The growth of a business is crucial for its success, and even if you’ve reached a point in your business where things are running smoothly and you’re consistently ending each quarter in the green, it’s still essential for the long-term success of your business that you give thought to ways to grow, expand, and improve. Increasing revenue is the end goal, but you may have to spend some money along the way.
First, find out how you can do more with your current market. Sure, you should be focusing on getting new business, but look to your current clients and see how you can strengthen your relationship with them. The clients that are already on your list are the ones who you can count on most for revenue growth. And in most instances, you’ll find that it’s much more efficient, as well as cost-effective, to focus on what you already have, rather than try and get something new.
Second, look for ways to find new clients. Yes, you will want to prioritize the clients you already have, but there is no reason why you should not look for fresh leads. Consider various forms of marketing and advertising, and implement as many as possible. You can even speak to current clients about the possibility of referrals and word-of-mouth testimonials.
Third, network. This cannot be stressed enough: network, network, network. Work closely with others in your field so that you can mutually grow. Connect with businesses whose products and services complement yours without directly competing with them, and see how you can work together. Attend conferences and trade shows, and always think about ways to market yourself in terms of products: business cards, flyers, promotional materials, etc.
Fourth, but not least of importance: obtain the capital that is necessary for growth. Capital is simply a catch-all term that refers to the funds companies acquire in order to grow. You can obtain these funds in a number of ways: go for one or go for all, but make sure you are well-informed of the benefits and risks of each type of funding, and that your projected company growth has room to take care of the re-payment of the capital funds that require re-payment. The types of capital funding you can consider include:
Private investors: these are high net worth companies and individuals who have an interest in investing in start-ups or even existing businesses that are in need of money for required changes. You can work directly with private investors, or utilize a firm such as John Ferraro E&Y to connect you with the right people.
Silent partners: in exchange for lifetime payments that may be made monthly, quarterly, or annually, a silent partner will provide you with significant funds that you can use for capital growth.
Loans: traditional loans from banks, credit unions, or even family members or a close friend or business associate, or alternative business loans.
Your own company’s assets: if you have money or dividends tucked away, these would be the perfect solution for your need for capital growth.