Guest Blog: 5 Ways to Grow Your Business In 2021
Are you ready to broaden your bottom line in 2021? That’s a smart move that can help you better prepare for retirement while leaving a legacy behind, but there are many things you have to do to prepare for expansion that have nothing to do with marketing. Here are a few pieces to the growth puzzle to keep in mind:
Hire people based on past performance.
As you become more and more successful, it is only natural that you want to elevate employees who have been loyal to you into higher-paying positions. However, be cautious and deliberate with your hiring and promotion practices. When hiring new employees, always do a background check and check their references. While the references cannot go into deeply personal details, you should ask for an unbiased opinion of their performance.
Structure your business to protect your cash flow.
If you haven’t already, take the time to get to know the types of business structure you might consider before you expand. For most, this will be an LLC or a corporation. An LLC is advantageous as it comes with tax benefits (such as pass-through taxation) and allows for management flexibility — meaning you do not have to have a fixed management structure. Establishing an LLC is a simple process, assuming you understand the subtle nuances in your state. For example, here are some resources for establishing a North Carolina LLC. You can do it yourself without the expense of an attorney by using a formation service, but you will still be responsible for filing fees.
Learn how to cut costs without sacrificing quality.
It is not enough to make money when you are expanding; you have to look at ways to save money as well. Businesses such as American Express offer many suggestions, including outsourcing some tasks and eliminating unprofitable customers. Depending on your business, you can also utilize a remote workforce so that you are not paying for a brick-and-mortar location.
Get to know your customers and give them what they want.
Customers drive your business, and while many will be loyal if you provide good service, you want their loyalty to go beyond simply buying from you. By getting to know your customers and giving them what they want, they will be more likely to recommend your products or services to others. A few ways to get cozy with your customer base include using social media, conducting surveys, and paying close attention to their collective purchase history.
Know what’s being said about your company online.
We all know that online reviews are the way that people get information on which businesses they plan to patronize. Unfortunately, many business owners fail to consider that both future potential employees and investors take to the internet to see what’s being said. ETHIX360’s EyesOnline service can help you identify concerning comments across all social media platforms (Facebook, Twitter, Glassdoor, etc.) so that you can best respond either publicly or privately. In contrast, ETHIX360’s case management software, CaseTrac, is efficient and effective for investigating and resolving issues that your employees report directly to your company. EyesOnline remains a valuable tool for keeping track of the issues that are broadcasted online instead.
While this is not a comprehensive list of ways to grow your business, the insights above are often overlooked. Keep these simple steps in mind as you continue to expand and refine your operations. It’s as they say, “the devil is in the details,” and these details will help you usher in success in 2021 and beyond.
The ETHIX360 blog brings you weekly updates on all things human resources and compliance.
MEET THE AUTHOR
Tina Martin stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance. She started Ideaspired as a side project to reach as many people as possible and encourage them to put their dreams first.
ABOUT ETHIX360
At ETHIX360, our goal is simple: to provide an affordable, flexible, and comprehensive answer to employee communication, policy management, corporate training and case management on issues related to corporate ethics, code of conduct, fraud, bribery, and workplace violence.
