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Your startup strategy will only take your business so far. At some point, you’ll reach the limits of your available resources. Issues like lack of people, lack of money, and dated marketing strategies will start to catch up with you. As a result, you’ll notice that your business growth begins to stall and you’ll see little change in sales, revenue, cash flow, and customer acquisition. How do you move forward when your business growth has reached a plateau?
Use BPM to Streamline Business Processes
Businesses often use business process management (BPM) when they need to reduce costs without affecting the quality of their products and services. BPM is the practice of reengineering business processes with the goal of improving the entire end-to-end workflow. As a result, you can implement cost-saving strategies like automating your digital workflow and outsourcing work that doesn’t need to be completed internally. Look for intelligent BPM solutions that will evaluate your existing business systems and create a business-wide map of your operations so you can better understand inefficiencies and bottlenecks in your organization.
Outsource Marketing to Professionals
Growing a business requires strong marketing skills. If you lack the expertise—or time—to market your business effectively, consider outsourcing this work to a reputable agency. For example, Personalized Solutions is a creative agency offering services like commercials, paid digital ads, SEO, and design solutions to elevate your brand. Professional marketing teams can offer a high return on your investment that will significantly outweigh the initial cost. Plus, external agencies offer an invaluable outside perspective on your business, helping you access creative new ideas from unbiased experts.
Update Your Brand
You don’t need to navigate a major rebranding process to give your business a fresh, modern feel. Canva.com explains that there are many ways to update your brand without changing everything. For example, you could design an eye-catching banner to place on your website and social media pages to reflect the changes you’re making to improve your business. Online graphic design tools make it easy to create professional-looking banners that align with your branding and convey a message that resonates with your audience.
Change Your Business Structure
Changing your business structure can further facilitate the growth of your business. For example, changing your business from a sole proprietorship to an LLC will offer liability protection to ensure your personal assets are safe from business-related loans or lawsuits. This safeguard can encourage you to take risks that will propel your business forward. Forming a more complex business structure like a public corporation will enable you to raise funds for your business by issuing stocks. After researching your options, you can file your business formation paperwork online through digital formation services.
Hire Hardworking Employees
You may need to hire a few additional employees if you want your business to grow. If your current team is operating at max capacity and you have the money to spend on more talent, hiring new employees could be a great move! Consider whether you need full-time, part-time, or temporary employees. You may also want to hire contract workers for specialized projects, especially if you don’t want to spend time on training. Importantly, make sure you’re prepared to delegate work to these new hires. Don’t be afraid to trust important work to skilled professionals so you can free up your own time for big-picture projects!
There is no secret strategy to growing a business. Maintaining reliable and sustainable business growth involves strong marketing, attention to business process management, targeted branding improvements, and a willingness to make changes to your business—such as your business structure—to ensure your company is set up to meet your ever-changing needs.
Looking for innovative marketing solutions? Personalized Solutions will work with you to create tailored marketing strategies that fit the specific needs of your business. Contact us today so we can discuss your needs!
Written by PS Creative Contributor, Katie Conroy
