Currently, there are a total of 33.2 million small businesses, accounting for 99.9% of all private establishments.
There's no secret that getting your small business to grow significantly can be challenging. Even if you have a website and decent branding, only some people will find it unless they are actively looking for it.
But what do you do next once you have a list of customers? Do you continue to grow organically, or do you need to scale up quickly and raise more money?
This article will look at expert tips on how a small business can grow its sales or market value to over a million dollars.
Scaling your small business to a seven-figure revenue can be very challenging, especially if you need to familiarize yourself with how and what steps to take.
7 Ways to Scale Your Small Business to Seven Figures
1. Create a Unique Selling Proposition
One of the most common mistakes small businesses make is creating a product or service that isn’t unique. A unique selling proposition (USP) is a short, clear statement that describes the unique benefit your business offers. It helps customers understand what makes you different from your competitors and why they should buy from you instead of them.
A strong USP is a critical part of any business. It sets you apart from your competitors and gives people a reason to buy from you rather than them. You should have at least one USP for each product or service that you offer, but the more USPs, the better.
A strong USP can be something like:
The best value for money in the industry.
The most experienced and qualified experts in their field.
A unique product or service that no one else offers.
You won't find these products anywhere else.
Our customer service is second to none.
Our product is the best on the market.
Our service is guaranteed to be completed in 24 hours or less.
Of course, a strong USP will be worthless or could even stagnate the growth of your business if you can't deliver it to your customer. So you must ensure you have all bases covered to guarantee that you'll be true to your word.
For instance, if you’re creating a website, it should be different from other websites in its niche. It would help if you also tried to avoid generic keywords when optimizing your website for search engines.
2. Optimize Technology Use
Now is the time to start if you're not already taking advantage of these tools. Start by creating an online presence that includes a website, social media accounts, and e-commerce functionality.
Nowadays, it's not just about having a website anymore. It's about creating a winning website optimized for search engines and easy to navigate.
You can make your website more user-friendly by incorporating features such as live chat, which allows visitors to get in touch with you instantly and makes it easier for them to shop on your site. If they need help or have questions about anything, they'll be able to reach out immediately without waiting for an email response.
It's also essential to have social media accounts, like a Facebook page or LinkedIn profile, influencer collaboration apps, and an email signature that includes your business' contact information.
Businesses that use technology well can gain a competitive advantage over those that don't. Use it to communicate with customers, find new ones, and keep current ones happy.
Technology can help you streamline processes, cut costs, and enhance customer experience. But more importantly, technology tools work best to build a better business model. Don’t forget to use free business tools designed to help grow your business.
3. Explore new capital
Elevating your business to new heights will only be possible with sufficient financial resources. The best way to do this initiative is to seek and infuse new capital. It’s also an opportunity for your business to expand its market share, gain a competitive edge over your rivals, and increase sales.
If you think this strategy will increase your profits, then it’s time to explore your options with investors. However, you should know that not all investors are created equal.
Some may be willing to invest in your business but on their terms and conditions. This arrangement means that they will want to dictate how your company operates. Therefore, you must choose an investor who can provide the necessary capital without compromising your autonomy.
You can look for investors willing to infuse their money into your business. The best way to do this is by reaching out to them and making a pitch on why they should invest in your venture. It would be best if you had a firm grasp of your business’s value proposition and financials.
4. Hire strategically
Having the best talents is key to a successful business, and this is true for businesses of any size. The difference between a good and an excellent business is often in its people.
So you must hire strategically. It will help you avoid mistakes like hiring too many people or hiring those not qualified for the job. You can hire based on the skills needed for a specific position or the knowledge of a particular industry.
However, you shouldn’t hire just anyone who applies for a job at your company. Hiring is an investment, and you should treat it as such. You must ensure that your employees can do their jobs well and bring value to your business before hiring them.
Moreover, it is essential to note that hiring the right people for your business isn’t enough. Hiring strategically means you can maximize the value of each employee and ensure that they fit nicely into your company culture.
5. Outsource for efficiency
Let's face it. Small businesses don’t have the luxury of hiring a team of people to help them grow their business. Consider outsourcing tasks that can be done by someone else for a fraction of the cost.
For example, if you are looking for IT support services in Los Angeles, it makes sense to outsource the task so that you don’t have any distractions from your core business. There are numerous things to do and not enough time to finish them.
As a small business owner, you want to ensure that your company is running as efficiently as possible so you can focus on bringing in more revenue and increasing profits. Hiring an employee is often viewed as expensive because it requires paying salaries, benefits, health insurance, overtime pay, and other expenses associated with employment.
However, there are times when hiring is impossible due to limited resources. This is where outsourcing comes into play. You can outsource tasks like customer service, accounting, payroll processing, and more so that you have more time to focus on what matters most for your business.
Another solution would be simply using self-explanatory services such as easy-to-use payroll software, HR management tool, and so on.
Still, you need all the help you can get when facilitating both internal employees and outsourced jobs. This is where HR software like Workday and BambooHR come in to ensure efficiency is maintained. It’s also best to check other HR software and Workday alternatives to help you find the most suitable HR tool for your small business.
6. Generate leads with inbound and outbound marketing
One of the most effective ways to boost sales is by generating leads using inbound marketing. This strategy focuses on creating content that attracts prospects, turning leads and customers.
The other option is outbound marketing, which involves direct advertising, such as cold calling or emailing people who have never heard of your company (and may not even want to hear about it). You can use various marketing tools to help you with cold outreach.
Inbound marketing is a way to attract customers to your business. Rather than relying on outbound tactics like cold calling and direct mail solicitations, inbound marketing uses content that’s valuable to your target audience.
The goal is to create compelling content to attract people interested in your offer. This is one of the most important steps in growing your business.
On the other hand, outbound marketing reaches out to potential customers by sending emails, calls, or direct mailers. It aims to attract new leads and drive sales by reaching out to people who still need to learn about your company or products.
Both strategies are essential to building a successful business, and many businesses use both in tandem.
7. Maximize sales conversions
Sales is one of the most important aspects of running a business. You need to have an effective sales strategy in place if you want your company to grow several folds.
The first step towards developing a good sales strategy is understanding who your customers are and what they want from your products or services. Once you know this, you can create strategies to meet their needs.
To scale and sustain business growth, you must maximize sales conversions.
You should be able to get as many people as possible to buy your product or service. However, it also means ensuring that each customer is happy with their purchase.
Takeaway: Keep Your Eyes on the Prize
There you have it: the seven most essential steps to help you scale your small business to seven figures and sustain it. Expanding any business can't be achieved by keeping operational expenses low, not taking risks, and just hoping for the best.
To truly grow your small business, you must take a long, hard look at your operations and ensure you spend every penny wisely. It would be best if you are willing to take risks and make necessary changes to continue growing your business in the right direction. Always move forward, keep your eyes on the prize, and you’ll succeed.