Expanding your SMB

Featured article by Calvin Paige, Independent Technology Author

Creating a successful business is difficult, and with 50% of all businesses failing, many prospective entrepreneurs are too afraid of the risks and end up sticking to their usual office routine. However, for those who see the potential perks of becoming their own boss, there is too much opportunity to miss out on. The lucky entrepreneurs will end up defying the odds and becoming successful with their SMB.

If you are an entrepreneur who managed to create their own company and keep it afloat, but are starting to see your profit margins flatten and plateau, then maybe expanding and growing your business is the next step in your business adventures. There are many ways to develop your business, such as investing in software, tools, or hiring more employees to up your monthly capacity.

Here are few tried and tested ways of expanding your SMB into something bigger:

Social Media

Many SMB’s do not fully utilize the perks of social media which in today’s social media-heavy world, can limit profits and revenue. So far, figures suggest 25% of small and medium-sized businesses ignore social media and therefore do not reap the benefits it offers.

Social media can create an online presence that reaches millions of people worldwide, ensuring you’re you become known to a wider range of audiences. It also offers credibility, as prospective customers are more trusting in what you sell. As the internet is the new ‘window shopping,’ then social media can offer increased web traffic and search ranking, and offers a chance for content to be shared faster and easier.

If you’re aware of the perks social media has to offer, then make sure to contact website developers such as The Website Group who offer the opportunity to create and develop user-friendly, social media savvy websites for optimal sales.

Marketing Campaigns

Marketing has changed over the years. With social media’s ever-looming presence, marketing has shifted into unchartered territory which changed how most companies market themselves and create content. Of course, looking back at some of the most successful marketing campaigns can offer insight into the creation of your future campaigns, but to become successful requires in-depth planning and research. Make sure to define your goals, target audience, and assess the competition. You want to create something new, fresh, and most importantly, shareable.

Invest in Employees

Sometimes businesses end up reaching full capacity, and while this may be okay for some business owners, others may think this is a sign to expand the company and better their profits. By hiring more staff, it means you can increase your workload with the potential for better revenue and sales.

Investing in employees is a good start, however, make sure to ask these important questions before putting up job vacancies on the internet. If you fail to research the matter thoroughly, then you could end up counteracting your business’s success as any extra profit will go into paying your new employees. Make sure to find a happy medium for everyone’s benefit.