The past couple of years has offered business owners unprecedented challenges and unique opportunities for growth and expansion. Suppose you find yourself reaching a new frontier in your established business or are looking to kickstart your small startup business.
In that case, there are some essential practices that you should consider implementing going forward. In many situations, the best option is to outsource. Of course, no one expects a business owner to know it all, and the savviest startups will defer to the experts to seek advice that will help growth and profits soar in the New Year.
If you are in a situation where your business needs capital now, you should consider bridge loans. A traditional loan can take weeks to get through the approval process. Bridge loans help cover gaps in cash flow during the traditional waiting period with loan disbursement.
A commercial bridge loan is a short-term loan that can be most often used to secure real estate quickly. If you find a good deal on a storefront or office building, the time-consuming process of a traditional loan could cause you to miss out on the opportunity. Bridge loans can also cover the cost of any necessary renovations for both commercial and investment properties or fund the cost of business expansion.
The cost of significant business-related expenses like equipment or machinery can also be financed with a bridge loan. It is important to note that if you choose to take out a bridge loan, they are merely temporary funding solutions. With short terms and high-interest rates, you will want to repay these loans as soon as possible.
If you are new to running a business, innovative practice is to enlist a startup legal service. Getting legal documentation in place to receive funding is something that all companies must do early on in the startup process and can often be tedious and confusing for newcomers.
Any mistakes made during this process can hinder growth and profit, affecting your business’s success early on. Enlisting a legal service takes the guesswork out of the legal aspects of starting a business. These services will provide you with consultation with startup legal professionals. Actual attorneys will work with you to avoid any costly mistakes that are invaluable when you may not have yet turned any profit.
If you feel overwhelmed with your workload, whether your business is new or established, it may be time to hire a personal assistant. A personal assistant can free up a significant amount of your time as you can stop doing all the tedious stuff and focus more on growing your business.
However, if you are looking to free up time by hiring a personal assistant, you probably don’t have time to seek out and extensively interview the right candidates. Not to mention that finding the perfect person to work beside you can be challenging. This is why business-savvy companies will use a personal assistant agency. A private assistant agency is essentially a career matchmaker.
Your agency will work to find a person to join your team who has all the right experience and will fit into your company culture. In addition, they will get to know your unique needs and personality to find someone complimentary to you and your role.
- Credit Checks for Lenders
If your business model surrounds lending or investors, you should use a soft credit check API. A soft credit check is an inquiry into a potential client’s credit report and does not affect the person’s credit score. API technology enhances banking infrastructure and online banking applications or other financial tools.
Using a credit reporting service will help you take the guesswork out of lending. Gaining access to an accurate report of a potential client’s credit can be tricky, so for something as important as mitigating risk, you would be wise to use a service. A credit reporting service aggregates data from multiple trusted credit sites so you can ensure that you are only approving clients who qualify.
Advertising is an essential aspect of owning a business that all sized companies should be participating in. In current times, social media advertising is the most effective way to direct an audience to your product or service. There is, however, a lot to consider when getting into social media advertising.
The first things you need to consider are price point and platform. Consider who your audience is when choosing a platform to advertise on, as different demographics can be found on different socials. For example, if you are looking to advertise to older generations, Facebook, Google, or Amazon will be your go-to options for advertising.
Young professionals and millennial parents gravitate towards Pinterest and YouTube while high-school-age Gen Z’s spend their time on TikTok and Instagram. Additionally, consider your preferred format for Ads. Longer video advertising takes place on YouTube, while photo Ads are better suited to Facebook and Instagram.
As an example, let’s look at advertising on Pinterest. Pinterest is an app that takes the features of a social media platform and combines them with those of a search engine. This platform is used primarily by women and mothers specifically (think about who you want to reach) who are college-educated and generally have a high income.
If you want your product or service seen by these demographics, you know you are advertising on the right platform. In terms of average cost, you are looking at $2.00 to $5.00 per thousand impressions (or CPM), which is best used for building brand awareness.
If you are looking to boost engagement or drive web traffic, you should be prepared to spend around $0.10 to $1.50 per engagement. No matter which platform you are looking to advertise on, these are the factors you will want to be looking at to establish which advertising methods are suitable for your business.
As previously stated, deferring to the experts when you are a novice business owner is one of the best practices you can establish. However, suppose you seek advice from someone successful at what you are trying to accomplish.
In that case, Kevin Miller (co-founder and CEO of a rapidly growing and successful digital marketing and SEO company) offers one on one strategy sessions for business owners looking to improve their SEO strategy. SEO is what is responsible for driving traffic to your websites. If you are unfamiliar with the term in the first place, your company will benefit significantly from an SEO advisor.
Follow these business practices as we head into 2022, and your company will be sure to see growth in your profits which will hopefully lead to expansion opportunities. In addition, outsourcing some of the more complex and technical aspects of owning a business, such as legal documentation and SEO strategies, will help mold your business into an expertly run machine set up to maximize growth. So let your business thrive and check out some of these great outsourcing opportunities today.
Published January 5th, 2022