As a small business owner, you’re likely ready for growth. But, what are the next steps to take? And how do you grow sustainably? Today, we touch on just a few tips to help you turn your success from a dream into reality.
Start with updated marketing
Make sure your marketing reaches your target audience and resonates with them. It may be necessary to update your social media presence, website, or other marketing campaigns. Work with a dedicated agency to create unique materials using drone photography in your promotional videos. Drones can give your clients a unique perspective on your brand to generate leads and sales that will act as your foundation for success. Plus, firms like AP3 have the equipment and experience to help you tell your story.
Boost your business knowledge
If you’re serious about growing your business, consider going back to school. If you already have a degree, consider an online MBA program to expand your knowledge base so you have the tools you need to take your business to the next level. When evaluating an online MBA program, look for a school that offers scheduling flexibility as well as affordability to pave the way for success as you juggle coursework and your growing business. Also, look for a program that allows you to earn your degree in as few as 12 months, and that covers the foundation of everything you need to know about strategy, marketing, accounting, and leadership.
Seek additional funding.
You’ve heard the saying, it takes money to make money. This is true in business, and especially when you’re ready to expand. If you don’t have enough money in savings, you may need to apply for grants or loans. Keep in mind, however, that lenders will likely look at both your businesses and your personal financial information, starting with your credit score and history. The Small Business Administration offers more information on how to fund your business.
Reduce to expand.
Sometimes, it’s necessary to trim the proverbial fat before you can expand your business. If you have a product line that’s not performing as well as others are, consider letting go of the things that aren’t profitable and that your customers may not truly want. The Accounting Department website explains that you have to take a look at everything from your total costs to employee morale before discontinuing a product line.
Ask questions.
One of the best ways to know if it’s time to grow your business is to ask your customers what they want and need from you. You may find that there are many unrealized opportunities. For example, if you’re a small grocery store, your customers may like to see a full-service meat counter or bakery in addition to stable and refrigerated foods. Create a survey once you’ve identified your goal and target population.
Buy another business.
To fast-track your business expansion, consider investing in an existing business that complements your own. Doing this might be one of the most expensive ways to grow, but you may have instant equity. Plus, you’ll have access to the existing business’s customer base and marketing materials. There are many online resources where you can review businesses for sale, including BizBuySell and BizQuest.
Don't postpone the growth of your business any longer. While it might seem daunting, venturing beyond your comfort zone could be the most effective path ahead. Whether you opt to pursue further education, embrace contemporary marketing techniques like drone photography, or consider acquiring an established business, a multitude of avenues exist to propel your business toward success.
Contact the Hudson Valley’s photo specialists at AP3 today to see how aerial drone videos can completely redefine the landscape of your marketing efforts.