So, you have managed to set up a successful business and make consistent and stable profits each quarter. Congratulations! Building a profitable business is a huge achievement, and you will be aware of how satisfying it is to reap the rewards of your hard work.
If you have reached financial and operational stability in your business, you may be content to simply keep things running as they are. After all, why fix it if it ain’t broke? However, you may also be wondering about how you may be able to scale up your business even further, facing new challenges and increasing profits even further.
Scaling up your small business can seem daunting, and there are risks and obstacles to contend with. However, if your upscaling strategy is sound, you could end up becoming more successful than you ever thought possible. If you want your investment decisions to go from “hiring a new employee vs buying ad space in the paper” to “Ferrari vs Lamborghini for my company car”, check out this guide to leveling up your business.
If you want to scale up your business, you will need to increase your customer base. To do this, you will need to widen the reach of your marketing and advertising to target new potential customers. One easy and inexpensive (or even free in some cases) marketing strategy is to use social media. Social media sites offer you a chance to market your business to potential customers who don’t even realize they are potential customers!
Social networking sites like Facebook have built-in analytics tools that enable you to work out which posting strategies work, and which don’t. Social media marketing is a complex art, but there are plenty of online resources that can help you to learn.
When you have built your business from scratch, it can be hard to hand over the reins to others. Think of it like raising a child: if you have done a good job, they will one day fly the nest. When scaling up, it is usually necessary to strategically cede control in certain areas. Delegating tasks to other members of staff not only frees up time for you but allows more operations to take place simultaneously, as you don’t have to micro-manage every single one.
Coming up with an efficient training program for your employees can give them the knowledge to take responsibilities without needing your help. For example, promoting more experienced members of staff to management roles means that they can do the daily work of supervising new recruits and managing their departments, while you focus on wider business strategy. Communication at all levels within the company is vital for this to work.
Outsourcing and e-commerce
If you have the budget, outsourcing certain operations to other businesses or individuals can give you and your staff more time to focus on expansion and other tasks. Operations like IT support, marketing, accounting, and HR can often be outsourced.
E-commerce has made it easier than ever before for companies to scale up. For example, if you are a retail business, you no longer have to open up a new physical store (adding costs such as traveling, hiring new staff, etc) to expand your business. You can simply open an online store with minimal expense and effort. You may have to increase your levels of stock, but the results can be more than worth it! The Internet has removed many of the traditional barriers to upscaling your business.