Has your year-over-year company growth come to a plateau? You might be looking into scaling up, but maybe you’re not sure where you should start. This isn’t uncommon amongst even the best entrepreneurs in the game.
In this article, we are going to touch on some of the things that you are definitely going to want to consider when making plans to grow your business over the next year. Keep on reading and find out what it is that will make you take your company to the next level.
Too Much Inventory on Hand (Or Not Enough)
If you’re in the product sales game, an eCommerce retailer, or even own a brick-and-mortar store, inventory is one of the biggest components of your business. Managing this inventory is absolutely paramount to running the business successfully.
If you have too little inventory, the problem is simple, you’re missing out on sales that you could be generating by having a product on hand. Nothing turns business away faster than having a bunch of items out of stock. No matter how specific your niche is, the customers will look for other solutions quickly.
If you have way too much inventory on hand, the problem is a little more complex. You either are overbuying and have way too much capital tied up in unsold goods or you have a demand issue.
If it’s the former, you need to try and sell down your existing stock and be more cognizant of your inventory purchasing in the future. If you have a demand issue, this could be a few things.
You might not be marketing your products well enough, and you should consider either a marketing agency to help you, or you need to expand your footprint on social media, print, or email marketing campaigns.
If you’re marketing your product well enough, and still not seeing results—you might need to consider the demand for your goods. This can be a rough process of looking in the mirror, but it’s better to do it now than pay the piper later.
Every business owner needs to consider some sort of inventory management system or ERP system to closely manage your supply chain and inventory. They can be costly, but they’re worth their weight in gold as far as visibility into your product inventory.
You Might Be Taking on Too Many Tasks
Part of the thrill of owning your own business is the ability to run every aspect of it to your liking. Entrepreneurs often wear many hats, especially in smaller companies. While this is a perk, it can also be a detriment as well.
Often wearing too many hats can hamper growth. While you’re comfortable doing everything yourself, there is always a trade-off and many times its productivity in everyday operations in lieu of working on ways to grow your company.
There is help with this these days though. You can partner with a top outsourcing company and turn daily tasks over to the hands of others, in turn taking things off of your plate. This allows you to focus on the projects that will scale the business, instead of spending time on the phone and on the floor.
There are all sorts of things that can be outsourced these days, often at a nominal expense. You can outsource customer service and returns, packaging and shipping, and even the whole sales process from start to finish.
We suggest looking into the feasibility of outsourcing for your company. You might just be able to tackle important projects that will result in more sales for the company, rather than spending all of your time running the day-to-day.
Get Your Books in Order
Any business owner that’s worth their salt knows that keeping accurate records is a huge part of running a successful company, but are they doing it in the most efficient manner?
Many business owners are buried in spreadsheets or even still using traditional paper bookkeeping when looking at their finances. These are definitely functional ways to keep the books, but they can be daunting, labor-intensive, and flat-out inefficient.
There are many different companies out there these days that offer software that keeps your books organized, but none is quite as well-known as Quickbooks. Quickbooks has become nearly a household name in the business world.
From this platform, users can not only keep simple accounts payable and receivable records, they can also generate reports, segment expenses into categories, and have visibility on true profits and losses of their company.
In addition to excellent reporting features, Quickbooks also can generate slick-looking sales orders and invoices, allowing you to invoice your customers quickly and efficiently, without having to enter data into multiple places.
If you’re looking to get your accounting system up to par and improve your overall efficiency, accounting software is almost a must-have.
Improve Your Banking Functions
We all know that banking is a large part of being an entrepreneur. Business owners need to be able to rely on their bank as if they were a partner in their business. This is why it is so important that you form a good relationship with a reputable bank.
Whether it’s applying for credit for a business loan to scale your business or trying to find the best credit check for landlords—you need a bank or service that is going to be quick, reliable, and thorough throughout the entire process.
The best banks will be transparent and guide you through everything you need to know when it comes to business banking. They will be responsive and prompt when processing loan applications or running checks for you.
Without a good bank by your side, you simply can’t run as smoothly as you’d like. Funding for your company can be paramount in the growth process, that is why you need a trusted partner by your side.
Consider Hiring Employees (Or More Employees)
Let’s face it, we’d like to do everything ourselves and keep overhead for our company at a minimum, but much like outsourcing, employees can take a lot off a business owners’ plate.
You might hire one or two people to run some of the day-to-day functions like accounting or shipping. If you already have a couple of employees, perhaps hiring a few more can scale up your velocity, allowing you to sell more products per month.
Employees can create considerable overhead, but if they are deployed correctly and the right hires are made, they can pay for themselves and more rather quickly. Good employees will allow you to delegate and focus more on scaling up your company.
Don’t get stuck in a rut this year with your growth. Start taking some of the steps outlined in this article and watch your business grow beyond your wildest hopes and dreams.
Picture what you want your company to look like five, ten, or twenty years from now and get moving today. There is no better time to start building for the future than today. We hope that this article inspired you to grow and hopefully have a bigger better business this year!
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