Is your small business ready to make the transition to the next level? For many owners, this is the most crucial phase in the history of their organizations.
Often, the size increase is a make-or-break moment in time, one that separates the long-term survivors from the rest of the pack. But, because every entity is unique, it’s often difficult to use a template approach for growing a startup organization into a medium-sized one. Fortunately, several relatively common techniques deliver solid results for the vast majority of owner-entrepreneurs. In so many situations, the first step is to hire additional employees.
After that, strategies are many and varied. Small business CEOs frequently discover the value of investing in promotion and advertising, earning an MBA, expanding product and service offerings, or choosing to tackle international markets.
In no particular order of priority, here are details about some of the more effective tactics.
Few companies can survive with a skeleton crew of founders and initial team members. At some point, for healthy growth to take place, the owner must bring in additional staff.
There are signs you need more employees that can help you decide the right number of new hires to focus on. That might mean two, ten, or fifty people, but the move is an essential one in every business’s expansion cycle.
Leave nothing to chance. Either hire people you know well or who come highly recommended by fellow entrepreneurs. Avoid using online resume listings or doing generic searches in local employment wanted postings.
Get an MBA
Choosing to seek a graduate degree in business is a long-term investment that comes with enormous potential rewards. In nearly every case, CEOs find it easy enough to gain acceptance to academic programs. The challenge is financing. Unless you have a relatively large capital reserve, tuition and fees can strain any budget.
One of the most efficient ways of covering all the expenses of a graduate degree is to apply for a student loan through a private lender. You can look at Earnest graduate student loans that come with flexible terms, competitive interest rates, and repayment periods to match any budget.
Invest in Advertising
Once you begin to view advertising as an investment rather than an expense, you’re on the road to healthy, long-term organizational growth. Too many founders don’t see immediate returns on investment and subsequently fall into the trap of not spending enough money to promote and market their goods and services. Learn to spend wisely and strategize when budgeting ad dollars.
Consult with a professional who has experience in taking small, domestic companies into global markets. Depending on what line of products or services you sell, the transition can take less than a few months and translate into significant sales growth.
Don’t be surprised if going international is much less complex and far less costly than you initially suspect.
Expand the Product/Service Menu
Consider choosing one or two additional items to your current lineup. However, attempt to stay within the same niche and price parameters. For example, if you sell IT certification courses via an online platform, a logical expansion would be to offer AI educational webinars or programming tutorials within the same price range.