by Brian McKay
If you would like to plan for growing your company in the new year and make sure that you are able to handle the growing pains and you are not neglecting the risks that could potentially cost you your business. Most entrepreneurs look at investments based on the return they deliver, however, the benefits are not always measurable by cash. Some of the best investments, in fact, will help you keep your business running and protect your most important assets. Find out more below.
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Staff Training
It is important that you grow your talent pool. While you might be thinking about taking on new staff in the new year, you should not forget about improving the knowledge, skills, and productivity of your existing staff, either. While working with a limited workforce can be challenging, you can improve your output and the quality of work if you invest in staff training and help your employees make the most out of their talent. You will also be able to increase your staff retention rates at the same time.
Security
There are many threats growing businesses face. When you implement new software and employ new people, you will need to pay more attention to security measures, so you can improve your reputation and avoid expensive lawsuits or loss of assets and productivity. Pay attention to security at the office, as well as online activities and software. If you have an intranet site, and you share confidential information, you can contact a professional. There are several benefits of optimizing your company's intranet, such as improved communication and productivity.
Compliance Checks
It is crucial that every time you start a new business activity, introduce a new product or service in your company, as a part of your growth strategy, you check the related regulations and find out whether there are any compliance issues. Sometimes your company will need to spend a little to save a lot. If you are not aware of the regulations and are missing some important checks, your company will face a legal challenge and might even get fined, not to mention the reputation loss.
Policy Review
When you grow your team and expand to new markets, it is important that you review your internal HR and work policies, to make sure that they are still suitable for your needs. You might employ a HR professional who will be able to help you navigate the complex regulations and avoid the risks associated with expanding your operations. You will need to pay attention to the training, development, health and safety, and disciplinary policies to make sure they are in line with the current labor law.
Insurance
It is crucial that you review your insurance policies every year. This will help you get more value for your money and cover the situations that are just arising. Your insurance policy will need to be suitable for the new business areas, the size of contracts you are taking on, and the workforce you are employing, or you will not be covered for all situations and end up paying out of your business pocket.
Fraud Prevention
Employing new people is a challenge, and chances are that you will not always get it right. You will need to complete a thorough background check before you take someone on and sign the contract. However, things happen during their employment as well, so invest in a continuous risk assessment and vetting service that will help you reduce the danger or internal fraud. Check your suppliers and business partners, as well, so you don’t end up with a fraud case against your business name.
CRM Software
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Once you have a fully functional workflow system and there are new customers coming on board, you will need to focus on creating your own customer relationship software and procedures. Thankfully, there are plenty of low-cost CRM software and even open source files for you to customize, so you can manage your sales, leads, and gather feedback from your existing clients.
Sales Funnel Development
If you have a growth strategy for the new year, it is important that you invest in a sales funnel that will drive new people to your offers and turn them into leads and then customers. While there are plenty of sales funnel software out there, such as LeadPages and ClickFunnel, if you are in a specialist industry, you might want to get your own sales funnel developed around your business activities and your market’s needs. Automating your online marketing and your promotional activities will make your business more effective and efficient.
Branding Materials
Often when business owners grow their venture they need to engage in branding activities. You will no longer be that small firm, and might want to attract bigger clients. If this is something you are considering, you will have to invest in branding materials. Get a professional logo design that captures your vision and your values, and display it everywhere possible. Brand your company online, communicate your corporate identity, and align your new values with your clients’.
Public Relations
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Your reputation is your greatest asset, apart from the knowledge of your workforce in your company. You need to take extra steps to protect and build it. Designing an advanced public relations campaign would be a great way of getting your message out there and creating a positive brand association in your market. From press releases to community and charity projects, there are several ways you can engage with the public and understand your market better, while making sure that you are sending out the right messages about your company.
If you would like to improve your business in 2019, it is important that you focus on the processes that can help you protect your reputation and assets. Get your policies and workflow reviewed, identify regulatory risks, and support your employees in achieving their full potential. There will certainly be some growing pains, but it will all be worth it in the end.
