Business Guidance

5 Tips for Growing Your Business

Growing your business doesn’t happen overnight. The success of your business depends on your efforts to grow sales and profits using multiple methods. From personnel development to social marketing, every aspect of your business requires attention. It takes quality time and energy to start reaping the benefits to see that your effort is worth it. Below are five tips to consider if you want to see growth in your business.

Focus on Personnel Development

The quality of employees that you hire will determine the success of your business. Building a strong and motivated team is the key to make sure that your business prospers. To have motivated employees who work hard and smart, you will need to give them a sense of purpose. Employees should not feel like they are just a number and have to work for the sake of working. They want to belong to something bigger than themselves and it’s important they must understand the bigger goals. This is where a team culture comes in. A strong team culture will help you to draw quality workers to your business.

Your employees need to feel that they are heard. There are many team-building activities that you could implement to help them perform better as individual employees and through collaborative exercises. In addition, it can be beneficial to send them to training seminars so that they can improve and assist you in your business growth.

Better Understand Your Clients

In order to develop products and services that will be in great demand, you must be attentive to the needs of your clients and prospects. One way to figure out what your clients want is through research and surveys. You should be regularly encouraging them to provide honest feedback. Surveys are good ways to get inside the thought process of your clients. This makes it simpler for you to develop products and services that are relevant. Also, it helps you learn the areas in which you need to improve in order to grow.

Incorporate & Improve Social Media

Social media is an extremely powerful mechanism that reaches out to the masses with minimal effort. It is important that your business incorporates social media to stay relevant to the marketplace. Listening to your clients and prospective clients and reading their comments will give you a better idea on how to improve your business. Having a better understanding of your clients can help you find a way to meet their demands. If you receive negative comments, don’t get into a war of words. Keep comments positive and make everyone feel that they are heard.

Corporate Social Responsibility

It’s important that your business have something it is passionate about. Supporting a philanthropic cause can help improve the image of your business. People often patronize a business because they know that the money they are spending helps a good cause. It’s a win-win if your business exists for more than just making money. Today, people want to feel emotionally connected to the companies with whom they do business. Is there a special cause your company wants to support?

Business Loans

If you are starting a new business, you need money to fund it. The same thing is true for an existing business that has decided to grow to the next level. When you are in need of a business loan, do your research and reach out to a couple local banks so you can find the best fit for your business. The process will include filling out the application forms and providing all the required documents such as business or strategic plan, personal financial statement, tax returns, etc.) It is also important that your credit is in good standing so your application has a better chance to be approved.

Try implementing one or all five of the tips above this summer to help grow your business. If you’re ready to grow your business, the Univest team is here to help.

 

Univest Bank and Trust Co. is an Equal Opportunity and SBA Preferred Lender.