Are you thinking of different ways to scale your business? You may have a great product, good employee engagement, and achievable business goals. As you expand, you need to set new goals, improve efficiency, and grow your team. It can be challenging to do this and often too expensive for a small business.
Instead of waiting for your business to expand as customers grow, you need to make moves to push it along. A successful business is continually expanding, so make sure you focus on this right from the start. If you’re wondering how to do this with limited resources, here are some easy ways to start.
1. Consider a virtual CFO service.
Even if your business is growing, you may not have the cash flow to hire an in-house CFO. It’s essential for expanding companies to have good accounting services and financials to help with cash flow management and meet all your accounting needs. A full-time CFO can manage this for you but can also be too expensive to hire if you’re a small business.
Instead of spending time and money to train team members to handle your business and finance solutions, consider a service that will do it for you. Several companies offer CFO services that do all of this and more at a fraction of the cost. Since you don’t have to spend time training someone, it’s also more efficient to use this option.
The best way to help your business is to hire a fractional CFO service. You can integrate several tasks, including those related to accounts, financials, and bookkeeping, into your organization without any hassle. Since it won’t affect your bottom line the same way a full-time CFO might, it gives your business a chance to be more profitable.
2. Invest in OKR systems.
How do you keep track of what your employees and team members are doing throughout the day? Do you have an easy way to track payroll, financial services, accounting services, and your customer service team? If you don’t already have a key performance indicator, consider investing in one for your company’s sake.
An OKR framework is an invaluable tool for any growing business, whether it’s a large company or a small business operation. If you’re not used to technological advancements finding their way into your business strategy, you may be wondering what is OKR? Known as objectives and key results software, it’s a program that helps you meet company objectives, personal goals, and to set goals for your employees.
Companies benefit from an OKR framework in many ways, especially now that everyone is working remotely. Since remote work options may be the future, it’s crucial to put OKR methodology in place now to ensure your company culture adjusts to it. It’s an excellent way to ensure high output management while getting measurable results and performing regular check-ins with your team.
3. Do your research online.
One of the best ways to help your small business find a foothold is to research your competition. Knowing how your competitors do business will influence your strategic planning and help you stay ahead in the market. To do proper research, you have to know more than your competitor’s products and target audience.
You should also find out about their company strategy, their business goals, and any milestones they’ve achieved. It can be challenging to do this without the right tools. To compare and contrast one entire organization against another most effectively, it’s a good idea to use a researching platform. Several platforms offer an inside look into the advertising and marketing practices of successful companies.
Using a research platform is more efficient than having your team members spend valuable time trying to find financial reports or a way to determine what ambitious goals your competitors have met so far. You can either use their business goals in new ways or use your research to set new, ambitious goals for your own company.