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Iceni Magazine | April 24, 2024

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How To Take Your Business To The Next Level

How To Take Your Business To The Next Level

It’s not uncommon for business owners to feel trapped from time to time.

Sales are levelling off, it’s difficult to find personnel to staff up, or you simply feel stuck. When this happens, you may want the assistance of a fresh pair of eyes to help you re-energize and grow your business. You may want to go global with your business, or need to relocate it to help it reach a new audience. Relocating is great but requires work like having warehouse clearances and seeing if employees will move with you.

Reach out to customers in multiple ways

If you are a retailer with no internet presence, consider creating a web store as an additional means of capturing sales. Consider an email campaign if you’ve collected enough consumer emails to maintain your message in front of your customer base. Also, don’t overlook social media.

If you exclusively sell online, consider a direct mail campaign that includes a catalogue of your greatest selling to reach out to new potential customers. You will be able to identify how to best spend your marketing money after testing a multichannel approach depending on which channels were most effective in meeting your sales goals.

Look for employees who are eager for a second opportunity

We frequently hear that firms wish to advance but are unable to do so due to a lack of staff. Investigate opportunities such as “justice involved” individuals, who have often obtained training certification while incarcerated. They are looking for entry-level positions, are eager to work, and may be motivated to “show up and deliver” because they must report to probation/parole officers.

There may be additional incentives for businesses to hire these individuals, such as tax credits, and there are assistance programmes to further develop these new workers.

Investigate your numbers thoroughly

Accounting software should be used by a well-established organisation. What else can you measure if you’ve mastered the fundamentals? Investigate your inventory turnover and cash flow. Now is the time to start measuring your business and using metrics to propel it forward.

Create and leverage robust cybersecurity

Businesses must plan and build their cyber infrastructure not only to be ready for the next threat, but also to position their organisations to capitalise on the opportunities presented by a strong information security posture. The deluge of letters sent to small business owners underlines the ongoing threat that harmful software and cybercriminals pose to the security of their digital data.

Businesses must now challenge themselves to harden their information security architecture, positioning and strengthening their firm to meet the demands of larger corporate and government institutions. Consider information security as an investment in growth rather than a defensive measure against a threat.

Make strategic purchases

You expand a firm by reducing costs and boosting earnings. By acquiring small businesses that provide ancillary services, you not only control the cost of your primary business, but you also gain the clients and customers of those ancillary businesses—not to mention the introduction into new areas of business or industries that you did not previously serve, through a partner they have grown to trust.

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