You’ve put in the time, effort, and money to build a successful small business. Now that you’ve accomplished that goal, it’s time to think bigger. What do you need to know about scaling a small business? Read on.
Don’t picture yourself sitting on a pile a gold, but do develop a realistic goal. If you’re currently making $5 million with your company, you can plan to scale up to $50 million. When you reach that goal, you can plan to scale up to $500 million. These aren’t daydreams – they’re benchmarks you can actually hit.
Hire the Right Employees
If you’re currently a one-man show, you’ll have to take on some help; if you’re now working with a small number of employees, you’re going to have to hire more. Make sure to hire people who are excited about the industry and who have a similar mindset to you – enthusiastic employees work harder.
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Create New Systems
As your business starts to scale, you’ll realize that your old systems don’t work so well anymore. Create new systems from the start and stick to them, adjusting as you need to. If you don’t have dependable processes, you won’t be able to keep up with your business’ new demands and it’ll be a pain to train new employees.
Continue to Focus on Customer Service
When you were a boutique company, it was easy to give your customers one-on-one attention. That kind of service can’t waiver as your business scales – what good is a medium-sized business if you don’t have any customers who want to stick around? Since there’ll be more customers to handle, come up with systems to make sure they’re still being treated well and given individual attention.
Odds are that you failed several times over when you were first starting your small business – that’s the only way you made it this far. You’re going to fail again as you attempt to scale and there’s no way to avoid that. Make sure to do it quickly – fail, learn from your mistakes, adjust the processes and systems, and try again. Be prepared to repeat this several times – the key is to rebound quickly.
Read to make your small business more competitive? Get in touch with a community management cooperative for guidance and support.