TMCnet Feature
December 03, 2020

4 Steps to Take to Grow Your Business in 2021

With all the financial burdens (and wild curveballs) that 2020 brought—it’s no surprise that people are looking to 2021 with greater motivation.

Evolving as an entrepreneur can be tough. That’s why it’s so important to make realistic goals for the coming year. Through some easy tips and tricks, expanding your company can be the New Year’s resolution you actually stick to.

Read on for four steps you should take to grow your business in 2021!

#1: Diversify Your Offerings

If you’ve found success through an original product or service, it may be time to expand your offerings.

Coming up with new ideas for your company isn’t easy. Production costs money and you don’t want to waste precious funding on a flop. Before you make any concrete decisions, try out these business-savvy strategies:

  • Study popular markets – It doesn’t take much work to figure out what’s trendy these days. Through social media, market trends, and word-of-mouth, it’s easy to see where business is booming. Tapping into high-demand markets will ensure greater success for any new ventures.
  • Brainstorm with your team – Hold a company-wide meeting to get everyone’s feedback on expansion ideas. This is a great way to gauge the needs of an assorted population, as long as you incorporate every member of your team in the discussion.
  • Know your audience – New offerings should not be targeted to an entirely different demographic. Build on the customer loyalty you’ve already earned, and don’t make any changes that are too drastic.

Bonus Business Resource: Use a market tracking software, like Trends, to stay up to date on what’s hot (and what’s not).

#2: Utilize Business-Friendly Technology

Few businesses succeed today without the help of technology.

Tech has made commerce more efficient and accessible. If you already have a website in place, you may want to ramp up your company’s use of technology to widen your base and improve customer satisfaction.

A few simple additions could include:

  • Faster shipping
  • A mobile app
  • Stronger social media presence
  • Interactive live chat (for questions, complaints, and customer support)

Bonus Business Resource: Compete with Amazon Prime’s two-day delivery by using a fast, affordable shipping service that’s made for small businesses—like Sendle.

#3: Invest Your Profits

Expansion often leads to more profits. Smart business owners understand that investing these profits can then lead to even more growth.

Rather than letting your assets sit idly in a bank account, look for smart, low-risk ways to invest them, such as:

  • Stocks
  • Bonds
  • Hedge funds
  • New branches for your company
  • High-yield savings accounts

Bonus Business Resource: If you’re not sure what the best investment route is, contact a money management service—like Capital Market Solutions—for trusted advising.

#4: Hire Brand Ambassadors

Brand ambassadors are modern day advertisements.

When a celebrity or “influencer” has a large following, they’re often approached by small businesses to promote their brand. Many ambassadors are not picky about products they’ll promote—but it’s also important to choose someone who aligns with your company’s values.

Spend some time researching potential spokespeople and don’t be afraid to reach out! Most mid-level celebrities will offer up their professional email for business inquiries. If you’d prefer a more casual approach, you can also send a message directly through social media.

Paying influencers per post, offering them free products, or developing a long-term partnership are common strategies for making these deals. Depending on the type of business you’re running, the technique you choose may vary.

Bonus Business Resource: Track the success of your branded content through an app like Buzzbassador. This is a great way to make informed marketing decisions and continue on a successful path.

Make 2021 The Year of Growth

You’ve already done the work to create a solid business. Now is your time to grow.

Making a safe profit is great, but there comes a time when every business owner must take a leap of faith. Expanding your company can be risky, but utilizing these helpful tips will increase your probability of success!

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