When starting a business, you need the proper resources to help it expand. Because you may be short on time and finances, you need to maximize what you have to build your company. Here are three things you can leverage to help your business continue to grow.
Rather than selling off part of your company for equity, take out a loan. Ensure the lender understands your business, will lend you money at a reasonable rate and lets you pay back the loan in a manner convenient for you. You’ll avoid giving up control of your business to a partner and letting someone else profit off your hard work. Once your loan is paid off, you can run your company as you choose. Also, if you have a marketable idea and solid processes, policies and practices you can teach to other entrepreneurs, consider franchising. You can sell your vision to others, continually refine your systems for maximum efficiency, and use others’ time, talent and finances to help achieve common goals. Look for like-minded entrepreneurs who enjoy executing a plan and working well as a team. You’ll receive a royalty every time a new location opens.
Outsource your HR, payroll and other back-office tasks that are necessary but don’t increase your bottom line. Because you won’t be paying for more office space or hiring and training additional staff, you can convert fixed costs into variable costs, avoid large expenses and free up capital to invest in other areas of your business. You can take advantage of the same economies of scale, efficiency and expertise as larger, more established companies do. Because the outsourcing provider assumes risks associated with their services, you won’t have to deal with legal issues or potential IRS penalties. You free up time to focus on serving your clients and growing your company.
Cultivate relationships with your customers. Call a customer to talk about a new product/service that may fit their needs. Send a personal note with a birthday card or article a customer may be interested in. Request feedback on your products/services and customer service department. Ask for referrals and introductions to potential customers. Join a professional organization in your industry so you can network, increase your company’s visibility and create partner programs with other businesses.
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