A business owner that is not constantly pushing for growth and expansion is going to find themselves being passed by the competition. As an industry evolves, it is up to the company and its employees to remain as dynamic as possible, and this often means thinking outside of the box. Here is a look at six opportunities business owners should be taking a closer look at.
1. Employee Motivation Opportunities
The average employee is going to be motivated by only a handful of things including monetary compensation, wanting to fit into a company, and hoping to impress peers and superiors. Monetary compensation is not always going to be practical, and this is why business owners should consider small gestures such as a handwritten note, offering them a meal, and taking a vested interest in every single employee.
2. Taking Advantage of Online Search Engine Marketing
SEO services have become an extremely important option for business owners, and one that many are not taking advantage of. Businesses of all types and within every industry are being searched out online at a higher rate than ever, and companies with a powerful online presence, optimized web page, and great search engine rankings are going to reap the benefits.
3. Guerilla Marketing
Marketing and advertising is always going to be important, but more companies than ever are looking to creative and unconventional guerilla marketing tactics to up their exposure. These tactics can be carried out in a wide variety of ways and are completely up to the imagination of the business owner and their team. Recent options range from worldwide publicity stunts to local art installations that act as an advertising platform.
4. Comprehensive Data Metrics
When it comes to expanding a business, there is nothing as powerful as reliable and comprehensive data. Whether it is online analytics or customer research firms, it is vital for all owners to use the tools that they have at their disposal to get a better idea at what is and is not working in their own company.
5. Customer Loyalty Initiatives
The chance of selling to a new prospect is often as low as 5 percent while the prospect of selling to an existing customer is generally around 65 percent. This is a statistic that should radically change the way we approach our business strategy. Shouldn’t business owners be thinking “I need to find some way to implement customer loyalty focused initiatives in my business”?
While often overlooked, business owners should always be rethinking their options to improve customer loyalty including initiatives such as a point system, VIP benefits, referral bonuses, and partnering with other companies to expand rewards. Plastic Card City offers products and services that can be a means to achieving a higher level of business success. Click here to learn more.
6. Multiple Tax Write-Offs
When it comes to the end of the fiscal year, every should be thinking about tax write-offs. Taxes are going to make a huge dent in one’s profits, and utilizing write-offs could help assuage these expenses. The most common write-offs and deductions include advertising, office supplies, training, interest on business loans, and legal expenses.
A successful business is all about sustainable growth, and this means taking a fresh look at each and every component of a company ranging from marketing and taxes to targeted demographics and office expenses.