Starting a business is not that easy. But once you’ve taken the initial step of building and introducing your brand/company to the market, you need to be prepared for other challenges that lie ahead. At some point, you would want your business to grow, scale up, and be as successful as possible.
Part of scaling up is optimizing your current resources to achieve the best results. Adding or upgrading your resources like hiring new team members, using cloud-based apps, and seeking funds is most likely necessary, too, to accommodate your growing business.
Now before you take on the challenge of growing or scaling your business, you have to be certain first that you’re prepared for it. You also need to be sure that you can sustain that growth. Here are practical ways to help you scale your business.
- Think big thoughts and take bold actions
All business owners start their companies with a dream. Given that you’ve already established your small business, the next thing you should aim for is its growth. Can your business go from $500,000 to $5 million? Why not?
It’s good that you think big for your company. But you must back this up with bold actions. This could mean moving your business’ headquarters, modifying your recipe or menu, changing the line up of your “Dream Management Team,” or securing new solid connections.
One good example for this is ConAgra Brands. The company has already been carrying a few popular food products but it was uncompetitive in the marketplace. Soon after CEO Sean Connolly took bold actions to keep the company in innovation tracks, it became the giant food company that it is today, focusing on health and wellness. For Connolly and ConAgra, the bold action is saying ‘goodbye’ to artificial elements and ‘hello’ to healthy and organic ingredients.
- Build a Killer Team
No matter how smart, hardworking, and experienced you are as an entrepreneur, you will still need extra hands to help you with your business. Scaling is a huge step and the reality is you cannot do everything on your own. The growth of your small business depends on you and your team! Bring in talents and experts who can support you and make up for your weaknesses. Build a team of people who will work with you towards achieving your business goals.
This is more like the strategy of Small Business Influencer, Award Winner, and Wedding Planning Expert, Tiffany Gillespie. She is the Owner and Lead Event Coordinator at To The T Event Planning. She said, “When hiring and building a successful team, the number one goal should be to staff to your weaknesses. You want to surround yourself with individuals who are strong in the areas where you may lack some skill.”
- Establish Key Networks
In the business world, most —if not all of the time —what matters is “who you know.” You may have the experience, the resources, and the team, but your connections can be the game changers in the growth of your business. This is why it’s important that you find networks and establish critical relationships as you scale up.
Based on a study conducted by New York-based think-tank Center for Urban Future, small businesses that used to be suppliers of big companies more than doubled their profits, compared to small businesses that didn’t become suppliers. It would be great if your business is also able to build that kind of connection. The probability of your profits to increase and your small business to scale up could be high if you also become a supplier for a bigger, more successful company.
- Utilize Cloud-based Systems
Sharing and having easily-accessible information, as well as tracking clients and relationships are crucial for growing a business and keeping it successful. By investing in and using Cloud-based systems, you can communicate and share information with anyone, anywhere, and at any time. You, your employees, and even your servers might not be able to store all the information essential for the growth of your business. But these systems have the power that you’ll need.
This is a proven strategy by Wells Fargo, one of the “Big Four” banks in the U.S. According to Steve Ellis, head of the Wells Fargo Wholesale Service Group, “We see the cloud as a way to help people connect around customers, to connect around building products, and to connect around risk management practices.”
This tool is just one of the several resources that your small business will need when scaling. Provided that you’ve acquired additional funds, it’s still important that you use the most cost-efficient resources. When you’re trying to gain more profits, you cannot afford to waste money.
- Seek Financing Options and New Pricing Approach
Unless you suddenly won $500 million in the lottery and you plan to use all the money for your business, you most likely need some financial help for your company’s growth and expansion. Start by consulting with a high-level financial expert and know your options. For Michelle Marciniak, Co-founder of Sheex, she sought help from a financial expert who highlighted the possibilities and options of growing their company.
Aside from financing, you also have to put your pricing in check. You may already have a system in place, but since you’re scaling your small business, you might have to change your approach to pricing. Design a new system that is more applicable and beneficial to your “bigger” business.
Scaling or growing your small business is the next step you will take as an entrepreneur. It is part of your business’ journey towards success. It’s okay to think big and act bold because these can scale your business to new heights. It’s important that you build a great team, establish key connections, use cost-efficient tools, and ask for financial guidance to help you in this new venture.
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Pepper Virtual Assistants is a business solutions firm that specializes in virtual administrative and personal assistance, online marketing, customer support, and copywriting. We are known for reliability through our managed services, responsive client handling backed by extensive training, and rockstar virtual assistants hired for their skills and expertise.