Many entrepreneurs keep an eye on what’s next for their business. If you’re looking to scale up your company and reach a larger audience – whether it’s a new location, an online store or international shipping – here are some key steps you can take:
Do a research deep dive
Cast a wide net when exploring opportunities for growth – connect with your network, investigate prospective markets and customers, and get the scoop on future competitors’ pain points. Explore whether you should diversify your offerings, change up your marketing tactics or expand to new physical spaces. This work helps you start your next phase with eyes wide open and informs a strong strategy for growth.
Modernize your systems
While a small business can sometimes get away with really basic procedures like manual inventory tracking, this can leave a lot of room for error. Inefficient systems or those that rely on spreadsheets or pen and paper will be a struggle to keep up after any degree of expansion.
Fortunately, there are plenty of tools designed to make life smoother for operations of any size. These might include automated or AI processes that you can set up to do marketing for you, software that tracks your inventory with every sale and customer relationship management technology that helps you keep your records organized.
Explore resources and supports
No one can do it alone. With more business, you might need more support. If you need some help to take your venture to the next level – whether it’s advice or financial backing – take advantage of opportunities to expand your knowledge and your business.
The federal government’s Boost Your Business Technology program offers $15,000 grants, access to expert advisors and tailored services to help small-and medium-sized businesses modernize, minimize pain points and become more competitive.
