Of course, starting and running a business is hard enough. However, becoming your own boss and launching a startup is a dream come true for many people.
You must be happy with your success after working hard and earning a profit. But what’s next? The business world comprises a myriad of businesses, large and small, competing fiercely with each other. So when your startup has reached the initial level of success, you must aim for bigger goals. Maybe it’s time to upscale and expand. But how do you do it?
Upscaling goals differ from business to business. For example, to some companies, upscaling might mean introducing a new branch in a new location. However, for others, it’s developing new products/services. Whatever your upscaling objectives might be, incorporate the following strategies to scale your business this year:
- Consider automation
The successful scaling of a business often requires maximum automation of business operations. Instead of spending too much time and money on repetitive tasks, automating processes can help you focus your efforts on more worthwhile endeavors. One best way to automate your work and improve efficiency is by leveraging database management technology.
All thanks to the database management system, every company today performs way better than they used to in the past. A database management system allows companies to store and manage crucial information and data in one place. Every department, from finance to HR and marketing, can automate processes using database management technology and help the company grow.
Not sure how to implement database management technology for your small business? Consider the baserow use case guide to help you understand clearly and avoid errors.
- Plan smartly
The secret to success is planning.
Saying you wish to expand your business is not enough. Nor does saying you want to earn more profits enough. Having and declaring a goal is one thing, but if you genuinely want to achieve it, you must have a robust plan.
A detailed plan can act as a roadmap. You can identify all the barriers that can hinder your upscaling goal. Thus, you can find possible ways to overcome those risks and challenges and implement the proper operations.
- Build and retain a great team
No matter how many business operations you automate, you can’t run a business without employees. Employees are the backbone of the company. These hired people can make or break your company’s success. So you must be careful who you choose to make a member of your small business.
Upscaling your business requires determination and hard work, not just from you but also from your staff. So make sure the people you hire have the same passion and vision as you to achieve your goal.
Moreover, remember that your job doesn’t end with hiring the right people for your business. It would be best if you also treated them well, so they stay motivated and happy.
- Partner with other small businesses
As a small business owner, it is normal to feel intimidated by huge companies within your niche. You might think there is no chance you can compete with the big names since they have better inventories and services than you. But there is a way you can outperform them – affiliate with other businesses.
Make sure you and your partner initiate a partnership on mutual benefit terms. A better idea is to have a legal expert draw a contract, so there is no misunderstanding later on.
Beneficial partnerships can help both businesses promote each other’s products/services and get access to the customer base. Try to collaborate with other local businesses, as most customers prefer them because they offer a more personalized experience.
- Consider smart marketing
When scaling your business, you would want to let your target audience know about it. But, unfortunately, as a small business owner, you might be on a shoestring budget. So you must be careful with your marketing tactics.
Since the world is going digital quickly, make sure to make your presence known online. However, don’t just restrict yourself to a website or an online store; take a step further and establish your presence on social media platforms.
However, it is not wise to tap on each social media platform. A better idea is to learn where your target audience spends the most time. That is where you need to advertise your brand.
When you start upscaling, the day-to-day tasks may get hectic. It might become challenging to carry out such tasks without negatively affecting the business’s overall productivity. Recruiting new employees might not always be an answer to this problem when you have just started your little venture. Instead, consider outsourcing.
Outsource the job to someone with the right skill and expertise who understands the business as you do. That way, you can save time and avoid errors. Some tasks you wish to outsource may include IT support, payroll, HR, marketing, administration, etc.
- Pay attention to the customers
Let’s face it; your customers determine the success of your business. If your customers aren’t happy with your business, your brand won’t get the right recognition, and you can’t earn revenue. Therefore, make sure not to compromise on customer service when upscaling your business.
Your customers often may not leave you direct feedback or communicate with you. So a better option is to put yourself in your customers’ shoes and consider how your upscaling actions may affect your customers. You can only make your customers your brand ambassadors and maximize your returns when you prioritize them and earn their trust.
- Manage time wisely
One of the main reasons many small businesses don’t make it to the fifth year is they fail to manage their time wisely.
You must have set clear goals and plans for scaling your business. For this reason, you must have identified the sequence of tasks you need to do to achieve your goal. However, it is best to set a realistic deadline to complete each task since time is money.
Usually, the most urgent and unanticipated tasks come to light at the worst times. So if you want your team to handle the last-minute changes efficiently, it is better to employ the right time management tools and strategies to make the most of the available time.
Upscaling your business is necessary. After all, the best businesses are the ones that are always on the lookout for growth.
But, it might seem scary and daunting. And while upscaling your small business is challenging, staying confident and making risky decisions can help you enjoy this ride. Moreover, you can take your small business to new heights by having an open mind and adopting a flexible approach.