Growing a business takes strategy, hard work and persistence. Fortunately, the rates of business success have improved in recent years — only 30% of newly founded businesses typically fail within the first two years, and 50% of businesses survive five or more years. Investing in smart methods of business growth will ensure your company continues to perform well for years to come.
Purchase a company car
Investing in a company car can be a smart move for business growth if you travel regularly to meet clients or customers in person. It’s also a great way to make a strong first impression and convey a successful and professional image to customers and clients. A company car will also lower the amount you pay employees in mileage as a result of wear and damage to their own cars. Before going ahead and making the investment, it’s important to do your research to make sure you purchase the right car. Be sure to check the reviews and ratings of cars you’re considering. Purchasing a stylish, dependable car that will provide reliable transportation day in and out is essential.
Invest in employee training
The benefits of employee training are numerous. Investing in a customer service seminar, for example, can help your employees improve the customer experience for your customers. Providing a positive customer experience is essential if you are to obtain satisfied return customers and avoid any bad reviews, which have the power to deter potential future customers. Additionally, employee training can help your employees feel more engaged. Companies with engaged employees outperform those without by up to 202%. Providing employee training and opportunities for career growth shows employees you’re invested in them, which motivates them to keep working hard.
Use social media
Social media is a powerful marketing tool that can generate new leads, raise brand awareness, and boost sales. For example, targeted Facebook ads are a great way to get your business in front of potential customers — over 1.4 billion people use Facebook everyday. Targeted ads allow you to reach a narrowly defined audience sorted by location, demographic and behaviors. This lets you reach exactly the customers you want to reach. The average click-through rate (CTR) for Facebook ads across all industries is 90%.
Growing a business is never easy. As long as you work hard and invest in these smart methods of business growth, your efforts will pay off, and you’ll experience success.