Starting a business in Florida is a significant achievement for many entrepreneurs, but the real challenge lies in achieving consistent, sustainable growth.
Our internet marketing company in Florida just acquired a patient retention marketing company based in Tennessee. This has been a tremendous experience, which has us thinking about both the triumphs and the potential pitfalls involved in growth.
Expansion can lead to new experiences and various opportunities, but it can also bring about all sorts of obstacles that are tricky to navigate.
In this article, we are going to share with you what these obstacles are and how to deal with them so your business will thrive in the years to come.
One of the first challenges you’re going to face when growing your business is hiring more people to accommodate the additional work-related expansion.
You can’t just hire anybody. You need to employ the right people who share the same values and are aligned with your company culture. They will keep your business running and guarantee the same quality output that you are known for.
Having a great company culture is the first step toward hiring the right people and keeping the best ones.
As your go-to internet marketing company in Florida, we recommend that you develop a hiring process that helps build your company culture.
When you expand your business, your bills, payroll, and other payables to your suppliers will naturally increase. This means you need to manage your cash flow well to make sure you have enough money at the end of each month to cover all of your operating expenses.
Here are some tips on how to maintain a healthy cash flow in your business:
If you double your headcount and spending, you’re supposed to at least see a double in your results too, yes?
If your company is not as productive as it's supposed to be given the increase in resources, take a step back, and assess what's wrong.
What has stalled your results? Has your team’s productivity decreased? Is the company spending way too much cash? Is the onboarding process taking way too much time?
Identify the real issue so you know how to pivot your strategy and move forward.
When growing your business, it’s best to scale slowly. Making gradual improvements and investments allows you to keep a pulse on core financial metrics and which areas of your organization need work.
Hiring lots of people and making major changes all at once can disrupt your team’s flow, impacting their output.
Growing your company may require you to invest in new tech to better serve your organization and your customers.
Assess your cloud-based file sharing plan, project management software, financial system, and other tech stacks before scaling your business. Identify if they can still offer what you need as you grow and replace what needs to be changed.
If you can upgrade these techs to accommodate a more complex workload, this is good news because it means you won't have to spend money on a new system.
But if switching to another provider is the only option, it’s best to make this decision early to save time and money in the long run.
Here are three essential operational tech solutions for growing companies:
Nowadays, it’s easy for customers to find alternatives for nearly any vendor. To keep your customers loyal and prevent them from switching, you need to continually do your market research to stay on top of trends and behaviors.
You need to figure out and truly understand what your customers want, how they behave, and which marketing tactics they respond to.
Here are the top 5 emerging marketing trends that you need to know:
As an internet marketing company in Florida that works with hundreds of small businesses nationwide, we know that business conditions change all the time, just like consumer behavior.
You need access to real-time data to stay updated with trends and make the best business decisions for your company. This is the key to staying ahead of your competitors!
Scaling your business is no easy task. But, by knowing the common pitfalls coming your way, being prepared, and taking it slowly, we believe your transition will be a smooth and successful one!
Digital Resource is an internet marketing company in Florida that specializes in helping small businesses get more customers and sales online. If this is exactly what you need to continue growing your business, we’re the right digital marketing agency to call!