Updated: Nov 22, 2021
Hello CEOs, this blog post is for you! First of all, coming up with cool business ideas is the easy part. The hardest task is growing and scaling the business idea with good profit streams. As a brand strategist and digital marketing specialist, I'm often asked, "how can we increase our ROI this month or quarter with the marketing strategy or budget on the table?". My frequent response is that there are many factors of your small or medium-size business you need to take into consideration to scale up financially. Let's look at these factors below.
1. Evaluate and Plan
Before executing your business, you need to look into your business plan and check business projections. Data is everything, so look into how you are doing with the numbers and customer retention. What are your sales numbers each week or month? Are there areas within your business causing you to fall short in securing profits? Once you have found the gap within your business, think of creative ways to solve the issue. Speak with business experts about the problem to help you tackle the issues.
2. Invest in Digital Marketing
Traditional marketing isn't as prominent anymore. To stay ahead of the game, you need to consider adding a digital marketing budget to help you scale your business brand awareness, generate leads and grow online sales. Plus, consider knowing where your target audience is within specific digital marketing platforms. For example, YouTube has over 2 billion monthly users and 1+billion watch hours daily. Both Instagram and Facebook have about 1+ billion active logged users world-wide. For this data, you can select a budget that suits your needs and target your clients online with your business product or services wherever they are at any given moment.
3. Learn To Say No
As a startup or entrepreneur, you've got be comfortable with saying no very often. You are running a business, so let your feelings out. This is something I had to learn the hard way. Try to focus on working with partnerships that fit your business values. Everything else is added stress which does not need to be part of your business journey. As a result, you can use all the extra time and energy to focus on scaling up your business and meet demands.
4. It's Okay To Ask For Help
It's very important to understand your overall capacity in terms of strengths and weaknesses as a business owner. It's okay to ask for help from others when in need. Every successful self-made individual has a supportive team to help them along the way.
I highly suggest you find a community within your industry to help you out. You can join Facebook groups or find mentors that are in your area.
5. Find Staff Or Strategically Outsource
To scale your business, you must be okay to reallocate tasks within a team or outsource some services. For any startup or entrepreneur founder, you initially wear so many hats to bring your business ideas to life. However, if you continue to operate as a solo business owner, it will not sustain your business forever. It's easy to become burnt out and the business will collapse.
Here are several reasons why most businesses collapse:
Cash flow test
Balance sheet test
Expending fast without strategy.
6. Study Your Competition
One common question most investors might ask is whether you know about your competitors. If you mention that you do not have competitors, they will most likely dismiss your applications. Every business has competitors, direct or indirect. Studying your competitors allows you to gain knowledge and create marketing strategies that take advantage of your competitors' weaknesses.
Learn from competitors who've successfully grown: I am not asking you to stalk your competitors' social media. The purpose of learning from your competitors is to see what they are doing to attract clients' interests. Plus, it can help you to make your products, services and marketing stand out.
7. Protect your business values:
Another essential aspect of helping your business scale profit is protecting your business values. Try to avoid running into any legal matters and tax issues - such issues can cost 100s to 1000s of dollars in fines. Definitely not great for a business that is trying to scale. Why sink on the sea before you can sail? I highly recommend getting a professional accountant and business lawyer to take care of those legal matters as you are scaling your business effectively.
Additional Resources For You
To access other content on how to scale up your online digital marketing, brand awareness, site traffic or business profit.
I highly recommend you to read my previous posts on the following topics:
For more information you can read this article on how to scale a business.
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