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Growing Your Company: Where to Invest Your Time & Money

December 22, 2020 by Guest

Last Updated on February 1, 2021 by Guest

If you have a new business or are looking to expand an existing one, it can be difficult knowing where to invest your time and money. With fierce competition and remote workforces to contend with, you must make the right decisions.

Planning, researching, and goal setting will help you discover any specific areas your business needs for growth. Before you get to that stage, though, there are a few key strategies you can implement right from the start.

Use Software and Technology

It is no secret that we live in a digital world. Technology is something we rely on, and the right tools are worth investing in. You can manage your processes more effectively by optimizing your mobile workforce with project management software and customer relationship management (CRM) solutions. 

When choosing software, look for a powerful cloud-based system. This will give your employees the flexibility to work from anywhere and on any device. Look for tools that help you manage customer communication, assign tasks, track progress, and monitor performance.

Not only will your team be more productive, but you will have a clearer picture of your company’s trajectory.

Focus on Recruitment

Having employees you trust is essential because delegating should make your life easier — not harder. You should never rush the recruitment process, as it is worth finding the right person for the job.

Have a checklist of what you are looking for, including their values, as these should align with your company goals. Sometimes, the right candidate might need additional training, but it can be worth investing in their long-term success. 

Depending on your business type, you may like to consider a remote workforce. This gives you access to additional skill sets that might not be available locally. 

Offer Ongoing Staff Training

As your business grows, it will adapt and change. Your team will benefit from ongoing training, keeping their skills relevant as you head into the future. For example, a restaurant may decide to add coffee to their menu, and it makes sense for them to offer barista training. 

If you do introduce software and tools, there may be a period of adjustment. Offer tutorials, support, and training sessions to help your team become familiar with the new processes.

Use Multiple Communication Platforms

If you think you only need one form of contact, think again. No matter what industry you are in, your customers will expect you to be available. 

You don’t need to focus on every social media platform, but you need a presence on one or two. For example, if you are a service-based business, Facebook is good for referrals. Or, if you work with professionals, LinkedIn can help you match with new clients.

Besides social media, you can have inbound and outbound calls, e-mail, and SMS. If this sounds daunting, there is a solution. Cloud-based call center software helps you manage and streamline your correspondence, regardless of the platform.

Where to Invest Your Time and Money

If you are a new company, you may be wondering where to spend your time and money. Cloud-based software can help to keep you organized, monitor progress, manage customers, and communicate efficiently.

Technology is important, but so is your team. Choose the right employees from the start, and keep their skills relevant to ongoing training. With these simple tips, your business will flourish.

Filed Under: Entrepreneurship Tips

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