Virtual assistants can do wonders for your business. One of the many benefits of having VAs on board is that they can take repetitive and mundane tasks off your plate. They can free up a lot of your time so you can focus on pushing your business forward.
In this post we’ll go through some of the other things you can pursue now that you have more time to grow your business.
One of the ways you can scale up your business now that you have more time is pursuing expansion projects. This is an exciting endeavor that signals your business is doing well and is ready to move up the ladder of success. However, it can also be a challenging prospect. When planning for an expansion project, be sure to keep these things in mind:
- Know Your Market. Conducting market research isn’t just for when you’re starting your business. As you consider the next phase of growth for your company, it’s important to re-evaluate your customers and their preferences. For example, if you’re planning on adding a new product or service, you should consider what your customers think. Likewise, if expanding to a new demographic, you should test first to see if you have a customer base in place prior to pushing through.
- Prepare an Expansion Plan. It’s always a good idea to practice due diligence in business. Prepare a business plan that will indicate your roadmap for expansion, costing, timeline, anticipated changes to sales and productivity, and potential risks that you might encounter.
- Secure Financing for Your Expansion. It goes without saying that you’ll need adequate funding if you’re going to pursue an expansion project. You’ll need to expand your working capital and allot funds for new hires if necessary.
Building New Revenue Streams
One of the best ways to dedicate your newfound time to grow your business is by exploring and building new revenue streams. Monetizing your existing business doesn’t have to be solely based on your main income generator.
In fact, in order to secure a better chance at success in the long run, it’s a smart business decision to create additional revenue sources. This allows you to increase profits and to ensure stability should you encounter challenging phases in the future.
There are numerous options for business when it comes to branching out into alternative revenue streams. A few examples include:
- Affiliate marketing. Sponsoring promotions on your website is an easy way to make money while teaming up with other businesses.
- Selling a digital product. Capture your knowledge about your niche and transform it into a revenue stream. You can build an e-book, teach an online class, or develop tools that customers may buy from you through your website or through other platforms like Skillshare or Udemy.
- Become a public speaker. Another way to share your knowledge is by publicly speaking about your niche. Apart from bringing attention to your business, speaking at events allows you to network face-to-face with potential clients.
Improving and Updating Existing Processes
Scaling your business doesn’t always have to be external. You can use your time to grow your company internally by reviewing your existing processes and coming up with ways to make them better. Efficiency is key when you want to successfully push your business up. A few suggestions:
- Think about how you can streamline and simplify your day-to-day operations. Consider trying new methods, tools, and products that will allow you to increase productivity in the workplace.
- Look at the areas in your workflow that might turn into big problems. Resolving small issues right now allows you to prevent larger setbacks in the future. You can also consult experts and colleagues to see how they handle similar problems.
- Think about how you can inspire hires to do better work. Ask them about any improvements that they think can be made in your business operations. This shows that you value them and their input and that they play a role in making big things happen for your business.
Automating Parts of Your Business
In today’s technology-driven world, automation is often the name of the game for many businesses regardless of size. There are several aspects of your business you can automate including marketing, sales, customer service and engagement, office management, and events. Here are some ways you can use automation software to improve productivity in your business:
- Responding to email contact requests
- Following up networking connections
- Capturing and nurturing leads
- Welcoming new clients
- Generating repeat business
- Reminding customers about abandoned shopping carts
- Measuring client satisfaction
- Gaining social media followers
- Promoting Facebook events
- Sending and receiving important documents
Hiring VAs opens up a world of opportunities for you to expand your business. Now more than ever, these professionals are making it possible for business owners to push their companies to greater heights. They can give you time to grow your business in many ways. With mundane tasks out of your hands, you can focus on more things that matter in terms of scaling up your business.