Scaling a business can come in many different shapes and forms. Whether it’s investing in product development or entering new markets and locations, the possibilities are endless. But founders cannot undertake this massive venture without a solid game plan.
To help you get a better idea of how you can start planning for business expansion, here are five actionable steps to get moving.
Just because you are scaling your business doesn’t mean your finances have to go through the roof as well. Expense management is crucial for founders who are expanding as it gives them a clearer overview of their spending and how to maximise their finances for scaling.
From employee wages to recurring software subscription fees, direct integrations can eliminate redundancies through automation, ultimately improving operational efficiency. As a result, the automation of documentation processes allows businesses to convert, transfer, and archive financial reports and data more efficiently.
Along with refining your processes and building your company assets, you will need to manage and monitor them properly. So say goodbye to manual data entry and tedious documentation and start tapping into business software. From collaboration to project management software, utilising automation can save you valuable time and allow you to focus more on scaling the business.
To simplify your workflows even further, tap into business tools with multiple functions to avoid congesting your technology portfolio. Refine your software suite and only use those that you and your team will make use of the most.
At the end of the day, your customers are the ultimate reason why scaling your business is even possible. In order to prioritise customer satisfaction and retention, you need to listen to them. By listening to the main users of your product or service, you’ll be able to hear firsthand what’s doing well, what could be improved, and what needs to go. One way to do this is through online surveys, social media polls, focus group discussions, and analyzing on-site activity.
While you focus on scaling your business and increasing your market share, never lose sight of your customer base.
Generally, relying on self-funding is not sufficient when scaling your business. More often than not, startup founders find themselves seeking help from external sources to help them raise seed capital. Apart from growing your enterprise, raising capital allows you to invest in innovation that can enhance your current product offering.
While reaching out to venture capitalists is typically the best way to get access to funding, founders should also consider these alternative ways to raise funds to scale their business:
Before getting started on any of these steps, be sure to do your research and assess your needs. How much capital do I want to raise? What will I do with the funding after acquiring it? What are the requirements for seed funding? These are just a few examples of important questions to ask yourself before seeking funding for your startup.
For companies that have grown significantly in number, it may be high time to get a corporate card for startups. This can be an appropriate tool for growth when used correctly. For founders looking to manage their expense reporting and empower their employees with purchasing power, this is one step in the right direction.
Other benefits associated with corporate cards include:
If you’re looking to develop a corporate card expense policy for your employees, we’ve created a resource that can help you get started.
We know that scaling any business comes with its own set of unique challenges. But don’t be afraid to break the mould, try something new and take risks. Whether you’re just starting out or are finally ready to scale your startup, we are with you at every step of your business growth.
With the preferred corporate card for startups and modern entrepreneurs, founders like you can explore a plethora of offerings from virtual cards for teams, smart integrations, expense management, and 1% cashback on all qualified marketing spend.
Sign up in just five minutes and gain access to all of this and more.