Growing a business, making more profit and automating time consuming manual processes is the goal of every success driven entrepreneur. For those who have already managed to build successful businesses, the road doesn’t end here – they are looking for new ways to take the next step and advance their success beyond its current status.
If you fall under the category of business people who are always striving for more, this article will serve as a guide for helping you grow your business and automating your business operations in an easy way, for the most profitable results in the long run.
Some of the most simple yet very effective strategies for growing your business may include the following:
1. Rely on your old customers
The majority of business owners think about acquiring new customers when contemplating about growing their business. However, this is a mistake, since your already existing customers are the most crucial element for increasing your sales. It is much easier and significantly more cost effective to get your current customers to make more purchases from you, than to look for new ones and make them buy your products or services.
2. Seek referrals
After you have established trustworthy and profitable relationships with your old customers, it is time to look for new ones. One of the best ways to achieve that is by asking current customers for referrals. Offering a high quality customer service and great products will undoubtedly inspire them to spread the word about your business.
However, if you want to motivate them even further, after every successful purchase, you should always ask them if they know someone who might be interested in what you have to offer.
3. Boost your market reach
It is always a great idea to make your services or products available for a new group of customers and that can be achieved in several ways. For instance, you should think about opening a new store in a different city or in a different location, or make an online store if you don’t already have one.
Furthermore, you can extend your reach by advertising – research your new target audience, their demographics and buying preferences, and advertise your business accordingly.
4. Attend trade shows
Trade shows are great when it comes to expanding your business, as they are attended by people who are already interested in the services or products you offer. However, that doesn’t mean that you should participate in each and every trade show out there, rather find the ones which match your brand.
5. Cut down your costs
Decreasing your costs is beneficial for your company’s long term success and it is usually done in two ways – by advancing your inventory turnover and by liquidating your unsuccessful products. Other aspects of your business where you should try to save some money may include vehicle expenses, staffing, supply, advertising and insurance costs.
After you’ve applied all the aforementioned strategies, it is time to streamline your business processes, and automation can help you with that by:
1. Streamlining communication
Automation software systems allow all of the teams within your company to deal with individual tasks in a simple and streamlined way, and provide them with visual dashboards where they can see all of their requests at once. All the items that are in progress have their own lines of communication, so every conversation is recorded in an appropriate place.
2. Minimizing errors and costs
Although machines cannot replace the need for a human element to the full extent, they are very accurate when it comes to identifying and solving costly errors such as slow sales approvals or late payments. Moreover, costs related to administrative labor can be reduced to a minimum thanks to automation.
3. Enforcing accountability
Applying automation to your workflow enables transparency of information in your business processes, and thus enforces accountability on all shareholders. In addition, it can help you determine which tasks are taking too long to complete and what the main pain points are.
4. Giving the bird’s eye perspective
With the help of an automated system, you will not only be able to see individual items’ statuses, but also the bigger picture – you can track time spent on each task, how many requests you have, how many of them are approved and how many rejected.
To sum up, as you can clearly see, the world of modern technology has some pretty advanced solutions to help you improve and expand your business, as well as to enable you to run it more effectively. The only thing you have to do is to research carefully and decide which strategies and automation tools work best for you.