By Tom Ollerenshaw
The small and medium sized business market boasts a slightly contrasting and confusing nature at present, as while the number of SME’s with viable growth plans has increased from the corresponding period last year this is still lower than during the second financial quarter of 2015. The result of this is that a total of 40% of entrepreneurs now want to expand and extend their business in the coming months, as they look to capitalise on economic growth and positive sentiment.
Identifying 3 key areas for business Growth
While entrepreneurs may have a desire to grow their ventures in 2016, however, it is crucial that managers’ identify the strategic areas of their business that drive expansion. With this in mind, here are three key growth areas that demand careful management: -
The Reduction of operational costs
When attempting to increase profitability, it is tempting to focus almost exclusively on sales and marketing drives. Operational costs are deceptively important when it comes to maintaining and increasing profit margins, however, as these have a direct impact on the bottom line that remains at the end of the financial year. It is therefore crucial that you focus on managing and minimising costs, initially by parenting with the type of energy management firm featured here to reduce consumption. You can then apply the same process to reduce any manufacturing or unnecessary labour costs that are integral to your firm.
Modern SEO and social Media Marketing
Marketing is arguably the seminal aspect of growing your business, as it drives sales and underpins brand identity. When managed carefully, it can also have a relatively low cost-base and turn your brand into a globally accessible and renowned entity. The key to your success lies in implementing viable SEO techniques, which in the modern day are driven by relevant and high quality content that engages customers. Social media marketing is also an important consideration, as this is a low cost and integrated technique and that optimises your reach within a chosen market.
If you are to achieve anything as an entrepreneur, you will need to rely on a talented and motivated body of staff. Without incentivised employees, productivity will suffer and you will struggle to optimise the investment that you make in the human capital that drives your business. The main thing to remember is that modern-day employees are increasingly motivated by factors other than their annual salary, with flexible working directives, purposeful benefits packages and personal development goals also highly desired.
About the Author
Tom Ollerenshaw is a content writer based in the UK, with a degree in Digital Marketing. Tom enjoys writing about new business strategies and provides articles for a number of organisations in the UK.