If you are running a business, then there are many things that you will consider day-to-day, but there is one thing that can make or break the rest – your bottom line. If you can’t make your business make financial sense, then it won’t last and every good intention and brilliant idea will go down with it. So, if you are looking for ways to grow your bottom line, consider the following:
Make Human Connections The iFestival is great for finding new financers and spreading the message about your newly launched product, but it has even greater value if you approach it in the right way. Innovation seminars and other such events are great opportunities to network and that is at the base of every great grassroots movement. If you want to sell more, improve your brand reputation, and spread awareness, then word-of-mouth is the way to go. It’s just that word-of-mouth doesn’t happen in the same way today. Much of that interaction does take place online. However, it often starts in person. So, be sure that you are taking advantage of the picnics, parties, lunches, and invention conferences to build real relationships with the people who will happy tell their friends and family members about how great your company is.
Partner with the Well Established There has been a lot of talk recently about the power of influencer marketing. The idea that getting your brand message spread by someone with hundreds of thousands (or even millions) of followers has definite merit. However, you can also take advantage of the influencers on a local basis as well. Look to form public partnerships with vendors, for instance, that have been well-established and appreciated by your customer base. These partnerships can build instant credibility, which can go a long way toward building up that bottom line. Again, those very same high tech conferences can be a great place to form the initial connections that lead to the valuable partnerships.
Consider an Experienced Angel Investor It is not always easy to find investors, but it can be well worth the effort. Not only can it lead to a boost to the business’s cash flow, many of the angel investors prepared to invest in companies like yours have been in your shoes before and will be able to provide a great deal of knowledge along with the monetary investment.
You may have noticed a theme – networking. If you really want to build your business fast, then you should get out and about, spreading the message about what you are attempting to accomplish. Those human connections form the foundation of all future success.