4 Tips for Sustainable Business Growth
Maintaining a healthy growth rate is very important for every business but also presents a great challenge. There are many tactics used in ensuring a steady growth. The most common ways are to progressively sell more products/services or to minimize the costs of production. Usually, there are main principles on which tactics for maintaining growth are based upon. Principle of stability and principle of adjusting. First is used for methods and tactics that ensure long-lasting prosperity, and the latter one is the ability of a tactic to mitigate changes and problems as they arise.
Manage Your Advertising Strategy According to New Developments
Obtaining new and maintaining old customers is important as ever, but nowadays there are many new ways to do it. Researching new marketing strategies is crucial for staying afloat and growing. You need to equally research technological developments as the social trends to make sure you are always at the front of the “wave”.
In order to keep up with the upcoming challenges, in the fast-paced business world, you must be in the constant recalibration of your advertising strategy. Having the right strategy to address every change that comes your way lets you anticipate and mitigate problems. First, you must diagnose your company’s advantages and weaknesses and merge those results with market research, only then can you envision the right custom-tailored strategy for your business. A vast amount of books and guides are regularly published on this topic. Some of them are useful and others are just superficial. So it takes a long time to find valuable information. If you are not an expert in the field of advertising your best course of action would be to get in touch with some media agency. For example, this media Agency in Dubai offers a reasonable deal, and has been proven trustworthy. Because it is important to know what tasks to outsource and what tasks to handle internally.
Utilize Search Engine Optimization
SEO has become a crucial part of every marketing strategy. It has been proven again and again that the ability of SEO to make your business more visible directly influences your profit. If you manage to keep your strategy for content optimization updated regularly it will ensure the steadiness of growth for your company.
Google has come a long way, from a simple search engine to a company that has a greater influence on the market and advertising than any other before it. If you want to succeed in today’s business world you need to know how to cooperate with them and using SEO is the best way to do it.
SEO can be quite challenging and confusing but it is also unavoidable. And even if you assign this task to some outside company you must make sure it is a well respected and trustworthy company. There are a number of ways that unethical or badly planned SEO strategy will do more harm than good. Also, if someone does your SEO with a lot of shady links and spammy content it will damage your online reputation for good.
Be prepared, learn, and hire the right people.
Minimize Your Taxes As Much as Possible
Every business owner knows and even “feels” the crumbling effect of taxes on their hard-earned profit. Your plan should be to minimize taxes using every available and legal way that there is. The most money goes for the income tax, by far. So, that’s where you should start.
The most common way to minimize the income tax would be to redistribute part of your income in a way that is tax-free (or has a lower taxation rate). If you live in the USA the best way to do that is to open up your pension fund and funnel part of the income in that account. Your pension payments are susceptible to tax relief. Also, one more good way to avoid paying full income tax is to transfer some assets that produce income to your spouse. Because if he or she is not a taxpayer all the income will be viewed as a personal allowance which has much lower taxes.
A less common and indefinitely better solution to lower your taxes is to open your company in the country which has lower or no income taxes. In the United Arab Emirates (UAE), there is no government-imposed income tax whatsoever. But, as usual with all good things, there is a catch. There is a law that states that every company in the UAE must be 51% owned by a local company or a citizen. Luckily there is a way to bypass that law in a legal way. In order to open up a company or a branch there, you’ll need a partner or a corporate sponsor in the UAE already based in that country. There are firms that guarantee that you’ll have complete control over the new company and that all the profit goes to you, although they will own 51% of that company.
Adjusting to Unfortunate Circumstances of the Covid-19 Pandemic
All companies around the world are struck by the consequences of the pandemic, and the way they adjust to it is determining their faith. Many of the companies that did not want (or couldn’t) change their modus operandi went down hard. So, your task as a leader is to prepare, foresee, and react.
First, you need to ensure that all of your employees and customers stay safe. This goal is not just an ethical one it is also crucial for the wellbeing of the business itself. Minimize human contact, all interactions which are possible via the internet should be done that way. Let your employees work from home, and find new ways to motivate and coordinated them. Find new ways of delivering your product or service to your customers in a way that is more convenient for them. Even if all measures you employ bring your costs up at the start it will pay up in the long run. View it as a long term investment.
Plan ahead. There is a lot of talk about what will be the “new normal” and how to prepare for it. Make sure you develop a long term strategy for your business in the world that is rapidly and permanently changing in front of our eyes.