Business growth is a continuous process.  Businesses are always evolving and changing to keep up with technology and provide customers and clients the best service possible.  Companies should always look at innovating while keeping an eye on the legal ramifications of each decision.  Here are a few examples of ways businesses can leverage innovation on a budget:

1.  Reduce Reliance on Paper and files taking up physical space

With brick and mortar businesses, space is valuable.  It is also important is appearing to be organized and tech savvy.  The best was for businesses to address these needs is to safely rely on the use of technology.  A computer system synced with the owners ability to access all information away from the business is a game changer.  Cloud storage and file sharing programs now allow business owners to monitor their business off-site and also allow for files to be kept safe digitally rather than within the business.  Not only do the files take up less space, but they can also be searched easily in case a record needs to be found quickly.

 2.  Embrace Online Sales

Businesses that sell items can increase sales with little overhead by giving customers the opportunity to purchase online.  Online commerce also gives customers another avenue to purchase from the business and a way to stay engaged with the business.  In addition to sales, small business owners are able to capture information specific their customer base and learn a lot about how their customers interact with the business, the products they are interested in, and the effectiveness of online advertising.

3.  Become an Informed Consumer

Businesses are not just sellers and providers; they are also consumers – hiring other companies to do a litany of projects.  To grow and sustain, most  businesses have to use others to cover specific areas. From legal, accounting, web development, product supply, insurance, and advertising,  businesses have a lot of bills to pay in order to keep the lights on.  One way entrepreneurs can reduce the bottom line is to be informed consumers themselves.  Your customer base shops your competitors and there is no reason why you should not do the same for the products and services used by your business.

4.  Be Open to Change!

Every businesses start with an idea.  It is the businesses which can change and adapt that provide the opportunity for long term success.  A successful  business owner knows the things they don’t know and they are willing to get help and try new things for growing business.  Drastic moves should be made with careful consideration and planning, but small decisions which can generate efficiency should be made quickly.

5.  Grow Through a Return On Investment Approach

The goal of building a large company does not necessarily stem from the number of workers, the specific systems, specific tools, or a particular location.  Each decision needs to be made through the lens of ‘will this bring me a good return on my investment?’  Some decisions may be great at the outset of the business, but will not be helpful as the company grows.  Other decisions may be used by other similar companies but are not right for your business.  Each decision needs to be made with the view of if and how much the decision will benefit the business.

Each and every decision a  business makes has a ripple effect, and each decision may create new legal challenges.  Hiring others raises employment law questions; changing suppliers may raise issues with contracts that have been signed; online storage raises record keeping requirements businesses are required to meet.

If you or your business are looking to grow, contact the Law Office of Brandon Leopoldus to see how we can help you protect your business with your growth strategy.