Do you know how to scale your business? Starting your business took a lot of hard work. Now that you’re ready for expansion, you will likely face an entirely new set of challenges.
Already, as part of your routine, you must serve customers, supervise your staff, keep the books and fill other administrative roles. With so much to do, scaling your business might seem impossible. Where do you start? How do you find the time?
Use the following actionable tips for scaling your small business to do the job without becoming overwhelmed or busting your budget.
Already, you’ve overcome the odds by building a successful small business. You know what failure looks like and you probably don’t like it. So, as you scale your business, think big and approach everything you do with a “success” mentality.
You can probably find thousands of fantastic ideas that can help you scale. Prepare yourself right now to say “no” to most of them. You have limited amounts of time and money, so stay focused on the things that matter the most.
Always keep the big picture in mind. Make every decision with an eye for the future. If you don’t, you could incur unnecessary expenses. For example, if you skimp on your data network or software applications, you may have to replace them if they can’t grow with you.
So, when you invest in systems, make sure they can scale with your business. Take a similar approach while assembling your team.
Find someone who can serve as your mentor and advisor. Such a person could be anyone with experience either in your industry or your type of business. An investor, business owner, or someone with similar experience can fill this role.
In addition to getting advice from peers, you should learn to depend on your team. Rather than trying to do everything yourself, try delegating responsibilities. By letting other people share the load, you can have more time to plan and execute your growth strategy.
Of course, as your business grows, you will need to expand your team. Avoid the temptation to take shortcuts with your team. You need well-qualified people who can deliver a high level of performance. To do this, you’ll need to offer competitive wages, perks, educational opportunities, and other benefits.
As you scale, look for ways to work smarter rather than harder. Here, technology can play a vital role. For instance, you can use a cloud-based collaboration app to unify remote workers with your traditional employees.
When done right, your entire team can work together on documents, share files, and hold group brainstorming sessions. Tools that support instant messaging, live chat, video conferencing, and virtual whiteboards can also help your staff become more productive.
Automation offers you additional ways to scale your business. Thanks to technology, you can eliminate redundant data entry and automate many routine tasks. In the end, you can substantially improve productivity while eliminating opportunities for making errors.
Other opportunities for improving your business’ performance include analytics tools. These can collect and analyze multiple data points from your organization and provide insights into its performance.
Your website and social networks are assets that you shouldn’t ignore. Spend time assessing their current state and then develop a plan for moving forward. Remember that a fresh and active online presence can grow your sales.
Now is a fantastic time to refresh your market research. First, identify the type of customers that need what you offer. Next, learn about the problems and challenges they face. You should also learn about their desires and aspirations.
Based on your research, create a persona that represents your ideal customer. As you create content, keep this person in mind. Create value by addressing the real-world issues that your persona faces.
Most of all, be consistent. On social media, share your brand’s personality. Socialize with your followers and share content. Do more than pitch sales. Become part of the community.
In your quest for growth, never forget about your current customers. For starters, you can dramatically reduce your selling costs by closing repeat sales. In other words, by expanding your base, you can boost your profitability.
Your customers can also provide you with feedback that can support your ongoing success. They can provide you with answers to important questions:
● What new products and features should you sell?
● How can you create a better customer experience?
● What factors limit their frequency and volume of sales?
● How can you deliver more value to the marketplace?
Consider sending customers a survey after every sale. This gives them a chance to express their level of satisfaction and share their opinions. To encourage participation, keep your surveys short and simple. Additionally, offer an incentive such as a discount on a future purchase.
In conclusion, rest assured that you can successfully scale your business. However, to avoid the mistakes that have doomed other business, you should apply the above tips. Start by thinking big. your winning attitude will help you overcome failures and mistakes.
As you make progress, avoid distractions, get the help you need, leverage technology, and build your online presence. In the end, scaling your business requires a lot of work and some risk. What do you think about this topic? Share your comments or experiences that may help small business owners rise to the next level.
Joe Peters is a Baltimore-based freelance writer and an ultimate tech enthusiast. When he is not working his magic as a marketing consultant, this incurable tech junkie enjoys reading about the latest apps and gadgets and binge-watching his favorite TV shows. You can reach him @bmorepeters