached.
It may also help to look for a business coach with a background in your industry.
Collect information on your industry
Collecting information to benchmark your business against the rest is critical to any business that takes growth seriously. Information gathered will allow you to make informed decisions about revising marketing plans and advertising strategies.
Review your business plan and marketing strategy
You’re already at a stage of your business where you are considering growth, so your business plan has already gotten you quite far. However, if you looked back at your old business plan now, could you say that there would be nothing that could be added, removed, or improved? Doing accurate research (as mentioned earlier) will help inform you to make correct changes in your business plan and marketing strategy.
Review your finances
This will help you assess areas you can improve upon. Checking what funds are flowing in and out of your business could also help you notice redundant ongoing debits like software and services that are barely or no longer being used.
Expand your business online
If you haven’t already done so, you should think about expanding your business online. A lot of entrepreneurs have gotten their start in the social media space, only expanding further down the track with a website.
Having a website and active social media pages allows you to (with the right setup) monitor and track your client activity on your website. This can help you better understand the changes that may need to be made to marketing campaign.
© Fitzpatrick Group 2017
Rick Fitzpatrick – Director
Rick is a Certified Practicing Accountant (CPA) and Qualified Business Coach. Rick has more than 30 years experience in accounting and business. Click here to view more about Rick