Three Ways Small Businesses Can Achieve Sustainable Growth.
January 10th, 2024
SUMMARY / KEY TAKEAWAYS
- When you’re starting on your journey as a small business owner, things can often feel overwhelming. The first few years of your business are (hopefully) a period of huge growth, learning, and resilience.
- Once you know you’ve got a product or service that sells well, it’s natural for you to start to look at scaling your business to increase your profit. However, it’s vital that you do this sustainably, and avoid taking on too much onto your plate.
- In this article, we explore the ways in which you can grow your business to the desired size without getting overwhelmed.
When you’re starting on your journey as a small business owner, things can often feel overwhelming. You may be balancing your new company with another job, or maybe you’ve dived right in at the deep end and are working on your business full time. No matter what your situation, the first few years of your business are (hopefully) a period of huge growth, learning, and resilience.
Once you know you’ve got a product or service that sells well, it’s natural for you to start to look at scaling your business to increase your profit. However, it’s vital that you do this sustainably, and avoid taking on too much.
Not only can overpromising lead to supply issues as you struggle to fulfil orders, but as the owner, you are also at risk of burnout from committing too much time and energy to your business. So how can you avoid this, but still grow to the size that you want to? Let’s explore.
Utilise Automation and Technology.
Firstly, automation is your friend. It can save you time and effort – whilst there’s no replacement for human input for creativity and connection, when it comes to generating invoices, for example, there’s no need to do this manually. Another example is regular tasks like social media posts. These can also be queued ahead of time, leaving you free to work on tasks as and when you want to, rather than in real time.
Not only does technology stop you from spending your precious time on tasks that can be done automatically. It also reduces the risk of human error, and ensures a more consistent process. We all have tired days, but you don’t want this to affect your customers’ experience, especially as you get busier.
Use AI to Analyse Trends.
If you offer more than one product, or struggle to understand fluctuations in demand, AI can be a fantastic tool to help you analyse trends and grow your business. Whilst there is some natural wariness around artificial intelligence, when it comes to data insights, it can be incredibly valuable.
Having this information can help back up your natural instincts about how to grow and scale your offering, and ensure that you’re putting your money in the right place to get maximum returns.
Outsource to Meet Demand Fluctuations.
Taking on a permanent new member of staff can feel like a big commitment to many small business owners. You may not feel like you have the funds to support this move, but equally you’re held back from growing the company by virtue of the fact that there are only so many hours in the day.
If this feels relevant to you, then consider outsourcing some of the tasks that you personally don’t need to be involved in. This could be social media, administration, phone queries or even just customer service. As long as you take the time to create proper processes and brief your freelancer properly, you’ll be able to upscale and downsize your outsourcing. It will then match your business demand, without a long-term commitment.
Make Space for Growth.
Growing your business is an exciting time, but it’s important that this is done sustainably. Not only will this boost the longevity of your company, but it will ensure you have a better work-life balance.
Please cite as:
Ontology of Value (January 10th, 2024). Three Ways Small Businesses Can Achieve Sustainable Growth. Retrieved from: https://ontologyofvalue.com/three-ways-small-businesses-can-achieve-sustainable-growth/
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