Even though COVID-19 has put many businesses in financial binds and in some cases halted their revenue, the economy will start up again soon. When it does, you will want to be in a position to expand your business and make sure 2020 turns into a great success. Even if you can’t make it all happen just yet, you can map out a strategy to make it happen when the time comes.
Use Up-To-Date Talent Recruiting Services
Growing your business always takes having tremendous talent in all departments, but it isn’t just who you hire, it’s how you hire them. Some businesses are big enough to have the HR personnel skilled in talent evaluation, but even smaller businesses can compete now with the kind of talent recruiting services available online today. For example, resume match services like ZipRecruiter save a lot of time spent sifting through hundreds or thousands of applications and resumes. These platforms use AI powered tools to help bring talent to you instead of you having to scour the web looking for it.
Invest In CRM Services For Sales And Customer Retention
Customer relationship management (CRM) software has become more widely available, yet there are still so many businesses who don’t use it. Yes, there can be some learning curves that come with it, but it is a great way to keep everything related to online sales and marketing all in one place and keep your sales team engaged. CRM often encompasses the scope of email marketing, social media engagement, website click through leads, and other direct marketing services. It’s worth looking at a number of CRM products to see if your business could benefit from one.
Have A Strategy For Increasing Your Cash Flow
Also very important in growing your business is having more cash flow to do it. One way to make sure you’re getting more cash coming in is to be persistent about billing customers and setting hard deadlines for accounts receivable invoices. If you can’t get all your invoices paid right away, you might try using an invoice factoring company who can pay you an advance for invoices set to be due soon. For larger business investments and expansions, consider ways to bring on investors or raise capital through small business loans. Just make sure to compare lenders using a comparison site like Lantern Credit that matches your business needs and qualifications with available lenders so you can see rates and terms before committing to one.
Invest In The Right IT Infrastructure
If you’re expanding your business soon and opening more physical stores, offices or warehouses, you’ll need to make sure they’re all reliably connected. That means investing in quality IT service and infrastructure that will maximize data flow, keep your business connected to the internet, support high traffic online and keep communication secure. This can be done by installing physical networking equipment or having a cloud-based networking system to store data in. IT infrastructure can be expensive, but where revenue potential is high, the ROI of the infrastructure can be higher.
The bottom line is growing your business always takes assessing where it is today, and sometimes adjusting your current business plan. But even making a few small investments now and getting to bigger investments later can grow your business rapidly within the fiscal year.