LOOKING AHEAD

4 Tips For Scaling Your Small Business



Small businesses were a big contributor to current economic growth, and to the high U.S. consumer confidence, which reached a 17-year high in Nov. 2017.  

To take advantage of the favorable economic environment, consider these four moves to set your small business up for success. 

 

1. Leverage software to optimize efficiency 

While newer auto recycling facilities may be able to make do with basic tools like spreadsheets, you'll need more advanced software to manage operations successfully. 

For instance, automating your manual processes can help you run your business more efficiently and help grow your bottom line. Implementing a network of systems can exponentially increase communication and smooth workflows between growing teams. 

 

2. Futureproof your hardware to avoid buying twice 

Having the right hardware can be one of the most important drivers of success. In fact, the right hardware means employees can do their jobs better and more efficiently, saving you capital and time. 

Can your company's existing tech handle your growing business? For instance, if you grow your website traffic, you'll need more powerful servers and increased storage capacity. 

Having trouble assessing how your hardware needs might change down the road? Working with a tech-focused small-business adviser, such as the free program offered by Dell's Small Business division, can help you avoid costly mistakes as you move your company into the next phase of growth. 

 

3. Find free financial resources to aid growth 

When your business is on the up and up, the money coming in from increased sales will help cover your increased expenditures, but it may not be quite enough to scale. If you're looking for additional routes to cover costs without relying solely on your profits, there are a few options. 

Consider reaching out to supportive networks and financial institutions for loans and potential new investors. Some companies like Dell offer lines of credit to small business owners, enabling you to quickly get the equipment your business needs now, without heavy upfront cash outlays. Or consider leasing your hardware. Instead of tying up your capital in equipment acquisitions or utilizing bank loans, lease options allow you to pay for your IT needs in low monthly payments while retaining your cash for investing in higher return opportunities. 

 

4. Build a team that will flex with your company 

When scaling your team, do not sacrifice company ideals just to increase head count. Maintaining the company culture will help keep your company focused on achieving its mission, ensure passion does not burn out and help with retention. 

Also, don't overlook hiring to address the HR and operational management aspect of your business, as you can't - and shouldn't - do it all yourself. Tasks like payroll, onboarding and day-to-day work should be handled by a support team that lets you run the show and focus on the future. 

With consumer confidence high, your business has an opportunity to scale. Take solace knowing there are resources to help you navigate this complex process, and that you don't have to do it all on your own - after all, you have enough on your plate as is. 

Add your comment:
Edit ModuleShow Tags

Related Articles

Help The Holidays Be Hassle-Free

Make Sure Your Car Is Winter-Road Ready

Speak Softly

And Get Involved In Everything

Telematics Legislation Introduced In Rhode Island

Like New

Allgeier Auto Cleans Up Junkyard Image

Recycled Rides Hopes To Hit 300 In 2014

Edit ModuleShow Tags
Edit ModuleShow Tags
Edit Module The Locator
Join Our Mailing List
Edit ModuleShow Tags