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Business Growth: 7 Tips For Growing Your Company In 2016
  • 21 April 2016
  • Eric Michaels

Business Growth: 7 Tips For Growing Your Company In 2016

Founding a small business may seem like the challenge of a lifetime. But when you do succeed, the time will come for you to focus on the next chapter: business growth. No company can stand still and survive. When signs it is time to expand appear, use these seven steps to successfully grow your company in 2016:

1. Draw up a budget.

You need a clear picture of your finances before you can expand your operation. To get started, meet with your partners and accountant to see how much money you can free up for your growth plans. Calculate the expenses involved in moving, hiring new people, renting a new office, launching new products, and anything else you have on your mind. Once you know what you cannot do, you can plunge forward with what you can.

2. Secure new financing.

If your budget outlook is bleak, you will need a new round of financing for your business growth plans to happen. Small Business Administration (SBA) loans are one way for entrepreneurs to get the funds they need to branch out, but other paths—including alternative financing—exist when SBA requirements are too much to handle. Lenders, such as Kabbage, offer lines of credit up to $100,000 following an approval of the quick application.

3. Establish your next location.

When your business is local and depends on foot traffic, a new location is the obvious next step in the life of your company. Look into neighborhoods with similar demographics, so you can use the formula you have already tested to open a new market. Since you cannot be in multiple places at once, determine which partner or manager is the right fit to run your new location (or in your absence at the original store).

4. Hire new employees.

Rather than thinking of new employees as a way of handling extra business, think of them as a means of growing your business. Business owners often have a hard time planning next steps when they are deep in the everyday duties of steering the ship. A new hire can give your managers time to run day-to-day operations and free you up to plan the expansion you are ready to begin. If product sales are your company focus, a few new salespeople may be enough to make financial headway.

5. Introduce new products.

Developing a new product takes time and money, but it is usually the key to opening up revenue streams for your business. Every successful company needs to have a few ideas in the pipeline to capitalize on initial success. Once you narrow down the list of products, focus on one or two that best cater to your current customers' needs. Your consumer base should provide the direction for your future.

6. Learn a new skill.

Is there an angle you have wanted to pursue with your company but you did not have the skills to make it work? If so, consider investing the time it takes to learn something new so your business can expand. The ideas are endless. If you love technology, learning the secrets of Internet marketing could be an excellent tool to bring to work. If you are the hands-on type, learning how to take on a facet of production could allow you to boost capacity without paying another company for help.

7. Target a bigger fish.

There comes a time in every successful business story when a small company is doing a better job than the big one with all the clients. If you notice this situation in your industry, take your top lieutenants and plan a pitch to the clients you believe you could serve better. The process of thinking bigger and proving that you are ready to play in the major leagues will be energizing for your team. And if the pitch succeeds, you will have no choice but to expand into bigger markets.

There are many ways to shoot for business growth in 2016. Use these seven tips as inspiration, and do not let past limitations hold you back.

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