As a small business owner, the prospects of growing and expanding should be exciting – but, more often than not, it’s actually kind of frightening. So many entrepreneurs before you have fallen into one of the many pitfalls by expanding too soon, not staying in touch with their regular customers, and not researching their new market properly. If this happens to you, you run the risk of shrinking rather than growing.
Image by: Pexels
There are a few ways to make sure that this doesn’t happen, though, as long as you’re able to take in the advice of those who have done this before you. Here is a handful of expert advice to help you scale your business as safely as possible and avoid the many dangers of growing up too fast.
It just makes it a bit easier to make a decision with confidence and look forward to running a booming business in just a few months from now.
First: Focus on saving money
More than anything, small business owners put their businesses at risk by not saving enough money. When you are able to scale and grow, you are in a much better position to save money and this should be your main focus.
Before you go ahead and get a bigger office or roll out a massive marketing campaign, you need to shake off the disadvantages of being a small business and start saving money by getting your supplies in bulk and start manufacturing your products yourself.
Find yourself a premises, in other words, and get the equipment you need in order to manufacture your products such as a slat belt conveyor and a few more employees; you’ll save money by doing it yourself and can stay in complete control. It’s a no-brainer, really, and should be one of the first things you do as a step towards growing your business.
Next: Spend some quality time with your customers
After overspending and neglecting their budget awfully, small business owners have a tendency to forget all about their first fans once they grow up. If they don’t forget about them, they might end up losing the part of their business brand that made them unique and loveable, to begin with, so the first thing you should do is figure out why they love you so much.
A small business will, undeniably, often try to haul their first fans in by focusing on high-quality and excellent service. Whatever you do, try to stay true to these elements even when you grow up; don’t skimp on the quality now that you’re manufacturing your own products and don’t forget about customer service just because you have more employees.
You should have a few core values which you carried with you from the start and these should always stay intact. Start a loyalty program, for example, to make sure that you stay in touch with your first customers and reach out to them via social media as well once in a while.
That way, you’ll be able to both grow your business and keep your customers while gaining new ones. It’s the best way to expand, after all, and definitely the safest.