Want to increase the size of your business? Most entrepreneurs at startups do. But where do you start?
Only about half of new businesses survive five years and fewer than one-third last 10 years or more – so there’s a lot to consider if you want yours to be among the small percentage that are in it for the duration.
SurePayroll recently released a list of seven ways to scale a small business:
- First, begin with a solid, vetted business plan. If you don’t have a robust growth strategy, you probably won’t grow. Look for symbiotic relationships, SurePayroll says, along with organic growth opportunies and growth outside your initial product or service offering. A growth plan might include an acquisition – either by you or of you.
- Second, don’t reinvent the wheel every day. Have standard processes to ensure your products and services are executed consistently. Processes allow for quality control; without them, you’ll lose money due to inefficiencies and mistakes. Customers might become dissatisfied.
- Third, identify tools that can improve efficiency and effectiveness. This investment is worth the money. Think through processes that will automate taxes and payroll.
- Fourth, build a strong, supportive culture. Start with a mission, strong values that support innovation and growth within your company. Get your employees on board with this.
- Fifth, ensure access to funding. New people, products, processes and internal tools are all things you should consider paying for. Without capital, you’ll probably be outsold and undercut by your competition. Venture capital funds, SBA loans, angel investors – focus on where you can get cash.
- Sixth, continuously work to understand your customers. If you get stuck running daily operations, you can lose touch with your customers and networks. To scale a business, you have to understand what the market needs.
- Last, don’t go it alone. Find coaches, mentors and other resources that can help you grow your business. After all, they’ve done it – call on them for expertise.
Click here for a more in-depth look at SurePayroll’s seven tips.
Follow senior online managing editor @Craig_Galbraith on Twitter.