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Growth Planning & Strategy

Entrepreneurial Growth: Taking Your Business to New Heights

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Running a business, especially a smaller one, is a challenging task. There is a myriad of things that can go wrong, and you have the entire responsibility of making sure those problems are rectified. You’re also responsible for ensuring the growth and success of the company, as well as the happiness and wellness of your employees. With all these weights on your shoulders, sometimes it can feel impossible to move your business forward. Follow our guide for some tips on making those important steps, and to help alleviate some of the concerns that have been slowing down that potential growth.

Get On Top of Your Social Media

Everybody has some level of understanding as to the power of social media, and its importance in the world of business and marketing. If you’ve not got a handle on this, you’re likely going to struggle to attract more customers or clients. First, identify exactly which platforms your target audience frequents and focus your efforts there. If you’re entirely business to business, platforms like LinkedIn are your best bet. For customer-sustained businesses, you’ll want to put your efforts into developing your Instagram, Facebook, and Twitter pages, complete with appealing digital designs.

Essential Hires

Building the right team and hiring the best consultants and experts is incredibly important for the progress of your company. Following on from the previous section, you’ll want to hire a qualified, talented social media manager, who can improve the quality of your posts, and boost your reach greatly. You’ll also want to invest in some expert external assistance, in both the legal world and finance. For a start, if your business handles insurance, mortgages, or credit, you’ll want to be authorised with the Financial Conduct Authority. In turn, you should find yourself an FCA compliance company like Scott Robert who can help to ensure you’re doing everything by the books. The last thing you want is to end up in breach of those regulations. Similarly, you should hire either an internal accountant, or outsource to a professional accounting firm to help keep your budgets and finances in check.

Do Your Research

Don’t forget to keep checking on your competition and analysing the marketplace. Most markets fluctuate constantly, and the high risk of competitors seeing these changes and new opportunities for innovative changes, can be devastating. Keep on top of your industry and don’t let that dedication slip. To continue growth, you must be a leader in your industry so make sure you have a keen eye on everything relating to your products and services.

Nurture And Inspire Innovation

Many business owners can suffer with tunnel vision, especially when they’re emotionally and financially invested in their business idea. Shutting other people out and ignoring advice from your team is not productive or smart. A good leader is genuinely open to suggestions and should take note of the concerns of their team. Open dialogue via whole team meetings and encourage everyone to speak their minds without fear of punishment. You might find that this openness leads to some incredible innovation within your business. Reward those that come up with better ways to do their job, and ways to improve your business. Your team will also feel more dedicated to the success of the company, improving productivity and loyalty.

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