Growing Your Business

Want to grow your business while still managing your resources, maintaining profits and enhancing your brand? A scalable growth plan is the way to go. With a scalable growth plan, you can take measured steps to manage growth, so that your costs and efforts decrease (or increase marginally), while your profitability increases. Take a look at the recommendations below to see how to make that a reality for your business.

  • Have a Flexible Business Plan

    Develop products or services that meet increased demands and can be easily replicated, but only increase costs minimally. Include goals and map out milestones you want to reach, and keep a careful watch on your costs. Always have a Plan B and pay attention to the details. Anticipate obstacles you might run into with your business plan and decide how you’ll manage them. If certain services or inventory aren’t selling, change your plan, so you don’t have excess inventory or unnecessary costs.

  • Nurture Current Customers

    According to Small Business Trends, 20 percent of your current customers will account for 80 percent of your future profits. That’s an important insight for businesses looking to expand. Clearly, although new sales are vital to growth, it’s far easier and cheaper to cultivate your existing customers than it is to find new ones. You already have a wealth of information about your customers and their preferences. You can use this to personalize your outreach and cultivate your relationships.

    Analyze your customers’ buying patterns and reach out with special promotions for similar products/services. Offer reminders for specials or special events. Don’t be afraid to follow up if your customers haven’t engaged with you in a while (think of those “you left something in your shopping cart” emails from online merchants).

  • Raise Your Profile

    Although you may not have the same name recognition as powerhouses like Amazon, Starbucks or Google, you can raise your business’ profile with a robust online presence. Keep your website updated and easy to navigate. If it includes online ordering, make sure it’s secure and easy to use. Younger consumers, especially, want to feel a connection with the businesses where they shop, so get personal. Talk about your team on your site and maintain a presence on social media sites like Facebook and Twitter.

  • Build a Trusted Team

    Put a trusted team in place to manage day-to-day functions and give yourself time to focus on the big picture. Look for those who have experience in growing a company and who can quickly adapt to rapid change. You may also want to consider using contractors or have subject matter experts when you need flexibility or have fluctuating revenue or needs.

  • Have Financing in Place

    Don’t wait until you need it to apply for revolving credit through a business credit card or line of credit. Having approval ahead of time will allow you the flexibility to manage changing revenue patterns or to seize opportunities when they arise.

Business Solutions Membership

Membership with Navy Federal Business Solutions is exclusive to Navy Federal Credit Union members. As a Business Solutions member, you have access to small business professionals, competitive business credit offerings and more.

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Disclosures

This article is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.