Every small or startup business dreams of getting into a position where they can grow exponentially. However, to do this properly, it is important to manage this transformation in a steady and sustainable manner.
But how exactly do you do this?
Overall, it is a good idea to engage the services of small business coaches like Brainiact to guide you.
Notwithstanding, here are six things you can do to scale your enterprise in 2024.
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1. Develop Or Modify Your Business Plan
If you want to scale your business, you are going to need a plan. Doing this will enable you to grow your operation in a way that will mitigate risks, prepare you for the challenges you might face and capitalise on new opportunities that might arise.
Within the plan, you should develop a 12-month forecasting model based on both external and internal factors that might influence the efficiency of your business operation.
It will help you to better predict your business’s future performance and identify trends and patterns.
You can also adapt and modify your marketing efforts to maximise the resources you have available.
2. Build Up Your Financial Buffers
According to Forbes, around 38% of all small businesses end up failing because they do not have enough reserves of cash to fall back on.
Without this financial stability it makes it harder for them to protect themselves from unexpected expenses or short-term cash flow issues. It also makes it much harder to scale a business properly.
By having a financial buffer in place which is readily available to use, they set themselves up to take better advantage of growth opportunities and can be more flexible and agile in the decisions they make.
3. Diversify Your Revenue Streams
It is never a good idea to rely on a single stream of revenue, because you never know when that might stop. Therefore, instead of putting all your eggs in one basket, you should look for ways to diversify your revenue streams.
The great thing about doing this is that you make your business less vulnerable to fluctuations in the economy.
In turn, it enables you to run a more stable venture regardless of any change there might be in market conditions.
By diversifying, you can also unlock opportunities for innovation and growth as you have the potential to increase your market share and customer base. In turn, this could give you a greater competitive advantage.
4. Embrace Technology
Over the last decade, advances in technology have revolutionized the efficiency of many small businesses.
For this reason, it is important to embrace the potential these innovations can bring to your operation.
For example, financial management systems and accounting software like Sage and Xero can be very beneficial in automating your data collection.
In turn, they can give you accurate and up-to-date information relevant to your business in a quicker and much less labor-intensive way.
Other technologies that might be beneficial for your business include predictive AI-driven models, cloud computing and video conferencing platforms such as Zoom that make communication much easier.
5. Strengthen Your Online Presence
It doesn’t matter what industry your small business operates in, maintaining an online presence is a crucial way to increase sales, enhance your brand profile and monitor your competitors.
Your online presence comprises your website, social media platforms and paid advertising, which can be viewed on any device.
To help your business scale effectively, it is imperative to identify which of these areas you need to strengthen your presence in, if not all three, and take steps to do so.
This could involve investing in a content marketing and SEO strategy to increase your visibility on search engines or leveraging social media channels such as YouTube, Instagram, Facebook or TikTok to market to new audiences.
6. Be Responsive To Customer Feedback
It has always been the case that a fantastic customer experience is critical to the success of any business.
As a result, you should take onboard all feedback – whether its positive or negative – to identify areas for improvement.
This can take the form of anything from the daily running of your operation to how you can market it better.
You should focus your efforts on asking happy customers to give you positive reviews on Facebook or Google My Business.
This powerful tactic can instill a lot of confidence within potential new customers who aren’t familiar with you.
Should you receive negative feedback, make sure you visibly address them, as this conveys to others that your business is willing to listen to customers and proactively improve its service.
