Are you a small-business owner seeking to grow your company? Scaling rapidly and smoothly is great for ROI, but unless you plan carefully, your expansion could turn into a runaway train, with expenses outweighing returns. To grow and maintain viability while expanding your small business, follow these tips:
Spend on cost and time cutting processes first
You have to spend money to make money, but you can also spend money to save money. Look for areas you can make your company leaner, and invest there first. By automating what processes you can and offloading repetitive tasks, you can free up money and manpower to scale. Try chatbots for customer service queries and software with automated functionality to handle inventory and accounting. Everywhere you can streamline your workflows, do so. This will make it easier to integrate new functions and requirements as you grow.
Make the right hires
Choosing the people you will be working with during the growth phase is crucial. Find people who share your vision for your company, and possess the skills that make up for any weaknesses in the organisation. Delegate wisely, and demand accountability. Also make sure you are offering compensation that will not only attract good employees, but can also make them eager to stay as long as possible. Loyal employees can get you through tight times. Remember to provide high-quality training to each person you hire, and make sure they read and understand your company policies. Encourage teamwork and pair new employees with mentors who can guide them and make their entry into your company "family" a smooth one.
Strengthen your company culture
Having a vital, engaging and diverse company can help maintain and motivate your small-business team during times of exponential growth. Consider a culture-add approach rather than a culture-fit stance, and look for ways to enrich your work environment with activities that make your employees feel connected to each other and the company. Communicate your company vision and core values, and have concrete goals to work toward.
Keep your existing customer base happy
It's all well and good to focus on acquisition of new customers, but don't forget your loyal buyers from the early days of your startup. They can be your biggest brand ambassadors, so make sure you keep them in mind and reward them when possible with incentives and early access to deals and new products or services. Customer experience should be at the top of your priority list. Consider asking valued long-term customers to help you out as you grow. They can be an invaluable source of information and insight, so leverage that with surveys and polls to find out what they would like to see from you and learn about any improvements they suggest you make.
Build your brand visibility
Use social media and community networking to build your brand up online and offline. Find influencers in your industry and work with them to promote your company and products. Align all of your marketing materials with your core message, create a clear company voice and stay consistent across marketing channels and social platforms. Above all, remain accessible and responsive to your target demographic while you begin your scaling process. If there's a hitch, fast communication is the best way to handle things, whether you're struggling to meet production demands or having issues with shipping vendors. Look at bumps in the road as opportunities to shine in the face of adversity.
Bank with the best
Your business banking choices can affect what options are open to you as you grow your small business. BOQ provides business bank accounts, loans, credit cards, and more. Why not stop into your local branch and talk to one of our small business banking representatives today?