Business Strategy | Retention | Staffing | Thought Leadership

Top Tips for Growing Your Business

When growing a business, it’s necessary to learn how to grow it in a stable way, take care of automation, delegation and managing the risks that arise. This blog will go through some of the things to keep in mind as your business grows, along with some points you may not have thought about.

1. The Art of Strategy
2. Automate and Delegate
3. Hire a Virtual Assistant
4. Explore the Possibility of Partnerships
5. Consider a Coach
6. Customer Retention Over Acquisition
7. Risk Management
8. Invest in Yourself

A business strategy is a foundation for your business. Your move is to think long-term, be adaptable, and always stay two steps ahead of the competition. A strategy will be the backbone of this. Remember, it’s not just about making moves; it’s about making the right moves.

Ever thought about having a business coach? Book a call and see if we’re right for your business today!

You can’t do everything yourself, and why should you? Start small. Identify repetitive tasks and explore automation tools that fit your budget and needs. Think email marketing, invoicing, workflows or customer relationship management (CRM) systems.

And delegation? That’s about knowing when to hire help for tasks or outsourcing work that requires a skill you may not have so you can focus on your strengths. This frees up your most valuable asset—time—so you can focus on the big picture.

Think about hiring a Virtual assistant (VA) for one-off or repetitive tasks. Our expert partner, Virtalent, is equipped with skilled VAs you can bring into your business to help you expand and grow the company without worrying about being buried in work and without the need to think about hiring employees from the get-go.

Partnerships can offer resources, knowledge, and market access that might be hard to achieve solo. Plus, they can open doors you didn’t even know existed. The key is to find partners who complement your strengths and align with your values. This could be going into wholesale and partnering with a retail store, or finding partners to expand your services like we do at CH4B.

Additionally, embracing affiliate relationships and forming partnerships with other businesses can significantly increase referrals. These collaborative efforts not only widen your network but also boost your credibility through association, bringing more eyes and interest to what you do. Whether it’s through shared promotions, co-hosted events, or mutual referrals, the opportunities for growth in such alliances are boundless and mutually beneficial.

Investing in a coach as your business grows can be an invaluable tool. Someone with the knowledge and experience to guide you through to the next best step for your business. A proactive coach who works WITH you to achieve you goals. This is one of the ways we deliver member growth here at CH4B using tools such as the Business Roadmap to drive significant results and success for our community.

Free roadmap taster session clickable image

Customer Retention over Acquisition

While gaining new customers as your business grows you should intensify your retention efforts. Keeping current customers happy is more valuable than winning new ones. Show your existing customers some love, and they’ll keep coming back for more.

What’s the best way to focus on customer retention?

Personalisation and excellent customer service. Understand your customers’ needs and exceed their expectations. Happy customers are your best advocates. Take a look at Seven proven Strategies 4 Customer Retention That Actually Work

Risk Management

Risks will come whether you want them or not, but you can be smart by diversifying your portfolio, keeping an eye on market trends, and having a solid backup plan. It’s both big and small risks that can make or break a business in the growth stage. Here are some things to think about as your business grows.

Cyber Security

The theft of customer data is a big risk as a business expands because you’re dealing with a high volume of people who pass through the business. It’s imperative to ensure you’re taking great care with data and that you’re prepared for the influx in business.

And for all your cyber security needs, our expert partner Digiserve are here to get you set up!

Failure to acquire enough funding

As your business grows, you need to ensure the cash flow is stable. Employees, bills, and suppliers will all require funding. While there are economic circumstances that aren’t in your control, ensuring you have steady cash flow is one way to mitigate that big risk. Here are some ways you can achieve that:

  • Regular Financial Monitoring: Regularly review and update your cash flow projections to anticipate shortfalls and surplus periods. Allowing you to make informed financial decisions.
  • Manage Receivables Effectively: Invoice promptly and accurately, Set clear payment terms and follow up on overdue accounts.
  • Maintain a Cash Reserve: Build and maintain a reserve fund to cushion against unexpected shortfalls.

Invest in Yourself

Last but not least, invest in yourself. Your growth is your business’s growth. Attend workshops, read books, network and work on leadership development. Your brain is your greatest asset, so give it the VIP treatment it deserves. And be sure not to neglect physical health too.

Remember, growing your business is about thinking outside the box and daring to be different. Use these strategies as a starting point, and don’t be afraid to experiment.

CH4B will give you access to the tools you need to build the growth strategy that’s right for your business. Book a call with us today.

Picture of Adam Wright
Adam Wright
Share:

Speak To CH4B

Complete the form below and one of our team will be in contact to see how we can help!

By submitting this form you agree to receive occasional updates and promotional offers from us. You can unsubscribe at any time.

