Now that you have achieved your dream of becoming the proud owner of a startup, the next logical step is to start expanding it. Of course, all entrepreneurs hope that their companies will make it big one day, and it is easy to believe that growing a business does not entail much effort when you hear the success stories of legends like Bill Gates, Bob Evans, and Steve Jobs. However, scaling up a company requires a lot of resources. Don’t let this discourage you, though. If you are adamant about dominating your niche, the next few tips will help you scale up your startup with minimum hassle.
Use the Right Tools
In this day and age, it is not possible to run a business without relying on technology. You’d be surprised by the number of tasks that can be easily automated using the right tools. In this regard, we recommend that you invest in CRM (content relationship management) systems. These nifty tools are great for organizing your customers’ data and sifting through email correspondence. Zoho CRM, Freshsales, and Hubspot are all fantastic options. You can also build your own system, but you will most likely need the input of an expert IT team unless you are a tech whiz.
Furthermore, when it comes to improving your workflow, cloud solutions can be just the thing you are looking for. Since not many people work on-site right now, you need to leverage cloud computing. This will allow your personnel to access important documents remotely and finish tasks much faster. Other software that facilitates HR and accounting processes, such as Zenefits and QuickBooks, are also a good addition to your tech arsenal. Regardless of which tools you end up choosing, make sure that you give your employees ample time and proper training to get the hang of this new tech.
Improve Your Marketing Strategy
Scaling your startup means that you will need to drive more sales somehow. Of course, the most logical way to do this is to improve your marketing strategy. Most entrepreneurs believe that effective marketing requires plenty of resources. While this was indeed true a few years ago, it is not the case now. Social media has made connecting with clients much easier, not to mention that utilizing these channels does not entail spending thousands of dollars. Platforms such as Facebook, Twitter, Instagram, and even TikTok are all the rage now in the marketing field. For this reason, you need to incorporate social media advertising into your marketing plan.
Prepare Your Team
Like many aspiring business owners, you might think that the success of your business depends solely on you, but this could not be further from the truth. Even though you are the head of your startup, leading it to success is not your responsibility alone. Assembling a capable team that has got your back through thick and thin is vital. For this reason, you need to prepare your staff for the next phase, and by this, we mean that you must be honest about the extra work that scaling up will involve.
To boost productivity in your workplace, you need to hire people who are willing to grow with your business and make sure you delegate tasks to keep the company running smoothly. You should also reach out to other entrepreneurs who have already made it big and ask them to hold workshops for your employees. That way, you can rest assured that they have all the knowledge they will need to enhance their productivity and handle more complex tasks. Most importantly, you have to offer incentives that entice your staff to do their best, and remember, making your employees feel appreciated is crucial for your business growth.
If you have limited resources and can not afford to hire new employees, you should outsource whenever possible. This is particularly important if most of the tasks you want to complete are one-time jobs. In this case, growing your team is not really justifiable. On the other hand, freelancers have lower rates; websites like Fiverr and Upwork are great places to look for professionals who are willing to lend you their expertise at an affordable price.
Find New Sources of Funding
Scaling up a business involves spending more money on testing new products, hiring more people, and launching ad campaigns. Naturally, this requires additional funding. As we have previously mentioned, increasing your sales is the easiest and least risky way of doing this, but it entails finding effective, cost-efficient marketing strategies and improving your services to ensure customer satisfaction. If you think that your products or services are top-notch and will take the world by storm once your startup starts to garner more attention, you might want to consider applying for a loan. However, this approach is not recommended if you are not sure of how your business will perform in the next few months. In this case, you can reach out to angel investors or potential partners who share your vision.
Scrape Off Things that Don’t Work Anymore
You may have a product that is perfect for your small business, but it doesn’t necessarily mean that it is scalable enough. You need to let go of the products and strategies that will not help you sustain a growing business. Instead, you can focus on testing new products that hold enough promise. Furthermore, you should consider enlisting the help of an expert marketer to help you come up with effective plans that can increase your company’s reach. To successfully scale up your startup, your motto should be “Out with the old, in with the new.”
Growing your business is not an easy feat, but it is possible if you have a clear vision and enough determination. By training your team, making tactical changes, and letting go of the strategies that you believe will not perform well in the future, you can scale up your startup without feeling like tearing your hair out! Just remember that the transitional period you and your staff will have to endure can be somewhat challenging, so be patient and keep your eyes on the prize.