By Joe Fournier
Four Ways to Scale your Business
Growing a startup business that is successful and thrives can be challenging. You may want to scale your business to make sure it remains fresh and profitable, while increasing in valuation. Here are four ways you can scale your business for success.
1. Establish a team-first mentality
It is essential to implement a team environment for a successful business. It is important to find strong employees who have balanced mindsets and leadership abilities. Tending to your employees with a performance based program can increase productivity and show your team you value them. Valued employees will keep clients satisfied and your projects moving forward.
2. Outsourcing allows your core team to focus on your business
A core team is important, however, don’t be afraid to outsource unessential tasks to cut cost. When it comes to accounting, human resources, marketing, or web design, freelancers and independent contractors can sometimes work without taking up office space and at an overall lower cost. Gaining the assistance of an outside party who has experience, along with a network of information, can be a significant benefit for your business.
3. Focus on your Existing Clients/Customers
As an entrepreneur, you know that your product is not going to sell unless you have clients/customers willing to buy your products or sign up for your services. You will need to reach these customers easily and consistently, but never forget that your best customers are often your existing customers. Customers that already believe in you, that will rely on you for future services, and that are willing to refer you to others, should be your priority and number one focus.
4. Focus on your Funding and Cash Flow
For many startups, financing a new business depends on the team’s skill at raising capital. Your ideas may be great, but they are not necessarily valuable unless you have the funding to see your vision come to fruition. Make sure you have a network of friends, family, or angel investors to assist you in the early stages. It is usually wise to use an attorney to represent your interests in a fundraising transaction.
For assistance with any legal needs related to your business or estate planning, contact Fournier Legal Services at firstname.lastname@example.org or 860.670.3535 now for a free consultation and planning session.