You've put in the hard work to get your small business up and running. But now you're hitting a roadblock. Even though you've built an impressive client base, your business isn't growing fast enough. You need to take things to the next level — but how?
It might feel like plenty of big businesses are keeping you short for the time being, but that doesn't mean your business can't scale up.
Small businesses have advantages over large organizations, often making it easier for them to increase and become much more significant than they initially seem. Here are three ways to scale up your small business so you can keep on thriving:
Change up your marketing strategy.
As your business grows, you'll see a significant increase in the amount of time and effort you put into marketing. When you started, it might have been enough to put up a few flyers at the local library and send out a few emails to your mailing list.
Now it's not uncommon to spend tens of thousands of dollars on marketing campaigns to drive significant growth. The problem is that many small businesses don't change their marketing strategy to reflect their increased spending.
Big businesses have the advantage of being able to spend millions of dollars on a single campaign and see what the results are. If a particular strategy isn't working, they can try something else. Small businesses don't have that luxury. If one marketing campaign doesn't work, it might mean the company's end.
If you want your small business to scale up, you need to ensure that every marketing dollar you spend gets you actual results. If one strategy isn't working, try something new. And keep doing that until you find a method that works.
You can also get help from our on-demand marketing team at our Shared Services Center. We offer different packages according to your business needs. You can read our article here if you'd also like to learn more about how digital marketing benefits SMEs.
Hire new employees
As your business grows, you'll start to feel the strain on your own time and energy. You'll begin to run into situations where you can't do everything that needs to get done.
It's easy to fall into the trap of saying, "well, we need more time and energy, so we should just hire someone new." But that can be incredibly expensive and time-consuming, not to mention difficult to find the right person for the job. Other ways to scale your business are more accessible, quicker, and cheaper to implement.
For example, you could also outsource tasks to virtual assistants. No matter what type of person or team you want to scale up your business by hiring, there are a few key things to remember: Make sure you know what you want from them. It's easy to get excited about having more people on your team and forget you must ensure you have a clear vision for what they're supposed to do.
Virtual assistants will help you delegate tasks to focus on core parts of your business. Hiring new staff doesn't have to break the bank. At Cápita Works, you can employ nearshore virtual assistants and save up to 75% on salaries compared to the US. You also get the benefit of having the same time zone. If you'd like to learn more about our services, click here.
Strengthen your infrastructure
No matter how many people you have on your team, you won't be able to scale up if you don't have the infrastructure to support those people. When starting, most of your energy goes toward building relationships with clients and finding new customers. As you scale up, you'll want to ensure that you don't neglect the other aspects of your business that keep everything running smoothly.
If you're using software tools to manage your team or clients, ensure they're robust enough to scale with the business. Keep your eye out for new software that might make your life easier or help your business run more smoothly. And make sure you have a process for everything in your business so you don't fall behind as you grow.
When starting a small business, it's tempting to think that you must keep things small to stay successful. While that's true to an extent, it's also important to recognize small businesses' advantages over large companies.
When you scale up your business, you can use those advantages to grow more quickly than larger businesses. Those three ways to scale up your small business are: to change your marketing strategy, hire new employees, and strengthen your infrastructure.
Although scaling up your business can be challenging with a limited budget, it's not impossible. At Cápita Works, we're focused on offering talent at a fraction of the cost and providing different solutions to SMEs in the US. You can read more about our solutions here or contact us at firstname.lastname@example.org for more information.