Growing your business is a very tough task, particularly in the first five years of its existence. The first years of your business are spent constantly evaluating minor successes against the seemingly impossible task of staying in the black. Studies show that 60% of businesses fail within the first three years, because they are unable to generate the income that would balance out the expensive outgoings of setting up a new business.
If you are looking to accelerate your business’ growth, there is no quick fix. There are, however, smart changes you can make to cut costs and make sure your business grows as the years go by. Here are two ways to accelerate your business’ growth!
- Speed up your manufacturing process
The manufacturing process of your goods will take up a large chunk of your outgoings. Speeding up this process will allow you to deliver more products at a faster rate, thereby helping you to increase your profit margins and grow your business more quickly. Some ways you could speed up your manufacturing process are:
- Switch to automated processes rather than manmade. This would require partnering with a manufacturer that can provide you with such services and potentially increasing your outgoings; however, the benefits of this manufacturing process far outweigh the downsides. Automated manufacturing allows for round-the-clock product creation while also eliminating human error.
- Invest in rapid tooling. Rapid tooling, offered by companies such as Rapid PSI, offer 3D printing services that decrease the manufacturing time of their services by around four times, meaning that you could manufacture your products at only 25% of the usual time. This amazing technology can revolutionize your business’ manufacturing processes and grow your business exponentially.
- Use automation software
Using automation software has been an increasingly popular choice for small businesses that are looking to grow fast. Automation software, for example accounting software, has the following benefits:
- Reducing the number of staff you need to hire. Although having a big team has its perks, people are highly expensive for small businesses that are just getting on their feet. Automated software like back office software costs a monthly fee, but this is miniscule in comparison to hiring an accounting assistant full time.
- No human error. Automated software services eliminate human mistakes, making your operations smoother, more accurate and more timely.
By reducing these costs and speeding up your accounting and organizing processes, your business has more room to grow and thrive in other areas.
- Outsource your marketing
Marketing is crucial if you want your business to expand. Fact. Unless you are a marketing expert yourself, you likely don’t have the expertise required to maximize your marketing ROI. By outsourcing your marketing to a firm, you will be putting your business’ marketing in the hands of those who know how to find your niche, grow your customer base and attract your target audience. Don’t leave it up to chance; leave it up to the pros instead.
Overall, accelerating your business’ growth is a hard task – but with this guide to help you, your business will be thriving in no time at all.
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