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Running a small business is challenging, many of them go under their first year while most startup do not survive their fifth year in business. Many business owners often feel like growing and scaling their business might be difficult. However, by taking the right steps, you can succeed. In this article we will discuss things to do to scale your business.
Adaptability and Flexibility
It is important to adapt and be flexible because it is needed in the business world. This tactic will allow you to navigate and build a long-term growth strategy. Small businesses need to pivot when necessary, to tapping into a lucrative new business opportunity. For example, if you are a restaurant you might pivot to starting to offer different options such as catering, deliveries, take-out, and meal subscriptions.
Funding
You need to secure funding in order to scale your business. This requires things like hiring more staff, deploying new technologies, and adding new equipment, these are all crucial to secure all the necessary investments.
This can be challenging because you need to have a great business plan and credit score. When it comes to applying for bank loans, they can assess your situation, suggest the best financing option for your business, and refer you to the bank most likely to accept your application.
Online Presence
Expanding your online presence is one of the most critical elements of successful scaling. Most people search online for a business or a product so not having a website or social media channels for your business is a huge set back. Having a website and social media platforms such as Facebook, Instagram, and others will allow you to improve the visibility and accessibility of your small business as well as expand the reach. You will attract more customers and boost your profit, both of which are prerequisites for scaling and growth.
When building your website, it is important that your design and functionality are exceptional. You want to make a great first impression when people visit your website. If your site is not well-designed, easy to navigate, packed with relevant content, and optimized for search engines, your visitors will not bother explore it further.
You can lose many business opportunities in a short time to prevent this scenario, invest in designing an attractive, user-friendly website that will build trust and credibility with your customers.
Identify the Right Staff
Hiring the right people who are skilled, experienced, and motivated to join forces with you and help you grow your business is another important step in the process of scaling your business.
The best way to identify and reach professionals who will match your criterial and fit into your company culture is by leveraging an internal recruitment program. Many positions are filled through referrals and networking opportunities, so think about encouraging and incentivizing your existing employees to recommend potential candidates.
It can be faster to source new employees through employee referral programs and networking can be much faster. This could be better than advantage than using job board and this way your employees from your network can vouch that the person they recommend meets the minimum requirements which means you can skip reviewing the resumes and just directly start interviewing the candidate.
In addition to that, this approach means that you will not have to use the services of an external recruiter as well as that you will move quickly through the hiring stages, all of which will cut your expenses.
When you are scaling your business, take into consideration the above four important factors and do not rush things that can put the success of the entire process at risk.
