Expansion is the key component of any successful business. However, expanding can entail growing pains for a business. Every entrepreneur wants to turn their small business into a large behemoth. But how does one go about it? The strategies used to scale a business can make it or break it.
All business owners know the importance of having a vision for their business, being focused on customers, putting an effective team in place, and ensuring that everyone in the team is disciplined.
While these are building blocks of any business, there are certainly other components that entrepreneurs should consider as well.
In this article, we’ll cover 10 key aspects of how to grow a business that shouldn’t be overlooked.
The first answer to how to grow a business is to understand your customers. Your business should solve a real problem or issue that your target customers face. If your service or product can save money or time, then there is a good chance that you have an offer that works.
Some of the questions that you should ask yourself to scale up your business:
Once you have informed answers to these questions, you’ll be ready to start scaling your business.
Every business needs a competitive edge. What is it that makes a customer buy from you and not your competitor? A business owner needs to have a ready answer to this question.
For example, if you’re running a restaurant in Kolkata, your competitive edge could be that you offer rooftop dining services that other restaurants in the area do not offer.
You may not have an answer to this question right away. However, as you become more experienced and you have been running your business for a few years and are more familiar with your customers and your product, you may arrive at an answer for what differentiates your business from others.
In order to successfully scale your business, sales need to be a top priority. How are you going to ensure steady and ever-growing revenue for your business? The sales strategy can make or break a business.
While making a sales strategy, spend some time considering the various ways that you can reach your prospects and convert them into loyal customers. Are you going to hire door-to-door salesmen? Are you going to sell on Amazon or Flipkart? Are you going to set up physical stores in big malls?
The most tried and true way to scale your business is to ramp up your marketing game. Marketing allows you to create brand and product awareness. Customers will not buy from you if they don’t know that you exist. Gone are the days when it was enough for a company to run a few ads in print or radio. Nowadays, marketing campaigns have become increasingly sophisticated.
You may need to try out a few strategies before you stumble upon one that works, but when you find it, it can be a gamechanger for your company. While you’re experimenting with marketing campaigns, you can use an SME Business Loan to meet your costs.
Also Read :- Know the Pros & Cons of a Long-Term Business Loan
You don’t need to hire in-house staff to take care of all your business needs. You can outsource certain aspects. This can be beneficial since you don’t have to train your staff and also lead to savings since outsourcing can be more cost-effective.
For example, you can hire an independent accountant to take care of all your accounting needs and taxes.
Nowadays, you can automate several aspects of your business’s internal operations. You can automate your social media campaigns, you can automate your email marketing, you can automate your project management, and so on.
Relying on automation not only helps you reduce costs, but also helps you avoid manual or human error. You can always pick and choose which aspects of your business will best be automated.
The next step is to start standardizing your internal processes and implement efficient workflows. For example, if you run a restaurant, then you can purchase all ingredients of the week at 5 AM on Tuesday every week.
Rather than “winging it”, you can be more deliberate with how your business operates. A standardized operating procedure makes it easier for your staff to handle their workload as well.
Digital transformation is not just meant for large Fortune 500 companies, but for small businesses as well. Gone are the days when most of the work happened on paper. Every business needs to upgrade its operations so that they can be conducted on smartphones or laptops.
While this can seem costly upfront, it saves a lot over the long term and is much more efficient. Software is available for almost every aspect of running a business, and you should be the first to leverage it. If you want to use the latest IT developments to grow your business but don’t have the necessary funds, consider opting for an SME Business Loan to help with expansion.
As an entrepreneur, it is important to build a team with a diverse set of skills. In fact, the goal of every business owner is to hire people who are smarter than they are. Nurturing talent will help you scale your business faster than any other factor. People with diverse skillsets can add value to your company and pay for themselves many times over. When hiring people, invest in their training and development so that you can get the best out of them.
A business cannot survive on its own. As they say, “it takes a village to raise a child”. The same can be said for a business. You need to have a network of service providers, suppliers, sales partners, collaborators, freelancers, and so on.
The sooner you start building up your network (with a purpose in mind), the sooner you can start reaping the benefits.
When you’re just starting, it can be overwhelming to figure out how to grow your business. Scaling is probably the most fun aspect of any business. Even though the journey can be hard, the results are worth it. If you require funding for scaling any aspect of your business, you can always consider opting for an SME Business Loan.
As a business owner, your reliance on traditional banks is quite understood. After all, very few businesses can survive unpredictable business cycles and manage headwinds without availing of a business loan.
Getting a business loan is easy and opens many options for growth and expansion. While getting a Business Loan is relatively easy, provided you choose the right lender, using the proceeds of the Business Loan correctly is a challenging task.
Most small and medium-sized businesses need to raise funds from time to time to take the company to the next level. These businesses have always been the backbone of the economy.