By Derek Goodman
In today’s fast-paced world, it’s hard for small business owners to keep up with the constant changes and ever-growing demands of their ventures. With every passing day, there’s also an influx of new challenges that need to be tackled, but innovative solutions, breed innovative growth.
That said, many business owners would agree that a little bit of blind faith goes a long way in keeping things ticking.
Even so, with a little research and an open mind, small business owners can implement a variety of innovative growth strategies to boost their bottom lines. OneClickAdvisor.com takes a look at some of the most innovative ways to grow your business.
Hire the Right People
Indeed notes that there are numerous benefits that come with hiring outside candidates. For one thing, you’ll be able to access a wealth of knowledge and experience that your in-house team may not be able to contribute. Innovative growth comes from innovative people.
You’ll also be able to avoid hiring people who are overqualified for the tasks at hand, which can lead to higher employee turnover and decreased productivity. AI can help.
Digital Technology and Process Mining
Digital technology is undeniably one of the best ways to compete in any industry. Consider the following ways in which you could forever transform your small to midsize business with digital technology:
- Cloud computing
- Mobile apps
- Digital marketing
- Remote workers
- Machine learning
- Artificial Intelligence (AI)
- Big-data analysis
The last one—big-data analysis—is crucial to streamlining your operations. It’s key to optimize processes so employees have confidence in the systems they use and no longer need to perform redundant or repetitive tasks. This is where process mining (and, as a subset at the task level, task mining) comes into play. Process mining uses data to discover, validate, and improve workflows that benefit your entire business. Not only can you improve efficiency and employee satisfaction, but process mining can also help you increase sales, manage risk, and help you find hidden opportunities. To get started, identify potential data sources, map out a timeline, and determine key stakeholders.
Innovative tools help innovative growth. In the end, if your business is more efficient, productivity naturally increases. BeTimeFul points out that time-management tools can be a great help in keeping you in this direction and beyond.
Establish a Strong Network
While a strong online presence is essential for any business looking to grow, it’s not the only way to expand your customer base. In fact, a strong network of local and business-related contacts can help you scale your business much faster, especially if you’re looking to tap into new markets.
Collaboration Is Key
One of the best ways to grow your business is to collaborate with others. This is because partners and clients can help each other grow by sharing knowledge, expertise, and resources. This can have a big impact on your revenue and productivity, especially if your team members are located in different cities and aren’t in frequent communication.
Collaboration has a number of benefits, such as increasing brand awareness, acquiring new customers, improving productivity, and generating revenue by selling additional services and products.
B2B Marketing Is Key
Business-to-business marketing campaigns are great for growing your business, as they can provide you with several opportunities.
You can generate new business leads that can help you build your revenue
– Diversifying your revenue streams by selling additional services and products
– Getting published in industry journals, trade publications, and other publications that can help build your reputation as a thought leader
To succeed with B2B marketing campaigns, you need to think beyond the internet. This is because people don’t always use the internet when they are looking to expand their businesses. B2B marketing campaigns should also be targeted toward businesses and professional associations.
Start by identifying the people who run your targeted associations, business contacts, and other targeted individuals. You can then develop relationships with them and offer to help them with their organization and events. This may seem like a small thing, but it can have a big impact on your business growth.
At the end of the day, these keys – including strategic hiring, effective collaboration, process mining, and marketing – serve to benefit not just your business but your customers, too. And that means growth, potential expansions, and more revenue.
Welcome to One Click Advisor! We would be remiss if we didn’t give you a brief tour of the site and what it can do for you, as an owner of a startup or small business. Your challenges and opportunities can be sorted into one of three areas.
Marketing, because it brings in the customers. That requires the right combination of price, product, promotion and place.
Operations, because it keeps your customers. A well-run business pleases customers and generates steady and reliable revenue. But to be well-run, you need reliable providers.
Finance, because it is the scoreboard, and keeps everybody paid. Change the “score”, find bookkeeping help, and find capital.
The One Click Advisor Business Builder connects you with all the fundamentals. Skip the hours of research and costly mistakes…we have done the work of locating the best small business services for you.