If you’re like the majority of entrepreneurs across the globe, you probably find that your everyday work life is taken up with juggling the many operational tasks which are involved in running a business. As a marketer, you’re also probably ahead of many people when it comes to getting your brand name out there and bringing in new leads regularly.
However, if you really want to grow your venture and enjoy the kind of success you have been dreaming of, you must also concentrate on other ways of growing your business, so that it doesn’t end up stagnating. Read on for some key tips you can follow today to increase revenue and meet more of your organizational goals.
Get a Cash Injection
One of the first things you may want to do to grow your marketing venture is source additional funds. If you want to take on new staff members, expand the locations that your business trades from, attend a key event, target another demographic, or develop a new service, you may very well need to get a cash injection.
Keep in mind that a bank loan isn’t the only way to go about doing this. While you can certainly approach banks for funding, you might also want to consider other (often easier-to-source) options such as utilizing a business line of credit, tapping into alternative online lenders, crowdfunding, contacting the Small Business Administration (SBA), or even partnering with investors.
No matter which path you go down, just make sure you conduct research to locate the best solution for your organization’s needs. Only consider lenders or investors who have a solid reputation and who have been in the market for a while; and make sure you read all the fine print to ensure you understand the terms and conditions involved. Put your paperwork together (such as trading history, sales projections, tax returns, and the like) so that you can help yourself to get the best deal too.
Surround Yourself With a Good Team of People
Next, if you’re currently running your business as a solopreneur or only have a very small team, it is important to think about finding ways to surround yourself with a team of people who can assist you to grow your venture. While you might start off doing as many tasks as you can to save funds, if you want to build a bigger business you will have to delegate more and more work over the longer term.
While it’s helpful to have employees you can train up and who can really develop a thorough understanding of your organization and its customers, it is also easier than ever to outsource particular tasks to contractors, freelancers, and other businesses. If you don’t have the funds to hire staff members, then make sure you look into who you can hire to handle particular jobs for you. This will free up your time to concentrate on bigger-picture, more strategic planning and execution.
In addition to building your team of workers, it also pays to find mentors and advisors who can be “in your corner” and give assistance as required. Having people you can turn to when you need emotional support will help you keep going when times are tough (and all entrepreneurs have these challenging times at some point); and it will give you a safe space to vent and talk about your worries, so that you don’t accidentally go off on employees or customers.
Mentors and advisors can also provide invaluable advice on topics such as finance, marketing, sales, human resources, customer service, and administration. They can help you to come up with innovative solutions to problems, notice new opportunities or protect yourself form potential threats, streamline processes, cut costs, and much more.
Spend More Time Selling
Another great way to really get your marketing business thriving is to spend more time selling. As an entrepreneur who has what probably feels like a million tasks on your to-do list, it’s easy to overlook this area, but don’t forget that you do need to constantly keep working on bringing in new leads and converting them to sales.
Keep in mind that you don’t necessarily have to handle this area yourself, if you really don’t understand the process, feel too lacking in confidence to do it well, or think that your talents would be better served on other things. You can engage your team members in the area of sales on your behalf, or outsource the service to specialist contractors or firms who do this work day in and day out.
No matter who you get to concentrate on the sales process, just make sure that people are picking up the phone, sending emails out, following up with contacts and customers, arranging meetings, attending industry events, and networking in other ways. It is also wise to put firm KPIs in place so that the results of sales activities are tracked and measured. This is the best way to ensure that things keep improving.