Starting a side business can be very exciting at first especially when you have all the ideas and capital in place. But the problem starts when you need to scale the business and take things to the next level.
The fact that numerous small businesses and start-ups don’t make it to their third year should show you the rate at which small businesses fail.
The fact that you start burning through your investment funds quickly while being unable to scale your business and attract more customers can disorient your entire small business setup.
In this short post, we’ll be detailing a number of important things to take note of in order to scale your small business in 2023.
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To put it simply, you need to keep evolving and you must do this as fast as possible in order to be able to serve your customers with the best service ever.
You should also understand the importance of a good team because you cannot do everything by yourself. At some point, you may need to gather a team you can trust in order to service your growing number of customers.
You also need to make use of the best technologies tailored to your kind of business. You should also be able to do a periodic examination of your current customers, understand them and learn how you can increase the number by 2x.
Below are some of the important things that can help scale your small business in 2023 as the world continues to move at a fast pace.
Investing in the right technology
Investing in the right technology can help you scale your business quickly. Look for solutions that automate tasks, reduce overhead costs and streamline processes.
Automated technologies won’t only help you max out your productivity, but they will also reduce the amount you spend on hiring people. Those funds can be re-invested back into the business to grow it even further.
Examples of helpful technology include cloud-based collaboration tools, customer relationship management (CRM) systems, and analytics software.
If you are someone who has a job but handles your small business as a side hustle, you’ll know the importance of automation as it can save you a lot of time in order for you to focus on other important things that can help your business grow even further instead of spending endless hours on a particular task.
Expand your customer base
Another thing you need to scale your business in 2023 is to grow your customer base because this is how you can get a guaranteed return on your investment as well as maximize profit in the long run.
The majority of small businesses that died before their third year lacked a sufficient customer base that could be a perfect source of revenue for those businesses.
In order to do this effectively, you need to focus on building relationships with new customers while keeping the existing ones around for as long as your business is operational.
The fact that people don’t like to change their service provider should tell you something about building a trustworthy relationship with your customers.
You should also note that word of mouth is the best marketing tool. So if you treat your customers well enough, they will surely convince their friends to come on board. Before you know it, you would have 2x your current customer base.
Another way by which you can 2x your customer base is by offering promotions and rewards to encourage their patronage. You should remember to create engaging content and provide excellent customer support to help them navigate through whatever difficulties they may face while using your service.
Focus on employee development
If you are not a lone wolf in your business, there is a need to train your employees to be as good or even better than you because they are the ones that will render most of the services to your customers.
You want to have a weak link in your organization. Everyone needs to be very competent in whatever role they have within the organization.
In order to scale up, you need to foster a culture of learning and professional career development. You need to also offer your employees training opportunities in order to keep them updated with the industry you are operating in as well as the technologies they will be using to serve your customers.
This will help your business stay competitive and prepare for the future. There is also the need to offer your employees some incentives. This gives them a sense of ownership in the company. No one wants their business to be ruined. The such incentive will keep your employees happy. A happy employee is a happy customer.
Increase Business Efficiency
Improving workflow efficiency is a great way to scale your small business and you can achieve this via automation as mentioned above. You can also streamline processes and delegate more responsibilities to different units while freeing up yourself to take on more important tasks.
Your small business also needs to be sufficient for your customers in solving whatever problem you are trying to solve.
As part of your efficiency campaign, you need to improve the quality of your products and services. You can’t continue serving your customers the exact way you have been doing it years before. There need to be some important changes.
As mentioned above, your product and services need to be enough, or at least mostly enough for your customer in whatever area in which you are serving them.
Try as much as you possibly can to reduce complaints. While you can’t generally satisfy any human, you should also remember that when 10% of your customers start complaining about your services, then there’s a need for you to make some important changes.
Make use of digital marketing
The internet is here and there’s nothing you can do about it. Nearly every businesses nowadays have an internet presence either via social media platforms or social e-commerce marketplaces where they sell their goods and services.
You need to utilize digital marketing strategies to drive more customers and increase your sales by 2x. Also, test the water to see which platform is the best for your type of business.
If for example, you have a hair salon, social media platforms are definitely going to be places where you’d likely attract different clients to scale up the business. And if you sell clothes or apparel, you may want to try social marketplaces like Facebook Market and other big platforms out there.
There’s also the need to advertise your product in order to maximize the number of eyes that will see what you are selling.
It’s very important to be able to convert the majority of those that view your product and service which is why you need a very compelling landing page that sells your product and service to potential customers.
You also need to create strategic plans that are tailored to the business’ goals and budget. You need a lot of media content such as images and videos to showcase your product and service since this is what potential customers will see.
You can hire a professional graphics designer who can help you create amazing product verticals to market your business. And if you are on a tight budget, you can try out platforms such as Canva where you can quickly put together an amazing graphic design within minutes.
Automation also works in this department a well. In order to be constant and consistent on social media, you need automated services like Later and Hootsuite to keep your business account buzzing with new content.
With all these, you are certainly on the right path and you can see an upward trajectory in your business growth if done right and consistently.