Looking Ahead: 4 Considerations for Scaling Your Small Business

Looking Ahead: 4 Considerations for Scaling Your Small Business
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Check out Dell Small Business customer, Curious Nature Apothecary

Check out Dell Small Business customer, Curious Nature Apothecary

Curious Nature Apothecary

The US economy has been moving at a healthy pace in 2017, and if it achieves the 2.5% growth projected for 2018, this will represent the best two-year run since 2005. It’s not surprising then that US consumer confidence in November 2017 was at a 17-year high.

There’s no doubt that, as a small business owner, you contributed to this growth. This positive momentum paints a promising outlook, so it’s time to start considering how you’ll ride this wave.

We all know that the life of a small business owner means being spread thin—and I know how impassioned you are to continue working hard every day.

All that said, it is possible to scale your company and still stay sane. It just takes the help of both internal and external teams alongside you.

What to Consider Before You Take the Leap

No two businesses are exactly alike and there is no single “right” way to scale. So much depends on your industry, external market conditions, and internal organizational issues.

Nonetheless, the chance to grow should be exciting and get your wheels turning about opportunity. Consider these four things to set you up for success:

1. Hardware that supports your existing and future teams

Having the right hardware can be a key driver of success for a small business. Well-equipped employees can do their jobs better and more efficiently, which saves you capital and time.

This raises the question: can your company’s existing tech meet the demands of your future business? If you grow your website traffic, for example, you’ll need more powerful servers and increased storage capacity. And if you grow your team, you’ll need additional hardware like computers and phones for employees, or supplies and printers for facilities managers.

Proactively assessing how your hardware needs will change as you scale can help you any avoid costly mistakes down the road. With the help of a tech-focused small business advisor, you can think ahead and identify new tech solutions that will help move your company into your next phase of growth comfortably.

Check out Dell Small Business customer, RedThreaded

Check out Dell Small Business customer, RedThreaded

2. Software that can keep up with your growth—but not jump too far ahead

Having the right software to support the growth of your business is equally as important. Newer businesses can make do with basic tools like spreadsheets to manage operations, for example, but this isn’t always sustainable or cost effective.

When scaling, automating your manual processes can help you run your business at a lower cost and more efficiently. Implementing a network of systems can exponentially increase communication and smooth workflows between growing teams. Consider options like accounting or customer relationship management software that can boost efficiency through virtualization.

3. Financial resources that provide growth and stability

Of course, a bigger business typically means a bigger financial investment—both in terms of salaries and assets, as well as liabilities and supplies. So how will your finances be impacted by this 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, including banks for loans and potential new investors. Dell Financial Services and Dell Business Credit can also help you access the resources you need to grow your business without heavy upfront cash outlays.

4. The right team who will flex with your company

Many entrepreneurial success stories start with a single person or a small team pouring their heart and soul into launching a venture. For many of you, this team becomes your family—you’ll want to take them into consideration as you grow and think about what support they’ll need to be successful.

Hiring additional employees should involve conducting some upfront research into what industry standards are for a company like yours. Questions you should ask include: for a business like yours, do you need a bigger customer service team to accommodate incoming requests, complaints and inquiries? Do you have the right number of people needed to manufacture your products and deliver them? And once new members are hired, what kind of HR team will you need to support those employees?

That HR and operational management aspect is important, as you can’t—and shouldn’t—do it all yourself. Things 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.

Rakia Reynolds, CEO of Skai Blue Media, Dell small business customer, pictured here with her Dell advisor, Mario.

Rakia Reynolds, CEO of Skai Blue Media, Dell small business customer, pictured here with her Dell advisor, Mario.

Thinking Big to Get Ahead

With consumer confidence high, the prospects for your business to scale are there. Taking a strategic approach—and building the right internal and external team—will help you navigate this complex process. With this growth, I’m hopeful we’ll be looking at an 18-year high and continued success next year.

As always, Dell Small Business is here to be an extension of your small business team whether you’re just starting out or you’re ready to scale. Call 1-877-BUY-DELL to get a Dell Small Business tech advisor for your business or visit Dell Small Business online to learn more.

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