Business Growth Practices That Every Executive Should Implement Right Now
Running a business involves a skillful balance between experimentation with new techniques and the use of tried and true practices. Discovering what works best for your organization requires trust, risk-taking, and plenty of patience. While there are massive differences between industries, some growth practices can apply—and should be used—by all business owners across industries.
Curious as to what some of these proven strategies are? This article shares the habits and approaches all business executives should implement right away.
Utilize the expertise of one (or more) project managers
For those who are unfamiliar with the role, Northeastern University defines project managers as those who are “responsible for planning, organizing, and directing the completion of specific projects for an organization while ensuring these projects are on time, on budget, and within scope.” Skilled project managers are often supremely organized, incredibly motivated, and high-achieving.
Whether you hire a freelancer or permanent employee, having someone who is dedicated to helping you with large projects is a fantastic way to move your business forward. Once you’ve scaled your organization and have multiple departments, project managers will be even more necessary for the timely completion of critical initiatives.
Evaluate and upgrade your accounting practices for long-term financial health
It’s worthwhile to regularly assess your bookkeeping and accounting practices. Ensuring long-term financial health as your company grows largely depends on having the proper tools to give you essential data. This will look different for every business depending on current progress and needs.
For example, if your goal is to move to a mid-sized market, upgrading your software is likely the best place to start. All business management and accounting programs should be easy for your staff to use. They should also provide ERP functionality without the headaches. QuickBooks Enterprise is a highly recommended software that does all of this (and more). Their robust program can also integrate across workflows, provide advanced reporting, and manage your inventory.
Join your local Chamber of Commerce
Local Chamber of Commerce organizations work to support small businesses in the community. They achieve this goal by allowing business owners to represent their companies at networking events, by providing advertising, and by offering free marketing opportunities.
Nearly every region in North America has a Chamber of Commerce. Membership fees are often quite reasonable, and allow you to establish a presence in your community. Regular participation in Chamber of Commerce events can also help you build trust and credibility, earn word-of-mouth referrals, and steadily increase your revenue.
Incorporate your business
With growth will come the need to revisit your business structure. If you’re still running as a sole proprietor or partnership, incorporation should be at the top of your agenda. The benefits of incorporating are pretty significant. You can enjoy asset protection and certain tax advantages, as well as the opportunity to raise capital with investors. As a corporation, you’ll also project a more professional image.
Outsource essential duties
Meaningful growth is impossible without outsourcing. Trying to accomplish everything on your own is time-consuming, and it draws you away from the tasks that will allow you to scale your business. If you are still handling responsibilities such as social media, answering customer service-related emails, phone calls, or accounting duties, now is the time to find experts who can take these tasks off of your plate. Some remote workers have a multi-faceted skillset, so look into bringing on a virtual assistant.
Construct a solid marketing plan that makes sense for your business
Do you currently have a detailed marketing plan? If not, create one ASAP. Constructing a solid marketing plan that aligns with your short- and long-term goals will help you reach your objectives much more quickly. Be sure to include your budget for advertising and other marketing initiatives. Consult with a marketing and branding expert for guidance on creating a plan that works for your needs.
Executives are always looking for the latest hack or secret to achieving unparalleled business growth. However, some of the most effective tactics (like the ones above) have been in use for decades.
Adam Taylor left his corporate jobs to work as a freelancer, chasing a balance between the work he loved and the life he wanted. He's been on a mission to work on his own terms. He's taught himself how to work smarter, not harder. He's committed to separating work and home so that he can enjoy both. Now, with TaylorandNoel.com, he's sharing his best practices with other freelancers, in hopes they can do the same.