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6 Key Steps to Level Up Your Business
- Reevaluate your business plan. Chances are your company has evolved since you drew up your company’s initial blueprint.
- Understand your customers. It’s critical to know who you’re selling to and their preferred products and/or services before you attempt to reach an even larger audience.
- Explore capital and financing options. You may want to leverage investor or lender capital to fund your growth ambitions.
- Optimize staffing. Employees come at a cost, but they may also be integral to growth, so consider how much payroll you can afford. Outsourcing to independent contractors may even prove to be more cost-effective.
- Automate when possible. Time and resources are precious. Any aspect of your business that you can streamline through automation will help you save in both areas.
- Sharpen your hard and soft skills. The next phase of your company may demand more from you personally, so explore training programs to hone your talents — such as leadership development, communication, and project management.
Templates, Guides, and More From Trusted Resources
How to Scale a Business: 6 Tactics to Utilize- Harvard Business Professor School Professor Jeffrey Rayport explains the Six S Framework, which can help business owners holistically assess their business and scalability. Visit Harvard Business School
- Sequoia Capital concisely dissects the elements of a successful investor presentation, a necessity for businesses that plan to leverage outside financing to grow their operations. Visit Sequoia Capital
- Concrete plans with quantifiable milestones are essential to steady progression. This guide from Business.com discusses the ins and outs of creating a growth plan for your business. Visit Business.com
Business Growth Strategy FAQs
Scaling a business can expand your customer reach and, consequently, increase sales and pad your bottom line. This growth could enable you to continue expanding, reward employees for their contributions, and/or increase your personal profits. Depending on your industry, you may even attract investors or set yourself up for an exit.
Growing a company is a time-consuming undertaking. It may introduce unwanted changes to your life, such as more stress and less leisure time. Moreover, growth isn’t guaranteed, and you may find yourself spending more without realizing a positive return on investment.
Developing new products, hiring employees, acquisition, entering new markets — these activities require significant capital. Unless you’ve routinely set aside excess profits for such ventures, you may need to rely on outside financing sources like equity investors and/or lenders to fund your growth plans.
Continue exploring small business growth financing resources
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