Add Your Heading Text Here

Building Mental Health Awareness in the Workplace: 5 Strategies for Employee Wellbeing and Burnout Prevention

Picture of Kimberley Moreno

Kimberley Moreno

Head of Professional Partnerships

The Essential Guide to Building a Positive Work Culture

Five Practical Steps to Boost Workplace Wellbeing

Unlocking SME Success Through Workplace Wellbeing

Manage Your Mental Health As An Entrepreneur – 10 Useful Strategies

Picture of Kimberley Moreno

Kimberley Moreno

Head of Professional Partnerships
CH4B Blog Banner - Business Owners and the Importance of Financial Planning

Business Owners and the Importance of Financial Planning

Picture of Kimberley Moreno

Kimberley Moreno

Head of Professional Partnerships

We are a Business Success Community offering something different, providing a trusted and ethical environment where a business owner can access anything they need through their dedicated business advisor.

Grab Your FREE Digital Marketing Guide Here

Get the latest insights to implement into your brand new Digital Marketing Strategy for your business, designed exclusively by our CH4B team!

Some of the information you may learn...
New Approved CH4B Expert Partner! (1)

Top Tips for Growing Your Business

When growing a business, it’s necessary to learn how to grow it in a stable way, take care of automation, delegation and managing the risks that arise. This blog will go through some of the things to keep in mind as your business grows, along with some points you may not have thought about.

1. The Art of Strategy
2. Automate and Delegate
3. Hire a Virtual Assistant
4. Explore the Possibility of Partnerships
5. Consider a Coach
6. Customer Retention Over Acquisition
7. Risk Management
8. Invest in Yourself

A business strategy is a foundation for your business. Your move is to think long-term, be adaptable, and always stay two steps ahead of the competition. A strategy will be the backbone of this. Remember, it’s not just about making moves; it’s about making the right moves.

Ever thought about having a business coach? Book a call and see if we’re right for your business today!

You can’t do everything yourself, and why should you? Start small. Identify repetitive tasks and explore automation tools that fit your budget and needs. Think email marketing, invoicing, workflows or customer relationship management (CRM) systems.

And delegation? That’s about knowing when to hire help for tasks or outsourcing work that requires a skill you may not have so you can focus on your strengths. This frees up your most valuable asset—time—so you can focus on the big picture.

Think about hiring a Virtual assistant (VA) for one-off or repetitive tasks. Our expert partner, Virtalent, is equipped with skilled VAs you can bring into your business to help you expand and grow the company without worrying about being buried in work and without the need to think about hiring employees from the get-go.

Partnerships can offer resources, knowledge, and market access that might be hard to achieve solo. Plus, they can open doors you didn’t even know existed. The key is to find partners who complement your strengths and align with your values. This could be going into wholesale and partnering with a retail store, or finding partners to expand your services like we do at CH4B.

Additionally, embracing affiliate relationships and forming partnerships with other businesses can significantly increase referrals. These collaborative efforts not only widen your network but also boost your credibility through association, bringing more eyes and interest to what you do. Whether it’s through shared promotions, co-hosted events, or mutual referrals, the opportunities for growth in such alliances are boundless and mutually beneficial.

Investing in a coach as your business grows can be an invaluable tool. Someone with the knowledge and experience to guide you through to the next best step for your business. A proactive coach who works WITH you to achieve you goals. This is one of the ways we deliver member growth here at CH4B using tools such as the Business Roadmap to drive significant results and success for our community.

Free roadmap taster session clickable image

Customer Retention over Acquisition

While gaining new customers as your business grows you should intensify your retention efforts. Keeping current customers happy is more valuable than winning new ones. Show your existing customers some love, and they’ll keep coming back for more.

What’s the best way to focus on customer retention?

Personalisation and excellent customer service. Understand your customers’ needs and exceed their expectations. Happy customers are your best advocates. Take a look at Seven proven Strategies 4 Customer Retention That Actually Work

Risk Management

Risks will come whether you want them or not, but you can be smart by diversifying your portfolio, keeping an eye on market trends, and having a solid backup plan. It’s both big and small risks that can make or break a business in the growth stage. Here are some things to think about as your business grows.

Cyber Security

The theft of customer data is a big risk as a business expands because you’re dealing with a high volume of people who pass through the business. It’s imperative to ensure you’re taking great care with data and that you’re prepared for the influx in business.

And for all your cyber security needs, our expert partner Digiserve are here to get you set up!

Failure to acquire enough funding

As your business grows, you need to ensure the cash flow is stable. Employees, bills, and suppliers will all require funding. While there are economic circumstances that aren’t in your control, ensuring you have steady cash flow is one way to mitigate that big risk. Here are some ways you can achieve that:

  • Regular Financial Monitoring: Regularly review and update your cash flow projections to anticipate shortfalls and surplus periods. Allowing you to make informed financial decisions.
  • Manage Receivables Effectively: Invoice promptly and accurately, Set clear payment terms and follow up on overdue accounts.
  • Maintain a Cash Reserve: Build and maintain a reserve fund to cushion against unexpected shortfalls.

Invest in Yourself

Last but not least, invest in yourself. Your growth is your business’s growth. Attend workshops, read books, network and work on leadership development. Your brain is your greatest asset, so give it the VIP treatment it deserves. And be sure not to neglect physical health too.

Remember, growing your business is about thinking outside the box and daring to be different. Use these strategies as a starting point, and don’t be afraid to experiment.

CH4B will give you access to the tools you need to build the growth strategy that’s right for your business. Book a call with us today.