Every entrepreneur and business leader wants to see their company grow, but what expenditures and efforts offer the most bang for the buck when it comes to growth? Not all spending or activities are created equal if your goal is growth. In this post, you’ll learn about several of the best areas in which to focus your resources for business growth.

Customer Attraction and Retention

Any company will find business growth to be a challenging endeavor without a dedicated and growing customer base. Marketing dollars, of course, go a long way here, but so does strong customer service. Also keep in mind that market research is critical: Your business should be as sure as possible that people will actually want a particular product or service before rolling it out.

And as your business expands, be sure to keep the customers at the top of your mind. If they flee your ever-growing company because of a lack of attention when its operating expenses are higher, the damage will be insurmountable.

Legal and Accounting Services

As your business grows, you’ll want to make sure it’s on strong financial and legal footing, so invest in accounting and legal advice. While you may want to bring one in down the road, you can likely get by at first without an in-house, full-time accountant or general counsel. Accounting firms and business law firms will do the trick. (Of course, if an accountant or attorney is particularly vital to your business’s structure, don’t hesitate to bring one in as a full employee.)

Networking

When it comes to business growth, it’s hard to beat the return on investment of networking. That’s because, as billionaire Li Ka-Shing has pointed out, something as inexpensive as buying a potential mentor or business connection lunch can lead to an incredibly lucrative relationship. At the very least, networking will likely help you come across some good advice.

For information on financing options that can help your company grow, get in touch with Painted Horse Financial.