With technology and increased opportunities, more people are starting their own business than ever before. This being said, the same old problem is still arising and it’s causing many new businesses to shut down every year; managing growth. With small business growth, it can be hard to navigate because you’re alone, you don’t know how to make the jump, and you can sometimes get too comfortable with being a small business.
While managing the day-to-day tasks, it can be tough to even think about getting bigger and handling the requests that come your way. Today, we’re going to address small business growth and how you can create a strategy to enjoy the wave rather than fighting against it.
Plan, Plan, Plan - Although this seems obvious, not enough people sit down and plan these days. If your business were to grow, what systems would need updating, where would you need help, what could you do alone, and how could you manage your time most effectively? Within your plan, you can see your budget, the resources you have available, and make an assessment of your facilities. At this point, you should know exactly where your money goes so there aren't huge leaks as you expand.
Remove Administration - At the moment, you’re probably citing paperwork as the main reason you can’t expand; how are you supposed to deal with customers and do all the paperwork that comes with it? Well, nowadays there’s some fantastic technology around that'll help to achieve your goal. With an automated administration program, you can spend your time on the most important tasks of your business rather than wasting it on simple tasks.
For example, bookkeeping, accounting, and payroll is a major inefficiency for most small businesses. By automating the whole system, even if it’s just you, everything is done through a computer system rather than doing it manually. What’s more, you could automate your invoicing and receipt system. Once you’ve created your invoice from a template online, it’ll be sent directly to the customer to take the weight from your shoulders.
Outsource - With small business growth, there are always services waiting to help and you need to remember this. As you grow, you might not be ready to hire just yet so you can turn to outsourcing instead. Nowadays, there are more freelancers than ever before so allow them to help with customer service (answering calls and replying to emails remotely), simple administration tasks, keeping social media updated, and more. What to learn more about outsourcing? Read our recent blog on the topic here.
Don’t Push Back - When more growth comes, look to find solutions, as opposed to reasons why it’s a problem. Whether the solution comes from more outsourcing, extending the delivery time of your service, or adding a new automated solution, don’t stop the growth that comes your way because thousands of businesses would love to be in your position and, let’s not forget, this is what you dreamed at the start!
Hire - Finally, as long as you’ve optimized your business and administrative tasks, you will eventually need help with the actual work and this is when you need to start hiring. Rather than hiring too early, reaching this point suggests you’re no longer a startup but instead enjoying the fruits of your labor. As long as you hire carefully, you can move forward with confidence knowing the basics have been automated, outsourced, and optimized; this prevents hiring just for paperwork and basic tasks.
If you’re experiencing small business growth, we wish you the best! Don't forget, as a Bartercard member, your Trade Broker is an excellent resource for ideas of how to use Bartercard and save you cash as you grow.