As a business owner, it’s important to look for ways to expand your business to prevent a halt in revenue. There are many ways to expand your business without taking out large loans or making big investments. At the Virtual CFO Group, we’re here to help your business succeed, so keep reading to learn 4 methods you can implement today to expand your business.
Add More Products and Services
The first place to look when expanding your business is at your actual offerings. Whether you’re product or service-based, there’s always room to do more. Let’s say you own a tech startup and your business only has 1 membership option. Do some research and determine if it might be worth your while to add a second, more expensive membership that has more perks. Many Saas companies do this in order to get customers at the highest paying tier.
If you own a product-based business, look into the wants of your target audience. If you own a retail store, consider expanding into a new field of products. Maybe you want to throw in some accessories or shoes, or even beauty. Before making the jump, do some research and vet your customers to see if there is even a demand for it. Now is the time to get creative!
Tap Into New Sales Channels
The internet has made it incredibly easy to get your business visible in a variety of ways. Facebook Ads, Google Ads, Google Shopping, and Instagram ads, are all ways to increase brand awareness and tap into a new audience. Do some research on each of these platforms to determine which one is best suited for your business.
Invest in Marketing
Marketing is arguably one of the most important sides to a business, aside from the financial aspect. It’s what can help you reach new customers and retarget the ones who have already purchased from you. It’s also important as a business to have a cohesive brand that is advertised properly across many channels.
Hire a Virtual CFO
Hiring a Virtual CFO is another great way to expand your business. Many smaller companies with employees under 100 don’t have an established CFO because of how expensive it can be to pay that person a full salary and benefits. Well, that’s where a Virtual CFO comes in.
Virtual CFOs have the same responsibilities of an in-house CFO, but at a fraction of the cost. They can help with debt-reduction, financial stability, strategies for growth, and tax assistance. They’re a great asset that are capable of working with all departments of the company, so you can get some peace of mind.
Finding a Virtual CFO doesn’t have to be hard either. At the Virtual CFO Group, we make it quite easy to get connected with us and to get started right away. Head to our contact page if you want to get in touch, or browse our blog page to learn some more about what we do.