Published 30 November 2017 Category: Startups, Entrepreneurs, SMEs, Business

Beating The Odds & Scaling Your Small Business

Although it might seem as though the odds are stacked against you and your entrepreneurial dreams, there are a few proven tips that can help see you and your startup through.

You knew that starting a business was going to be hard. But nobody told you scaling up was gonna be nerve-racking, right? After successfully launching a start-up, the next challenge is to take it up a notch. And in truth, most start-ups never manage to scale up, even when they could have. Most get drowned by admin and after-sales work.

A big number fail to systematise and streamline processes that it becomes hard to keep up with day to day operations. The idea of scaling up becomes a scary thought rather than an exciting one. Wouldn’t you like to see your start-up grow? Wouldn’t you want to run your business instead of it running you?  Read on to learn how you can beat the 5 biggest challenges that entrepreneurs face.

Obstacle 1: Attracting, hiring and retaining the right people
When a business is growing fast, one of the biggest challenges is hiring additional staff to help with the growing work load. Now that job seekers have access to job opportunities worldwide, it’s even harder to retain great talent.  At the same time, it is to your benefit that you now have access to a global workforce.

In order to attract great people into your team, and retain the ones you already got, you need to offer more than a competitive salary and attractive benefit package. You’ve got to nurture a dynamic and collaborative company culture, something that employees will like going to work to and will have a hard time letting go. Get to know your individual team members, provide them opportunities to grow personally and professionally, and show you appreciate their contributions.

Obstacle 2: Learning to delegate
Most entrepreneurs build and manage their business alone.  They start as a one-person team doing everything from decision making to planning to execution. As a result, they find it hard to let go and delegate tasks to others, thinking that they are better off doing everything on their own. Accept that you can’t handle everything alone anymore. You need to hire and train others to run day-to-day operations like after sales or service support.

You will likely need someone to manage finance and other crucial decision making processes a little later. Only when you delegate can you focus on the key actions that will grow your business - getting more clients and improving your service or product.

Obstacle 3: Accessing capital for growth
A growing business needs growing capital too and that’s one of the tricky parts. Too often, start-ups have a hard time getting the right funding to jumpstart growth. Although there are many ways to get venture capital, there are also as many SME’s vying for said funds. Review and reassess your processes and business model as you start pitching for funding. You’ve got to prove that your business is viable and that it is really moving forward. Prospective investors will be ruthless in looking for weaknesses and you will only impress them by being prepared.

Obstacle 4: Managing paperwork
On top of the many different external issues you will deal with, there is the challenge of managing paperwork. Time-consuming aspects of the business such as bookkeeping and invoicing, for example, get in the way of revenue-generating face time with clients. Find ways to organise paperwork more efficiently.

Leverage technology and take advantage of the tools and new software being introduced in the market that could effectively ease the burden of record keeping and other admin tasks.

Obstacle 5: Lack of expertise
It’s common to hear from small business owners that a major roadblock for scaling up is simply not knowing enough about a specific business area or challenge to deal with it. It can all get too overwhelming and too difficult too quickly.

To overcome this, it’s important that small business owners attend training workshops (online and offline); research learning material; participate in mastermind and accountability support groups; and reach out to mentors and industry experts who can offer sound advice.

Here at Compass Offices, we are stoked to see start-ups not only launch successfully, but also grow and expand. Find out how our workspace environment helps new and seasoned entrepreneurs level up and grow their business. Compass Offices might just be the push you need to break through the entrepreneurial growth ceiling.