Growing a business that is either new or stagnating can be a challenging task. If you can no longer generate revenue from your leads, it might be time to think about scaling your business to get the cash flowing again.
Scaling your small business is all about growing it without doubling or tripling your budget. Bearing that in mind, here are some things you must do to achieve scaling success:
Take Risks
There’s a reason why 90 percent of all startups fail – their owners play it too safe. If you want to grow your business, you need to be willing to take risks when things become stagnant. That’s not to say that you should risk every cent you have on some crazy idea, but you should be willing to try new things whenever you can. You should be willing to fail too. Most successful entrepreneurs have tried and failed more times than most people have even tried, but they keep going, keep taking risks and eventually get it right. So, be sensible, have a buffer, but always have a new idea on the horizon.
Outsource
If you want to scale your business, chances are you will need more manpower and more expertise than you have now. That could be a problem on a tight budget UNLESS you choose to outsource. There are, for example, numerous business technology solutions that can help you to scale your IT infrastructure, freelance accountants who can take care of the finances, writers who can help you with your marketing strategy, and well you get the idea. Using these experts as and when you need them is cost-effective and an effective way of scaling your business on a tight budget.
Look After Existing Customers
Many business owners think that, in order to scale their business, they must bring in lots of new customers. They’re wrong. Of course, attracting new customers is a pretty smart idea, but when you’re on a budget, you might want to look at your existing customers instead. Why? Because it costs seven times as much to bag a new customer as it does to retain an existing one. That suggests that convincing your customers to stay loyal is the smart way to scale in the early days.
How do you do that? By offering them the things they want. If they want faster delivery, do what you can to make that a reality; if they desire new products, source them. Then, offer them loyalty points, money off offers and other rewards to seal the deal. Make them happy and they’ll stick with you.
Become a Niche Authority
As a small business owner, you may not be particularly well-known, which means that many people might be hesitant to work with you. You can change this, and boost your customer base, by setting yourself up as an authority in your niche. You can do this by blogging, writing for trade magazines, attending and speaking at conferences, podcasting and making videos amongst other things – just put yourself out there consistently and have something intelligent to say.
Time to start scaling!
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