4 Strategies for Growing Your Business

Set up good processes and systems

How can you make your business streamlined and efficient? What can you automate to eliminate time spent on redundant tasks?

We all know time = money. And, yes, this takes time and work to get set up, but once it is done, you have exponentially more time to spend on tasks that are more important and can’t be automated.

Start by writing down your processes and then go in with a fine tooth comb to analyze what can be better and what can be hands-off & automated.

For example, an email that goes out to prospective clients when they submit a quote.

Have a great way of getting paid

Getting paid is essential to running your business. You don’t want to spend time tracking down payments to ensure you get paid, and equally importantly: on time! It can also be a mental drag to chase down payments. 

Depending on your business type and model, this is a task that has the potential to be automated! There are many third party payment processors that you can set up to bill your clients or customers. They come with a fee (usually a % of the sale), but I like to think of this fee as the cost I pay to not have to track down payments. These third party processors also keep your sales organized should you have to go back to a past transaction or are trying to reconcile your sales to your books. 

Stripe, Honeybook, Square, etc. are all popular choices for a third party payment processor.

Review your financial statements

It is so much easier to grow your business when you have the numbers to direct the choices and decisions you make.

Knowing your sales is a great place to start, but knowing your profits is even better. Selling thousands of dollars worth of your services or products each month is great, but if you don’t know how much of those thousands you actually can take home at the end of the month then that information isn’t relevant to the growth of your business.

Expenses vary and your sales will vary, so it is extremely important to know how the money coming in and going out of your business shapes up at the end of the month.

Your financial statements will give you all this information and more! If you need help getting started, click here to get in contact with us!

Know your value

You’d be surprised at how many people will pay more for high quality. Pricing yourself too low can #1 reduce the amount of profits you could be generating and #2 turn potential clients/customers away because they think low price = lower quality. There is marketing & strategy when setting your prices, but of course you need to ensure the value fits the price point.

If you charge a flat rate and not hourly, make sure you track your hours at the beginning to ensure you are charging an appropriate amount. That way when your next project or client comes, you have a better sense if you gave them an accurate quote that aligns with your targeted hourly rate. 

You never know what your potential clients/customers' budgets are, so don’t diminish your worth and price yourself lower than the value you provide is worth.