Is 2018 the year you plan on scaling your business? If you’re in a financial position to grow your business bigger than it’s ever been, you’ll need to prepare yourself to make some difficult decisions. Scaling a business requires a lot of moving parts, so read on to discover the necessary tips and advice to consider so that your plan goes smoothly. Setting yourself up for success means planning ahead and equipping your business with the right Glen Rock Small Business Insurance, which will serve as your first line of defense should anything go awry.
Be modest about hiring.
Growing the business means taking on more people to cover all of your bases. However, hiring multiple people at once could be a downfall. Take your time with hiring and only add someone new to the team when a full-time (or at least part-time) position becomes available to achieve a long-term goal.
For example, if you just need some help getting off the ground, you can contract a marketing company to help your business grow. On the flip side, if you have orders to fulfill and not enough people to fulfill them, consider taking on a new employee full-time. Otherwise, you run the risk of having an employee who you don’t need all the time, wasting money and resources.
Christine Burdick, owner of Christine Burdick Design, suggests that businesses looking to scale make use of consultants and contractors who specialize in areas outside of your own expertise. This allows you to get help with things like taxes, tech support and bookkeeping without having to onboard actual employees for whom you might not have enough money or work to make the hire worthwhile, she explains to Small Business Trends.
Think outside the box.
Successfully growing your business to you might mean securing a downtown space with a view. However, fronting that money for a lease could drain your profits significantly. Extra revenue is needed when scaling to put back into the business, so think about non-traditional options when it comes to renting out spaces. You could share an office space with another company or sign a short-term lease while your business continues to thrive.
Remember your roots.
Scaling your business is not without its challenges and stressors. However, at the end of the day, remember why you wanted to start a business and attempt to grow it in the first place. If you’re able to gather help where needed and stick to your roots and your passion for your business, you’re more likely to stay on track and keep your business on the right track.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.