Jun 24, 2022
The Top 5 Strategies to Grow and Scale Your Business
You’ve recognized the pain points of others and have come up with a solution for your market. Now you need to grow and scale your business successfully.
This isn’t an easy mission as it requires entrepreneurs to stay focused, be creative, and even make sacrifices. To help you out, we’ve listed the best strategies that will help you grow and scale your business.
1. Get Organized
One of the first things you need to do is to get organized. You can start by formally incorporating a business entity and setting up a business bank account. This opens up opportunities for grants and loans that will help you finance the growth of your business.
Profiling your customers is another part of getting organized. This means having a clear picture of who your target audience is and providing that to your sales and marketing staff. As you organize and build your marketing and sales funnels, this will be very helpful.
You can implement this entire strategy in an organized way by working on project management platforms like ClickUp and Asana. This is where all your employees can work together and collaborate to achieve your business goals.
Using a customer management system like Salesforce and Hubspot will also help you manage your leads and customers well. Platforms like these can provide you with the data and insight to better navigate your business’s growth.
Overall, building your systems with your platforms of choice will help your people stay organized, and let you keep detailed records that you can use to refine your business strategy.
2. Do Your Research
Research should be an ongoing project in your business. There’s always something new to learn whether it's workflow optimization, tech innovations, or economic updates.
As you grow and scale your business, you should stay updated on the risks and opportunities that come from external factors. This includes the current state of the economy, digital marketing news, industry trends, and innovations from your competitors.
There is also much to learn about your target market. Continuous research using market reports and internal data can help you better understand your brand’s niche.
Determining your product’s most productive demographic can reward your business with longevity and a community that supports and advocates for your brand.
Your research will be highly valuable in delivering personalized messages, solutions, and product offerings to your audience. These are all helpful in increasing your revenue and growing your business.
3. Implement a Multi-Channel Approach
There isn’t one best way to promote your business and connect with your target market. As such, it’s an essential strategy to implement a multi-channel approach.
You can try short-form videos, graphic designs, motion graphics, and whatever creative media you like. This can help you develop your brand’s identity by letting your audience decide which content they like to engage with the most.
The same goes for email marketing where you can try out different ways to personalize your messages and discover which readers receive and return the most value to your brand.
Aside from that, you should also have people working on cold calling your prospects, SMS marketing, and attending live events and conferences.
You can also look into leveraging partnerships that can help you reach more people. This can be through appearing on webinars and podcasts, guest blogging, putting together an influencer program, and other ways your brand can be featured outside your controlled platforms.
The goal of implementing a multi-channel approach is to gather leads and customers to populate your sales pipeline and increase your profit margins.
Use data analytics from your multi-channel approach to discover your brand’s strengths and be able to leverage that to gain more traffic to your brand and generate more leads.
4. Leverage Tech and Talent
As digital business transformation becomes more common for businesses, more and more user-friendly technology is available on the market.
You can use this trend to start migrating your business operations to digital platforms. Doing so can allow you to operate remotely and save on overhead costs.
With digital business transformation comes practices of integrating AI and automation into your business. These practices can help optimize the way you work and can decrease the time it takes you to grow and scale your business.
Using the right tools and apps also helps you work smarter, consistently, and in an organized manner. These are important in staying focused on your goal as an entrepreneur.
Another strategy to use is outsourcing to virtual assistants. Outsourcing lets businesses tap into the global talent pool to help innovate products, content, and strategies, and develop unique and healthy team dynamics.
Leveraging the expertise of virtual assistants introduces an expansion of productivity into your business. It can also help you cut down costs if you outsource to places where labor is inexpensive, like the Philippines.
Implementing outsourcing and automation in your business can increase your productivity and profit margins, making it a worthwhile investment to grow and scale your business.
Continuous innovation isn’t only applicable to the products or services you’re offering your market. Investing time and resources into research and development can help you identify new opportunities where your business can remain competitive.
How can you research and identify new gaps in your market? How can you enter and explore new markets and industries? It’s all about staying relevant to your customers and staying competitive with other companies.
For example, Amazon was able to branch out from online retail to technology giant by building Amazon Web Services.
Virtudesk CEO, Pavel Stepanov, built Virtudesk after seeing how much outsourcing and delegation could help the agents in his former real estate business. Truly, the opportunity to innovate is everywhere, you just have to be committed to providing value to people.
The impact of automation in the business world has also evolved job roles and how businesses run for everyone. As early as now, you can start innovating new job roles for your business.
Your market researcher could be your differentiation specialist, helping you curate a unique brand experience for your customers.
There is also room for innovation in your revenue and traffic streams. Businesses can also start podcasts and blogs. This opens up opportunities for both inbound and affiliate marketing for your business.
Innovation can also be shown in your content development. As your brand evolves, so should your content.
As you use data analytics and techniques like social listening to build a relationship with your audience, you’ll find inspiration to keep creating content and products that will resonate with them and reward your business’s growth.
Harnessing your creativity as an entrepreneur, and collaborating with your team members can lead to great innovations that will help grow and scale your business.
Using Delegation to Stay Consistent
So how do you consistently implement these strategies into your business? Leveraging delegation properly can help you stay focused on your goal as a CEO, founder, or executive, while your strategies are executed by others.
While hiring more people could mean more costs for your business, every hire should be treated as an investment. To make it an inexpensive investment, you can build teams of virtual assistants to work on your action plan
You can hire an admin virtual assistant to help you stay organized and continue market research. There are also prospecting virtual assistants who can keep your sales pipeline active. Marketing virtual assistants can also help you push out high-quality content consistently.
Executive virtual assistants can help you stay focused and even manage teams as you keep growing your business. As long as you know what tasks and roles to delegate, you can find a virtual assistant to outsource it to.
If you’d like to grow and scale your business with the help of a virtual assistant, you can fill out this form and one of our Consultants will get in touch with you.
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