A small business shouldn’t stay small forever. Inevitably, you’ll want to take your business to the next level — more growth, more profit, and more recognition. It’s not an easy feat, but that doesn’t mean it’s impossible.
Here are some suggestions on how to take your startup to even bigger heights.
Update your Business Plan
The plan you made when you first came up with an idea for a business might not still be the best plan for your business. Most businesses evolve, and it’s natural for your plan to change too. It’s beneficial to look back on what your initial goals were and re-assess if that’s what you still need to be working on or not. You might have expanded to new markets or platforms, and need to set new goals and targets for yourself. Don’t rest on your laurels!
Measure your Success
When your business is small, it’s easier to keep track of what’s going on, but as things grow, you’ll need to upgrade your tools and find new ways to monitor all the moving parts. You can get software to track sales and analyze web traffic to see your growth and help streamline things behind the scenes by showing your team how to prioritize tasks or track productivity.
Hire the Right People
Easier said than done! While websites like LinkedIn or ZipRecruiter make it easy to find candidates, a lot more goes into finding the right person than just reading their resume. Fitting in with your company culture is important, as is making sure their goals and ambitions are in line with the company. You also need to make sure you have a thorough orientation and training for new hires or let them work alongside a more experienced employee at first. Having the right people on your team will make sure your business can grow.
Upgrade your Technology
While you don’t need to rush out and buy the whole team the latest iPhone the second they come available, it is important to take advantage of the latest technology to keep your business on the fast track. You just have to be strategic about what you upgrade to make sure you’re getting the best bang for your buck. Modernizing your website is important — an outdated looking site, even if it’s fully optimized and usable, will turn off customers, so it’s worthwhile to redesign regularly. You might also need to upgrade your servers or hosting solutions to handle larger volumes of traffic.
Use Social Media
You can’t market a business in this day and age without a social media presence. Facebook, Twitter, Instagram, Reddit, Pinterest and YouTube all have value, depending on the type of business you’ve created, and can drive traffic or increase your sales. If you’re struggling to get followers or engagement, considering hiring a social media manager to help build your brand
Know When to Cut Costs
There are plenty of ways to cut down costs such as relocating your office to an area with lower property taxes or downsizing to a smaller space. Many businesses are forgoing traditional offices altogether for a ‘virtual office’ where employees can work remotely from all over the world. This way your money can be spent where it’s needed.
Speaking of money! Reach out to investors and pitch your business whenever you can, and have a solid plan on how to allocate their funds. Good investors can also offer expertise and leadership, alongside the ever important capital they provide.
Your business certainly has the potential to grow, but it’s you who has to push it forward.
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