Each and every business or agency owner wants to grow their business and expand. In the world of business, you are either growing or you are dying. So it is very important that you get in motion and grow. So how are agency owners powering this growth? Apart from hiring, here is what you can do to take your business to a whole new level in the next 12 months.
- Go online and get better at SEO
In this age of digitization, it is extremely important for your business to have a great internet presence. People use the internet for almost all information nowadays. The first thing that you need to know is what kind of internet presence your business has. It is not enough to just have a good looking website. You need to know the ways of attracting new visitors. And this is exactly where SEO comes into play. As there are millions of websites that are active on the internet, it can be quite difficult for your business to be found online without proper SEO. There are a number of rules as well as protocols in SEO that help your business to get discovered. If you are not already involved in SEO, now is a good time to reconsider. If a person is looking for “web designing services”, your website should rank on top. And this is exactly what SEO does. This is also true for e-commerce websites. If you are a personal trainer, you can sell subscriptions to fitness videos, or if you are into the clothing business, you can sell branded T-shirts. Having an e-commerce presence could greatly benefit your business.
- Remote hiring
Remote hiring can be great for your business to grow in 2017. These remote workers not only have the same skills as their on-site counterparts, but their payroll costs are also much less compared to those associated with traditional employees. You can hire them from a talent pool that does not have any geographical restrictions, as these applicants don’t require commuting to an office. Also, remote workers are dedicated and more productive than regular on-site employees. With the remote hiring, your business can take advantage of reduced personnel costs.
- Know how to organize your business
Organization and prioritization are the two main elements that one needs to run a business. When it comes to operations, make sure that your business organization does not disintegrate into any type of complex blame game. If you have any queries regarding lean business operations, then you can take the help of books. This will be of great help. You need to know about the quality of the agencies that are not only successful but also have maintained their success. There should be no complication in your business operations. To make your business a grand success, it should have three main operational components – the right staff, level five leaders and confronting brutal facts. If a business understands all these three components properly, then the managers can optimize as well as simplify operations.
- Focus on your customer
You can make the profit from your business, only if you have a good customer base. Your customer will come for the first time, if they are satisfied with your service, they will come for the second time, and finally, they will bring their friends with them. This is what you want, right? In this regard, small agencies have more advantage over large companies. Small agencies get to interact with their customers at a more personal level. This does not mean that large companies do not care about their customers. Actually, it is quite challenging to put the CEO of a company face to face with customers. Give priority to your clients or customers, make sure you understand what they want and then cater to their specific needs.
- Pay attention to cash flow
You need to define your free flow of cash. Generally, cash flow is calculated depending on what is left after making all the non-cash adjustments and payment of all the necessary financial expenditures. You will be able to gain new opportunities and perspectives when you start considering free cash flows before making business decisions.
- Invest the retained earnings wisely
If you run a successful business, have the great understanding of the balance sheet and want to explore other opportunities, you have two options – you can either choose to invest in external assets that are non-operational subsidiaries, or you can invest your retained earnings back into the operational business. Deciding what to do can be tough. In many cases, the right decision can be to reinvest retained earnings into the organic business. But there are cases, where small business owners fail because of their overconfidence from the previous success and end up killing both the businesses. It will be good if you don’t invest huge capital in low-probability business options and invest in assets that are non-operational.
Your business may face challenges, but these six ways of growing your business can make your business stand out in 2017. Just focus on simplification and understanding your free cash flow, and will be able to get the most out of your business.