Running A Business

4 Ways to Grow Your Small Business

Aug 22, 2017 • 2 min read
woman small business owner
Table of Contents

      Are you ready to give your small business a boost? Here are 4 ways to grow into a not-so-small business:

      1. Set clear business goals. You accomplish much more when you plot out your goals, so determine how you’ll measure growth, then create a step-by-step action plan to follow. If you’re not sure how to set metrics or milestones, use your financial projections to identify a trend or area of opportunity to focus on. Maintain momentum by setting a new goal each time you reach the previous one.
      2. Make it easy to collect payment. If you’re still a cash-only business, it’s time to start accepting cards. Download an inexpensive app like PayPal or Intuit so you can process debit and credit card payments right from your phone. Not only do 66% of consumers prefer paying with cards, but the average shopper also spends 12-18% more when using credit cards for purchases – which means that you’ll see higher revenue even after covering those payment processing system fees.
      3. Fuel your growth with working capital. Don’t be stifled by lack of capital. If you’re ready to grow but don’t have the funds, it’s time to get a business loan, line of credit, or credit card. There are small business financing options for increasing inventory, expanding services, purchasing equipment, or hiring additional staff.  
      4. Offer e-commerce options. Do you offer online payment options? 79% of Americans shop online, and shopping from a mobile device continues to gain popularity as consumers embrace the convenience of browsing from phones and tablets. Enabling your customers to pay for products or services through your website will help you expand your customer base and increase profits.
      About the author
      Melissa Zehner

      Melissa Zehner is a writer and editor specializing in small business and finance. She's written for wealth management organizations, venture capital firms, credit unions, and more than 40 small businesses. Melissa currently serves as Small Business Finance Editor at Lendio. When she's not playing wordsmith, you can find her reading, cooking, or hiking with her dog Spencer.

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