Your entrepreneur idea grew into a business without issue, and now it is a bustling hub for team members and clients. This is a critical stage for your business. This is the moment when you need to develop a strategy that can take your business to the next level.
“Scaling your business is hard,” R. L. Adams explained in Entrepreneur.com. “It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more.”
But scaling to the next level can be slightly less challenging than previous thought. With proper planning and the right structure in place, you can achieve long-term success. The following five business strategy next steps for next level success could prove valuable. Let’s dive in!
1. Time to redraft that business plan
Business plans are actually pretty important. You probably whipped one up at the beginning stages of your business, but it may have been in your desk drawer since. Well, to take your business to the next level, you need to brush off the dust on that business plan and redraft it. Why? Because your business is most likely nowhere near where it was in the beginning. Thus the need to adapt for the future.
Look at the goals you had, and rewrite them for the next few years. You also want to define a new vision or mission if things have changed since your business’ inception. Another important factor in all this is preparing for team growth. You can’t grow without a team, and you’ll need strong HR support to keep that team happy and your business compliant with laws and working guidelines like using Reed Group leave compliance services.
2. Attract top talent to your business
While on the topic of HR and taking care of your team, let’s discuss building a team that will take your business to the next level. You certainly can’t do it all on your own. You will also need to attract next level team members with the expertise and knowledge to take your business to new heights. This could be pulling tech geniuses from large companies like Google or Microsoft, as well as revamping your executive suite with industry leaders.
The easiest way to do this is to pay these types of top candidates insane amount of money. But this could put a strain on your business’ bottom line. Instead, attract top talent with your vision. Be a passionate business owner and showcase the future your business will become.
3. How’s your current business location? Get rid of it!
Taking your business to the next level means growth. Growth means having a larger team. And having a larger team means having a larger office. Not necessarily. In fact, the businesses of tomorrow may not have much of an office space at all. Offices may simply serve as client facing locations that have no working element at all.
This could be perceived as pretty odd for most business owners, since not having an office is a new concept. However, most employees don’t want to go to the office anymore, and why should they. Slack, email, conference calls via Skype or Webex, project management tools, and more technology has made interaction and workflow attainable from anywhere in the world with an internet connection.
4. Build better ratings and reviews online
What do most enterprise companies have that small to mid cap businesses do not? A huge online presence. That’s because they have big marketing budgets to make their online visibility the best possible. Do you need to do this to take your business to the next level? Yes and no.
Instead of launching an insanely expensive marketing plan, focus on ratings and reviews from clients and customers first. One of the biggest elements for people to have enough confidence to buy from a business is the ratings and reviews they research online. If they are large enough in number, and decent, you will attain more new customers for a fraction of the marketing spend.
5. Make your business portfolio enticing to investors
Even if you don’t need investor funding, don’t forget about them completely. Why? It is all about setting your business up for the future. There are a number of factors investors look at before deciding whether or not they want to invest in a business. Factors like structure, marketing strategy, business plan, profit projections, target audience, and the list goes on. You can use these factors as a business owner to make your business better, and who knows, when it is time to get an investor, you will be well prepared.
In Conclusion . . .
The above five next steps for taking your business to the next level are only the tip of the iceberg. There are certainly more ways to build a business into a successful one. These are, however, among the most important and easiest. Do you have a business growth hack? We want to hear from you.