Financial Strategies to Grow and Expand Your Business for 2020

by Amanda Pestana

Maybe you are researching business ideas before deciding to open one, or maybe you opened your business and feel stuck. You want to grow the finances of your business, but need some direction on how to do so. Here are a few things to take into consideration:

  • Operations

  • Low-cost Investments

  • Marketing Tactics

Operations are the core of your business. It is the heart that keeps your business thriving and vibrant. How you manage the operational department and the people that execute these functions are vital for the success and growth of your organization. It is also an area that continually needs fine-tuning, updating, revitalization, and renewal.

If you are an owner that is involved directly in the operation of your business, I would recommend taking the time to analyze your work and your step-by-step process. Please discuss with your clients' areas that they feel could be improved. If you have employees working for you, ask them directly how they think the business operation could be improved. Are there new platforms that would facilitate the operational part of one of your departments? Are there particular technologies that could cut-time of production, allowing employees to focus on other aspects of the business?

For example, outsourcing or white labeling services to other businesses facilitate the expansion and growth of your operation. Let's say you own a photography business. Your clients love your work; however, they believe it takes way too long for them to receive their images. The reason it is taking too long for them to receive their images is that part of your operation includes marketing. You need to prepare pictures for your business marketing campaigns and showcase client images to attract additional clients. Therefore, it takes an extra 10 hours per week to focus on the marketing aspect of your business.

These 10 hours of your operation, if redirected towards your clients, would help increase client satisfaction and client retention. By outsourcing to a marketing firm, or hiring a freelancer, or hiring a marketing expert to work part-time, you would increase client satisfaction, attract more clients, and also you will probably be happier focusing on the things you like to do the most.

Many times solutions to our problems are more straightforward than what we imagined - many times by redirecting our focus and freeing up our time to spend it on the areas of our business we love the most increases the horizons of our organization.

Low-cost investments that could help your business grow are the following:

  • Diversifying the services or products you currently provide

  • Adding a new product or service

  • Identifying cheaper solutions that maintain the value of your service or product

  • Partnerships with other businesses

  • Investing in specific marketing campaigns that bring results over time

  • Training and Learning Material

  • Reading

You would be surprised how much reading can change your business. Recently, I was given a book called "Big Idea Food." This book has completely changed the way I manage and operate my businesses.

Finally, focus on marketing tactics that work for your business. Many times word of mouth is the most undervalued form of marketing or the one people rarely speak about, but it is the most effective and low-cost marketing out there. Business recommendations and people talking about your business services are more valuable and lucrative than another marketing tactic out there, why? Because people trust the one that is recommending the business to them. For example, Chime is an online banking and app system that actively encourages its clients to recommend their bank to one another. They will pay 50 dollars to each friend for recommending the bank in addition to providing $200 in payroll or more to their clients and their friends for signing up. The marketing team of this bank truly understands how important it is for friends to talk to each other about a service, a business, or a business experience.

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