10 Ways of Scaling Your Small Business

All the major companies which have emerged from the tech boom of the last decade have rightly proven that a healthy business development is all about scaling. Scalable growth in a business should involve the right pairing of exponential growth of revenue with incrementally rising expenses. Scaling a small business can be a real challenge for entrepreneurs since scaling requires investment in a couple of departments like inventory, human resources, marketing and distribution. In this article we are going to discuss a few proven ways of effectively scaling a business with limited resources.

1. Be bold and proactive: As an entrepreneur your target to scale your small business shouldn’t be totally dependent on the demand for your product or service. Always try to be flexible and adaptive till you have a wide customer base to support you. There is no harm in trying out new things but know that not all of them are going to work. However never shirk from trying out a new strategy since there is a lot of surprise in store for you as regards to what works and what doesn’t. Instead of following a predetermined approach you need to be open to trying new avenues which might help your company grow in amazing ways. Make sure to develop a sound marketing strategy by surrounding yourself with the right team. Come up with innovative strategies to reach your dream before you give the final shot.

2. Find strong support: One of the most important aspects of scaling your business is surrounding your venture with a group that is passionate about the mission of your organization. This group could include your employees, early investors, etc. So try to find people who are looking for a company with a vision. You can meet many such people at meetings and events pertaining to your industry.

3. Cement the foundation of your business: In order to make the process of scaling more manageable you need to come up with a simplified business model. When you offer your customers with a familiar set of products or services from the very onset, you can surely expect to deliver those things more efficiently thus making for a stable and sustainable growth. Another important aspect of successfully scaling your small business is to make sure that your product or service is delivered systematically to your customers. This would encourage repeat business and help you create a solid client base.

4. Develop a killer management team: This is a very important part of your business strategy which is ultimately going to help you save your business. So try to bring in new employees who make up for all the weaknesses of your organization and come up with internal systems right from the start.

5. Move on to cloud based systems: Switching to cloud based systems would allow you to properly communicate and share all info anytime anywhere. One of the keys of making your business successful is to have all the information constantly accessible. If you don’t move to cloud then you run the risk of overloading your servers. This implies that you need to make an expensive investment to make your servers work.

6. Create a public profile: A strong presence on social media and regular appearances on publications pertaining to your industry is a key factor of successful entrepreneurship. It is also important for all the key members of your team to create a public profile as well. This would ensure that as your business is expanding, anyone with queries can find the right person to contact without a hitch. Having to contact the CEO for all minor queries can be a bad experience for your customers.

7. Work on your business instead of working in it: Most upcoming entrepreneurs fail in this particular area since they focus on the wrong aspects. You need to remember that you must get your work done inside your business. Moreover it is equally important to focus even on the tiniest detail. If you are not concentrating on the key strategies which are making your business roll, you are doomed to stagnate forever. So, try to be clear about all the core activities which need to be focussed on in order to keep your business growing.

8. Create a CRM system for tracking your clients: Though small businesses can manage with tracking client info and orders on spreadsheets, such an approach is going to hinder the scalability of your business. Making a mistake in this area can cause you to disrupt important relationships with your clients. A cloud based CRM system would help you maintain those relationships and make sure that you don’t miss out on anything. Remember that your business is entirely dependent on your clients. Therefore always try to come up with a high level of customer service no matter the size or reputation of your company.

9. Hire Interns: Hiring less experienced and inexpensive people as interns can be a great idea for a company with limited resources. Rather than an early investment on a VP of marketing, one should instead go for passionate interns who are more than willing to prove themselves. They can be the best evangelists of your brand and help you with all your small projects. When they prove their worth you can always choose to hire them as full time employees. However, make sure to pay them fairly for the work they do.

10. Evaluate the financing options for scaling your business: It’s not easy to go from $10,000 to $10 million. For this you are going to require capital which is surely not easily obtainable. Every business is presented with its own unique circumstances, and it is up to your discretion whether your business can thrive on its own, or if it should seek outside funding. No matter if you are looking to expand your employee base, create a new facility, or come up with a new product or service, one of the major factors in taking your company to the next level involves acquiring the capital to support your growth. So get a grasp on financials and even look into adding a high-level financial member to your team.

Got a question your dying to ask? Leave them in the comments below or email them to Khaleel@wantrepreneur360.com