Follow these strategies to speed up your ascent to success.
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1. Be specific about your business plan
Every great business started out as a small business. Making this transition requires growth, and growth requires a strategic approach. It won’t happen on its own.
A detailed business plan with specific, well-defined goals is the most basic growth hack you can pursue. Specificity really matters. Make sure your goals are measurable and make them as specific as possible.
“Becoming the dominant supplier of industrial cabling in Victoria” is not a specific enough goal. “Doubling our 2020 revenues for industrial cabling” is much better. And that may require equally specific sub-goals: “To become the top ranked supplier on Google for the top 5 searches for industrial cabling.” “
It is also crucial to make sure that you adjust your plans as the markets move. You need a 5-year plan, but you also need to revise it regularly.
This may require major changes when unexpected developments occur (pandemic, anyone?). As legendary investor and business creator Warren Buffet once said, “If you find yourself in a chronically leaking boat, the energy spent on changing ships is likely to be more productive than the energy spent. repairing leaks.
2. Use business financing to grow faster
Having a plan is a crucial start, but having enough capital to execute that plan is often a major hurdle. This is especially the case for companies, which have less liquidity than their biggest rivals.
45% of large companies had enough cash to operate for 6 months or more, according to May figures from the Australian Bureau of Statistics (ABS). For medium-sized businesses, that number drops to 27%, and for small businesses, it is only 24%. And that’s just for ongoing operations. Expansion requires even more capital.
This is where a business loan can often make sense, opening avenues for growth by removing capital constraints.
This was the experience of Kate Tomlinson and Tom White of White Clover Music, a full service wedding and concierge music provider. Deals grows fast, but because clients wouldn’t be billed until after the wedding, cash flow was limited. The duo turned to Moula for funding, and one of the main draws was the speed of the process.
“Since we are so busy working and making more money working than negotiating the terms of a loan, what mattered most was the fact that we could just call Moula, give access to our data. Xero and make it clear that the payments were in our future, ”White said. Explain.
3. Outsource administrative tasks that waste precious time
Running a business takes time. With so many competing demands, it doesn’t make sense to spend hours doing basic administrative tasks.
Take advantage of freelance platforms such as Upwork, Fiverr, Airtasker, Freelancer and Design Crowd. These allow you to outsource tasks without the ongoing expense of hiring full-time employees.
These platforms are an obvious choice for one-off tasks like designing a website or creating marketing materials. But they’re also worth considering for routine tasks that you need to do on a regular basis, such as consolidating reporting data.
4. Build a professional support network
Beyond these occasional resources, most small businesses depend heavily on the enthusiasm of their employees. But if this is a vital resource, then you should also supplement it with advice from experts who don’t work for your business: accountants, financial advisers, finance providers, and other third parties.
Outside resources can offer a new perspective that may not always be apparent when working in the trenches. It should also be remembered that in today’s competitive job market, staff loyalty should not be taken for granted.
Gartner research shows that only 9% of Australian workers are ‘engaged’, meaning they have every intention of staying with their current employer and are willing to make ‘a high discretionary effort’. Treat your staff well, but be sure to call on other resources as well.
5. Use social media growth hacks
Social networks have become a major driver of business activity. 81% of Instagram users actively search for products and services using the platform. Maintaining visibility on Instagram, Facebook, TikTok, and other platforms can expose you to whole new audiences.
That said, establishing and maintaining a presence on any social platform can be time consuming. One option is to hire freelancers to help you out (as we discussed in hack # 3).
Another sensible option? Make sure that if you are paying for social media marketing, you take advantage of geo-targeting options where appropriate. Especially if you are selling physical goods and services on premise, restricting your reach can make marketing much more effective.
The information provided is only general advice and does not take into account your individual needs, goals or financial situation. Consider the product information and your own situation before making a decision. Compare your options and get advice when in doubt.
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