4 Decisions That Will Increase Your Revenue and Business Growth The Internet and social media have been amazing for entrepreneurs but they've also created a shortsighted view of what it means to build a business.
By Cindy Constable Edited by Michael Dolan
Opinions expressed by Entrepreneur contributors are their own.
The Internet and social media have been amazing for entrepreneurs but have also created a shortsighted view of what it means to build a business. The online spaces tend to scoff at a formal business education because of the availability of software, technology, and access entrepreneurs utilize to develop a business.
You can create a sales funnel around an offer, runs ads to that funnel, and start getting sales. But what happens when the revenue comes in? It's not uncommon for that revenue to flow to an entrepreneur's personal bank account to pay bills with no thought about taxes, savings, and investing back into the business.
Traditional business principles applied to an ever-growing digital world can be a powerful way to build a business. It allows entrepreneurs to build a solid foundation and all the elements that a business needs to scale growth.
Exponential growth would cripple a lot of business, and they are too many entrepreneurs that have no clue what to do next.
These four strategic business growth decisions increase revenue, help an entrepreneur scale beyond always being in the business, and create a company that can withstand the unexpected challenges of entrepreneurship.
Create branding, messaging, and a foundation for ideal target clients
The thought of zeroing in your messaging to target just a specific group of consumers can be scary. There's a belief that if you're marketing and branding are too narrow, you will miss out on business opportunities with the general public.
That is a scarcity-based mindset that creates messaging that confuses potential customers. It's impossible to craft marketing that reaches everyone. Confused consumers ignore those general messages because they feel that the products and services are not for them.
Your website, branding, messaging, and marketing should be created with your ideal target client(s) in mind. When you can hone in on who that is, everything you do will become more effective. You can figure the exact way to reach those clients, in the places they frequent, and in the manner that covers them from casual follower to customer.
Related: 5 Social Media Marketing Mistakes You Need to Avoid
Build systems and automation to be less hands-on in your business
Too many businesses don't grow because entrepreneurs have to spend most of their time in the business instead of building the business long-term. Their hands are full, having to fill every role in the org chart.
Is that you? Do you feel stuck because your day is filled with tasks keeping you from focusing on the strategic moves that will grow your business long term?
One under-utilized growth strategy is creating systems and automation that allow entrepreneurs to scale their time. With software such as Zapier, Click-Up, Asana, and more, you can set up systems that make your sales and fulfillment process more hands-free.
With the ability to hire virtual assistants, employees, and freelancers — you can outsource some of the work and free up more of your time to focus on client acquisition, customer experience, joint ventures, and scaling strategies.
The more you can duplicate yourself as an entrepreneur, the more growth you'll experience. Use today's technology and access to hire professionals, set up automated systems, and be the real CEO of your business.
Related: How to Automate Technology to Help Run Your Business
Leverage digital marketing to create lead generation and consistent sales
There are billions of Internet and social media users. Every year, that number increases, which offers businesses an opportunity to reach their ideal target clients with fewer costs. Using digital marketing effectively is a strategic move that has the potential to grow a business exponentially.
If you're going to reach your target consumers online, you need a plan. You need to know which models you'll use and how to create content and copy that converts. You can create blog posts, podcasts, videos, newsletters, social media posts, and more.
Leveraging digital marketing increases your reach and happens to be the place your ideal clients frequent. If you're not sure how to use digital marketing effectively, this is also another area that you can outsource.
Related: 4 Key Digital Marketing Trends to Take Advantage Of
Continue to be a student of your craft
Successful entrepreneurs never feel as if they've arrived. They understand that to be an expert at their craft, they have to continue to learn.
Now, understand me — I'm not saying that you should stay stuck consuming information and end up with information overload. I'm advising you to be strategic with what information you consume. Focus on what helps your next steps and fuels your personal development.
Being better at your craft happens when you're a better you. Invest time and learning into the things that help you get clarity and build a resilient mindset. Stay tuned to the latest trends and changes in your industry. Continue to learn the new techniques that give you an edge.
A business is grown with strategy, consistent execution, and a commitment to growth. You can use all the tactics in the world, but if there's not a strategy, it's pointless. Make these strategic decisions and watch your business grow without you having to do everything.
