Business Growth Stalled? Here’s What’s Next

Are you ready to grow your business but don’t know where to pick up where you once left off? Sales and customer service can only get you so far. If you’re ready to expand, today’s tips can help you move past simply sending more invoices.

Get more space.

Although many businesses operate on a virtual platform either full or part-time, sometimes you need a bit more space to spread out, collaborate with your team, or physically create inventory. For office space without a permanent commitment, sign up with San Angelo Studios coworking space. There are many flexible membership options that start at just $50 per month.

Change your business structure.

Many small businesses began as sole proprietorships or LLCs. However, there are other options out there, including an S corporation. This is a type of structure that gives you the benefits of a corporation with the pass-through tax advantages of an LLC. This means you can count business losses on your personal taxes and skip paying federal taxes on the business level. To save, file yourself online.

Evaluate your process with BPM.

If all of your business processes are currently manual, it’s time to reevaluate. Look for ways to get your systems to talk to each other. This is usually achieved through business process management strategies, which help you automate many practices. Your workflow, data, and people will be in more constant contact with each other, and you’ll cut down on laborious tasks. Talk with your staff continually to see if your BPM plan is working, and listen to them when they offer advice on how to make it more effective.

Hire more people.

Even though everyone around you considers you Superman or Superwoman, you can’t do it all alone. Your business got to where it is with your hands-on guidance, but now may be the perfect time to let go of some responsibilities and hire new people. Marcus Lemonis has famously said for years that his employees are his number one priority, taking that coveted spot away from the customer. When you have great employees, they are an asset to your business and can help you grow in ways you never imagined.

Research complementary products.

Complementary products are those that your customers are likely to purchase alongside of or shortly after buying yours. Make sure that you know what your customers need and want, and then offer it to them. If you are a salon, for example, you might sell your shampoos, conditioners, and styling tools. You’ll also want to make sure you always have gift cards on hand, which is just one of the many marketing tips from The Salon Business blog.

Consider buying out the competition.

If you’re ready for a huge leap on the growth journey, consider buying out the competition. Lendio explains that this has many benefits, including fewer competitors and quick growth. However, you will want to proceed with caution as it may be tough to integrate, and you may go into debt to make the purchase.

Streamlining with business process management, hiring new staff, and moving to an S corporation structure, along with the other tips we presented above, are just a few ways to grow. What’s important for your business is that you look ahead and lay a strong foundation for the future. Remember, growth does not have to happen all at once, and even small steps along your journey toward success are something to be proud of.

San Angelo Studios has a desk for you. Contact us today to see how you can get a free day in our cozy and comfortable coworking space.

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