How to run your small business efficiently as it grows
Scaling a business up doesn't happen by accident. For a company to grow, it must be run as efficiently as possible day to day while moving forward on a growth strategy.
Here's how to get your business ready for bigger things.
Change your mind-set.
When a business grows it often changes, along with the owner's day-to-day work responsibilities. You may have less contact with customers and more time traveling. You may spend more time strategizing and less time doing active tasks. And though you may remain the primary face of the business, employees will likely serve as representatives of your business as well. This can be quite the change for solo entrepreneurs and those who began with just one or two back-office employees. Realize that there will be a shift in your duties and the company culture ahead of time, so you won't be surprised later on.
Prepare processes and pricing.
There is a big difference between business operations for a small company and one that wants to scale up. To create room for growth, adjust everything from pricing to accounts payable to marketing strategy so you can accommodate the realities of the business you'd like to become - larger revenue, more clients, and greater reach.
Delegate day-to-day operations.
Running a business is a full-time job. Growing a business is also a full-time job. If you want to do the latter, you can't spend all day doing the former.
Once your business operations are in a place you're comfortable with, hire great talent to help take some of your day-to-day responsibilities. Though it can be tough to hand some control to someone else - particularly for solo entrepreneurs who are used to doing everything themselves - the Harvard Business Review article "Why Aren't You Delegating" calls delegation "a critical skill" in business, one that is necessary for success.
Get the most out of every expenditure.
Every business has expenses, but there are ways to make those purchases benefit your company in the long run. Find a business credit card that offers rewards for purchases so you can make your most common business expenditures count.
For example, with the CitiBusiness® / AAdvantage® Platinum Select® World MasterCard®, you will earn double AAdvantage® miles when you use the card to pay for American Airlines and US Airways purchases or for everyday business purchases such as car rentals. You can then redeem those miles for future travel - for business or pleasure.
Growing a business is no easy task. It requires the investment of time, planning, and smart spending. But with the right mind-set and the right strategy, you can grow your business every day.
This post is sponsored by CitiBusiness®/AAdvantage®.
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