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Tips to Grow Your Company and Reduce Financial Risk

Tips to Grow Your Company and Reduce Financial Risk

Growing a company is an ambition that most CEOs and directors have. On paper, it sounds easy – but in reality, it isn’t.  A ton of planning and effort must go into your growing your company in order for it to be a success. Plus, it also helps if you have a sprinkle of luck along the way.

However, by using the following tips, you will be able to give yourself a great shot at growing your company. At the same time, you will also be able to manage your money better and reduce the financial risk that comes with running a company.  Ready? Let’s take a look.

Use Apps

The days of the notepad and pen are over. Now, running a company is all about software and apps, especially when you want to grow. Now, there are lots of apps that you can use to help you operate in a smoother and more secure way.

For example, there’s Deferit, an app that enables you to manage your monthly outgoings in a smart way. If you can’t afford the rent for your office or other company premises one month, this app will pay the bill for you upfront, which you can then pay back in installments. Interested? You can download the app.

In addition to this, other apps such as Microsoft Teams enable company employees to hold business conferences, share files together, and much more.

Hire Remote Workers

If you want to grow your company with minimal financial risk, here’s an easy strategy for you: hire remote workers.

Right now, lots of companies are doing exactly this. Rather than renting huge offices and filling them with hundreds of employees, companies hire remote employees instead and allow them to work from home on flexible schedules. This is great, as it means you can grow your team while reducing costs. Smart, right? Plus, you can access a wider pool of creative talent due to the fact that people can work remotely from different cities and countries.

Focus on Digital Marketing

Marketing is a sensitive topic. If you get it right, you’ve hit the jackpot. If you get it wrong, it can cause chaos throughout your company (especially if you’ve dedicated a large portion of your budget to marketing campaigns).

The key is to focus on digital marketing. Here are some examples:

Social Media.

Social media platforms such as Facebook, Twitter, and Instagram are great for posting content and growing your online following.

Email Marketing.

Nowadays, companies are constantly pinging customers with marketing emails, from product updates to online sales.

SMS Marketing.

SMS is also a great digital marketing tool. Over 6 billion people worldwide own a smartphone, meaning you have an efficient marketing channel to use by texting your customers.

Establish Customer Loyalty

From here, you need to establish customer loyalty.

If your customers buy your products and then ditch you a month later, that’s going to put a quick halt to your growth.

The key is to attract customers and maintain them through loyalty. Otherwise, the battle is lost.

To establish customer loyalty, you should:

  • Provide them with exciting deals and offers
  • Launch a loyalty program where they will be able to gain points to spend in your store
  • Make your customer service personalized
  • Treat customers like friends, not money trees
  • Encourage (and listen to) feedback

Over time, you will notice that more customers remain loyal to your company as they feel that they are rewarded by engaging with it. Once this is the case, you will need to maintain and nurture your relationship with them.

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