Good Growth: Tips and Adjustments for Growing Your Business

For startup or scaleup businesses, finding ways to grow and expand is rarely straightforward. In this article, we’ll look at a few of the simple methods that can help you to develop profitable opportunities. Whether you’re looking to utilize data analytics, implement process mining or simply revamp your marketing efforts, a small change is often all you need to get the ball rolling.

Strategic Partnerships

Strategic partnerships typically involve the sharing or transaction of resources between companies with the aim of mutual benefit. This is most commonly cooperation carried out between multiple non-competing businesses to aid in the acquisition of new customers, broaden service offerings, share key data, and more. The success of a strategic partnership is dependent on multiple factors, including alignment on objectives and effective communication.

Hiring Key Personnel

For a growing business, there are few variables that affect the outcome as directly as the individuals you hire. Depending on your company’s goals, you may want to consider hiring a CTO (Chief Technical Officer) to help implement technical innovation within your company, a sales manager to help you generate new leads and appeal to new customers, or even a business development manager to help identify new business opportunities via sales, marketing or other departments.

Process Mining

Process mining refers to the refinement of operations to help you automate and optimize workflows using data. This is a method that can help you to discover, validate and improve your daily process to benefit the business as a whole - resulting in increased sales, mitigated risk and new opportunities. Getting started is easy once you’ve identified data sources, mapped out a timeline, and determined your key stakeholders.

Forming an S Corp

There are a number of reasons why an S corp business structure can help grow your business. S corps are exempt from corporate income tax, meaning that any profits generated by the business flow directly to the shareholders. This can be a major advantage for businesses that are looking to reinvest their profits back into the company. In addition, S corps offer greater flexibility when it comes to distributing profits and losses among shareholders. This can be helpful in managing taxes and minimizing liability. If you’re starting an S corp in Florida, the process requires five distinct steps including choosing a registered agent and filing your Articles of Incorporation. 

Competitor Analysis

A rigorous competitor analysis can help you to better understand your value proposition and provide insights that may help you to develop your product/service range or make price adjustments. The importance of this action is often reflected in your sales and marketing strategy as you identify gaps in the market, uncover trends, and adjust branding to better suit your customer demographics.

Search-Engine Optimization

Search-Engine Optimization or SEO refers to the processes that can improve your rankings on search engines such as Google, thereby increasing visitor traffic. This is one of many ways to passively generate leads/customers and otherwise grow your business. Optimizing your site for search engines often requires you to make adjustments to the site itself. If yours is custom-built, work with your developers to make changes, such as sharpening its interface or reducing image sizes. If you’ve used a site builder, many SEO tools are built into the editing tool so you can change them manually.

Data Analysis

Learning to clean, process, and analyze data is key for any business operating in the digital space. From data sets that you have bought or harvested, it’s possible to extract actionable information and deeper insights into your customers and their habits. There are unlimited benefits to this process and by harnessing data you can often improve your decision-making and understanding of the market.

Partnerships, key hires, process mining, forming an S corp, competitor analysis, SEO, and data analysis all have one thing in common - they help your business to grow. Ensure your company remains agile by implementing some of these pivotal solutions.

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