Nearly every business owner blames either inadequate funds or lack of time for their slow growth.
Getting the balance between operating a business and meeting family needs is not a pushover.
Yes, it’s normal for entrepreneurs to waver when the time comes to make critical business decisions, most times due to lack of insufficient funds. However, most startup owners fail to realize that whether funds are adequate or short sometimes depends on your approach. Have you set your goals right? Do you have a perfect strategy you intend to use in scaling your brand so you can start enjoying increased revenue?
Here’s 2018’s guide to scaling your micro-business:
Assess your on-hand situation
Most times growth is triggered by an analysis of your existing situation. You need to evaluate your current status to decide. Find out
- Which areas of the business require expansion?
- Why those areas need growth
- Their possible impact on your company versus the cost of implementing the plan
This way, you get a vivid image of what’s possible and profitable. On top, this approach allows you to compare different ideas before making a move. One option may save you tons of thousands and still give you the perfect results you desire.
Gone is the era when wearing many hats portrayed you as the competent business owner. Handling many roles may be necessary at the startup stages, but it’s definitely not the idea if you’re looking to scale.
A time comes when you need to embark on outsourcing most of the work. You can’t be accountable for everything. If that’s the case then you won’t have time to scale your business.
Luckily, you don’t have to break the bank to outsource. Consider working with cheaper (but qualified) online freelancers. And for seasonal duties, you don’t need to permanently hire staff.
In a nutshell, successful outsourcing is about knowing who to hire for when for what task.
With the rapid invention and innovation going on, you can ignore significance of automation in expanding your business. Automated systems simply solve recurring business tasks in an easy, stress-free way so that you don’t have to develop new ways of dealing with one problem.
Business owners don’t do systems because they require strategic thinking to spot problem areas and set up. Take time to identify the issue and have a well-thought-out plan. Get a merchant cash advance, if you need extra money. Yes, these systems take time to put up, but in the end, they save companies a lot of time.
- Staff onboarding
- Consumer onboarding
- Bill pay
- Content marketing
- Email management
- Social media
Concentrate on Retaining Customers
“80 percent of a company’s future profit comes from 20 percent its present customers”. That’s the Pareto Principle. Customer retention has proven to be a simpler and less expensive way to stay in the market. Selling to a repeat customer is easier that converting a prospect to a one-time or regular buyer.
Expanding your base is a great experience but those planning to scale should focus more on hanging onto the customers you’ve obtained. Think of what you can offer customers to make them stay.