Guided Reading Activity 3-2 Business Growth and Expansion Answer Key

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Let's face it. Scaling your business is hard. Information technology takes considerable effort. In the starting time, it ways wearing different hats. It means dealing with sales and marketing. Information technology ways understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And then much more. At the terminate of the mean solar day, it takes its toll on you.

If you lot're struggling to grow your business, there is low-cal at the terminate of the tunnel. Sure, it'south difficult. But, what's the alternative? A life-sucking nine-to-five job? Surely not. Okay, maybe you lot're longing for the security of a guaranteed paycheck. But, at what mental or emotional price volition that come?

The truth? If you buckle down, articulate your mind, and simply expect at things in perspective, y'all tin can easily identify ways y'all can abound your business organization and make more money rapidly. While hundreds of business growth strategies probable exists, the following 15 will take your business to the next level chop-chop and efficiently.

Roland Frasier, a business growth strategist, has a unique approach to scaling businesses. As a chief of Digital Marketer and Native Commerce Media, and CEO of War Room Mastermind, he knows a affair or two near the online marketing world.

Frasier, who builds and scales seven, 8 and nine-figure businesses tells me that there are loads of ways to abound a business organization rapidly. But, just 15 core strategies that will truly make a real impact on your bottom line. Some are time intensive at the outset. That much should be expected. Simply, the benefits and profits volition ultimately make them well worthwhile.

Similar anything else in life or in business, yous have to put in the fourth dimension if y'all're looking to reap the benefits. Don't focus on the short-term outcome of your work. Look to the long term. Build sincere value and await to help your customers. Genuinely intendance. That should be the foundation. After that, information technology'southward simply a affair of taking action and putting in the piece of work to scale.

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i. Build a sales funnel.

The first fashion to rapidly grow your business is by building a sales funnel. If you don't have a sales funnel, yous're making a monumental mistake. Sales funnels can assist to automate your business concern. It helps y'all to scale and grow quickly and easily. Sure, there'south some front-cease piece of work involved. Obviously. Simply, once those processes are in place, it's polish sailing from there.

Frasier says that every sales funnel needs to be carefully conceptualized before it's created. Consider the different funnels offset and foremost. Whether it's a free-plus-shipping offering or a high-ticket coaching funnel, it'southward of import to build your automated selling machine to quickly scale and abound your business.

2. Utilize a client management system.

Manually tracking transactions is hard. No i wants to practice that. It gets also cumbersome as the business grows. If you lot want to scale apace, use a customer management system. In that location are plenty to choose from. But, it really depends on your line of piece of work. Of course, cloud-based software like SalesForce is always a viable choice.

Quickbooks can aid you with the accounting. InfusionSoft can also assist with sales and marketing. In that location are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilize it.

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3. Enquiry the competition.

When going to market, and you're really looking to get your offer to the masses, you demand to research the competition. Frasier says he uses two platforms to conduct his research. The first is Similar Web. The other, AdBeat. Both provide competitive intelligence. Information technology's your chance for x-ray lenses into all landing pages, advertisement copy, and other stages of the funnel.

This allows you lot to uncover whatsoever advertiser's online strategy. Find the ads that take been running for the longest and emulate those. That's the quickest way yous scale any business concern. If it's proven and it'south working for your competitors, it's likely it'll work for you.

4. Create a customer loyalty programme.

Loyalty programs are groovy means to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Other resources pivot this number anywhere from iv to 10 times more than. Even so, any way that you slice it, acquiring new customers is expensive.

Frasier says that building a customer loyalty program will help you retain customers. Information technology might also help yous concenter new ones besides. If in that location's a clear incentive to spend more than money with you, it'll pay off in the long run. Build an attractive loyalty plan and make it attainable to your existing customers and watch sales skyrocket over time.

5. Place new opportunities.

Clarify new opportunities in your business by agreement your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.

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6. Build an email list.

One of the most best and most effective means to grow a business chop-chop is to build an email list. Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet, comes the necessity for a sales funnel. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse and others for building and managing your list.

7. Grade strategic partnerships.

Strategic partnerships with the right companies tin truly make a world of departure. Information technology could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than washed. But, expect out for companies that are complementary to your own. Contact them and propose opportunities for working together.

8. Leverage global platforms.

In the ecommerce business selling products? Why not use Amazon'south FBA service? In the business of selling services? Why non employ Upwork? In the business organisation of renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Observe a platform that's reached saturation and use it to grow your business quickly.

9. Licensing deals

Doing licensing deals is a peachy way to grow your business without likewise much added effort. If you have a product that you can license to others and share a revenue of, that's an ideal manner to grow speedily. Taking a popular or successful production and bringing it to a company with a large footprint tin help yous achieve market saturation quicker.

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x. Consider a franchise model.

If you have a successful concern, and you're really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if y'all're truly looking for quick growth.

11. Diversify your offer lineup.

Look into diversifying your offers. What complementary products or services or information can you offer in your business organisation? In guild to grow, you demand to think about expansion. Identify new opportunities inside your niche. Uncover the pain points. What else tin you sell to your clients. Where else can you add together value in the exchange?

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12. Build passive income streams.

Growing a business takes significant endeavour. If you're dealing with razor-thin margins, consider building passive income streams. This way, you don't accept to worry so much about keeping the lights on, and then to speak. Passive income volition afford yous the opportunity to make mistakes and not have to lose your shirt. It'll keep you in business and provide a basis to grow and market and scale apace by giving you ample resources.

13. Larn other businesses.

Sometimes, acquiring other businesses is a very quick way to grow your own business concern. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Have a look within your industry and fifty-fifty exterior of it to find potential for potential opportunities.

14. International expansion.

Can yous aggrandize internationally? Can you take your existing offers and scale them internationally? What would it take to do business organization in Canada or Mexico or Europe? If you lot have a converting offer, international expansion could be a quick way to grow. You'll incur some costs. Certain. But, the potential for profits could be massive.

15. Create a webinar.

Webinars are a bully way to promote any product or service. It can also help you lot grow whatsoever business relatively fast. Webinars provide an automated selling tool for literally taking any product or service to market and reaching a broad audience speedily. The webinar medium is slap-up for captivating audiences to clinch sale after sale, automatically.

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Source: https://www.entrepreneur.com/article/306049