September 21st, 2022

Grow Your Business

Key Areas to Improve as You Grow Your Business
​While you may want your small business to remain small, you also want to grow so that you can better support your family and look ahead toward retirement. However, it takes more than simply hard work to build a business. Today, we will look at a few key areas to keep in mind when you’re ready to expand your enterprise.

This is just one of many free resources brought to you by the marketing professionals at Hayford Marketing.

Business Structure

There are many different types of business structures, including sole proprietorship, partnership, corporation, and LLC. There are benefits and drawbacks to each, but if you want to grow, you probably want to move from a sole proprietorship to a corporation or LLC structure. It’s not a huge challenge to use a formation service and do this on your own, but you will want to research local laws. If it seems too complicated, there are plenty of legal professionals that can help you through the process.

Marketing

Marketing is how you present your business to the world, and there’s more than one way to get the word out. Start with a solid marketing plan, which might include graphic design, social media, and print marketing, such as postcards, flyers, and other visual graphics. Hayford Marketing can take care of all of your needs here. You might also wish to branch out into creating video content. To learn how to merge videos online, take to the internet. Doing a promotional video is easy when you combine your video, graphics, and images. Look for a tool/online software that lets you edit your video with all of your special moments and information.

Product Launch/Development

In addition to simply taking on more customers, many businesses find it helpful to add new product lines for different revenue streams. This starts with understanding your demographic and knowing where demand is high and supply is low, according to the Emily and Blair blog. You can use your current customer base and sales information for more insight here. Next, start adding complementary products. For example, if you currently sell custom hats, consider branching out into T-shirts and other promotional materials. Make sure that you price your work in whatever way makes the most sense to you and allows you to earn a profit while delivering value to your customers.

Competitors

Do you know who your main competitors are? If not, it’s time to follow them on social media. Your competitors not only give you something to strive for, but they also have a valuable cache of information on the types of products that your shared customer base will want.

Employee Retention

Your employees matter to your business more than you might give them credit for. Great employees are passionate, knowledgeable, and have a strong work ethic. These are the people that will help you build your business. Employee relations firm Vantage Circle also explains that your best employees have excellent communication skills and are accountable for their actions. These are all qualities that you need in key areas of your business. Plus, long-term employees get to know your customers, and they may be the reason that some continue to come again and again. Treat them well, pay them fairly, and listen when they have suggestions.

Growing your business is exciting, challenging, and rewarding. But, it takes more than hard work alone. To get your business to a higher level, take steps such as restructuring, elevating your marketing strategies, and treating your best employees with respect, and you will soon see your efforts pay off in a bigger bottom line.

Call 614.273.5303 to contact Hayward Marketing today and get started on your new website, add, or brand.

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