Once you’ve started and built up a small business, the next step will be to begin upscaling in order to best compete with many larger ones. Taking that next step should only be done when you are confident that your company is financially stable and so is the current economic climate. Upscaling too soon or in an inefficient manner could result in everything you’ve worked towards falling down. Therefore, the following tips should help ensure that your business can begin preparing to upscale successfully.
Develop a Strong Recruitment Strategy
To deal with an increasing workload you will undoubtedly need to hire some extra staff. Where a lot of businesses make a mistake is by hiring too many, too soon and for some unnecessary positions. Start slowly, going one at a time and make sure you have costed up everything from national insurance to pension contributions. Determine what qualities are required and thoroughly screen applicants to get the best match for the job.
Boost Your Marketing
Marketing your business and its expansion is vital to reach potential new customers and clients. Use testimonies from existing ones, as connecting on a personal level really appeals to many. Connecting with local and online influencers can make a real difference and reach the right target audience easily. Boosting your marketing before upscaling is ideal to help create plenty of demand for what should be an increasing supply of your product or service.
Expand into Larger Premises
Look for larger or additional offices, showrooms or other buildings to expand into when you are anticipating a growth in your work force. To keep the costs low this could be by hiring until your upscaling is complete, testing the waters first before committing. Remember to focus on the finances, as not only will there be the extra cost of these buildings to use but you will have to fit them out with furniture, equipment and other overheads.
Review Social Media Performance
Social media is an important component of many businesses these days and can provide a good indication of how your business is perceived. 40% of people believe a strong social media presence is key for loyalty, so it is worth reviewing your output. See how much engagement you are receiving online, what the most popular aspects are and develop a plan on how to capitalise on this.
These steps should help ensure that your business is well-prepared to begin upscaling and compete with some of the leaders in your industry.