Business growth is undoubtedly a prime target for all entrepreneurs worldwide. However, achieving this is easier said than done since business owners have to wear many hats to run effective enterprises. Additionally, they must constantly track competitors’ actions to ensure that they aren’t lagging and losing out on customers.
Nevertheless, growing your enterprise is still possible if you leverage several novel but effective tactics. Below are some trending practices you can rely on to rapidly grow your company.
Business Process Automation
Business Process Automation is an effective solution that many companies use to grow their companies rapidly. All workflows consisting of well-defined and repeatable steps can be readily automated, so nearly all paper-based tasks that require little to no logical thinking can undergo business process automation. This automation brings several benefits that facilitate company growth, including saving employees time, reducing costs, boosting productivity, and making your business operations more efficient.
Additionally, business process automation minimizes errors, standardizes processes, and delivers a better customer experience. File transfers, order entries, employee onboarding, social media management, and check writing and printing are some of the standard business processes you can automate. Leading cloud-based accounting software such as SmartPayables will come in handy when seeking the best check writing and mailing services for your company’s needs.
SmartPayables provides a wide range of accounts payable payment solutions for enterprises of all sizes. They accomplish this by offering safe and innovative technology that enables clients to outsource their check payment, document printing, and mailing effectively. Their online invoicing, payment processing, and check writing service enable you to effectively outsource all your payment processing needs. This way, clients can write, print, and mail their own checks easily, sending automated payments and bulk checks from all devices.
Additionally, Smart Payables is easy to set up and has helpful reporting features and cash management tools that give you full control of your payment processes. What’s more, business owners and large organizations can enjoy improved bottom lines and record-keeping, thanks to this online check writing, printing, and mail service.
Free WiFi Marketing
Free WiFi marketing is one of the more creative ways that retailers are using to grow their companies. This marketing strategy involves offering WiFi within your store at no cost to customers, allowing shoppers to connect using their laptops, tablets, and smartphones. You can customize your WiFi network to offer access to the entire internet or restrict access to specific sites like your mobile app or online store.
Also, WiFi users must provide information like their email addresses or access to their Facebook profiles before gaining access to the network. Therefore, you can gather customer data and other insights to create an accurate customer profile, reaching out to customers through email marketing and targeted social advertising. You can even use the information obtained from customers’ browsing behaviors and social media accounts to further personalize your content. However, finding the right WiFi marketing solution is essential to your marketing efforts’ success. Innovative marketing software brands such as BridgeLogic can help with this need.
BridgeLogic is a WiFi marketing brand that offers customer insights and marketing outreach to clients who log in to their patrons’ WiFi networks. Thanks to their user-friendly software, you can create a custom login page for your end-users to sign in to your venue’s guest WiFi through social media, customized surveys, mobile, or email. Also, you can gather essential customer data, including names, gender, contact information, and frequency of visits. This way, you can grow loyalty programs and boost revenue opportunities through analytics for advertising, marketing, and marketing automation.
Acquisitions
Many businesses are also growing through acquisitions these days, making it an effective way to take any business to the next level. Acquisitions are effective growth vehicles because many industries are fragmented, making consolidation a prudent growth strategy.
Through acquisitions, companies can secure more market shares, revenue, and labor, keeping their market dominance. You can finance your acquisition through company funds, SBA loans, bank loans, and ESOPs. Trusted financial advisors such as PCE Companies can offer more insights into ESOPs.
PCE Companies are valuation professionals and investment bankers providing top-notch advisory, investment banking, valuation, and ESOP services to customers. Their website’s article on “What is an ESOP?” offers more insights into ESOP schemes and how they operate. An ESOP is a great way to access the wealth in the shares of private companies and share this wealth among employees who helped create these enterprises. It’s a tax-qualified employee retirement plan to which an organization makes contributions of its cash or stock that’s used to purchase the enterprise’s stock.
Then, the stocks purchased or contributed are allocated to separate accounts set up for participating staff under the ESOP. These shares are held in a trust fund until workers quit or retire. Then, the shares are repurchased and returned to the organization to be distributed to other employees.
Growing a business remains possible in today’s world with the right strategies. The points above are some trending practices worth knowing to grow your company effectively.
