4 Must-Have Resources for Growing Your Business
Before any business can enjoy significant growth, it must have conquered some key challenges and gone through a pretty tough process. As a small business owner looking to transition to the next level, you’ll need to let go of some of your traditional roles for new ones.
Unlike the past or even the present where you wear multiple hats every day, you’ll need to specialize and focus. You can’t be the chief revenue officer, the accountant, and the CEO all at once –even if you loved being those.
That may have worked for when you were a smaller operation. But now that you’re expanding, you need to prioritize your time. And to do that, you’ll need the right resources and capabilities around you.
One of the first things you’re going to have to give up is doing anything manually. Automation is your best friend from this point onwards. If you can’t afford full automation that allows for hands-free operation, there should be an element of semi-automation that’s complemented with some human input.
This is where software and other tools will play a role. They handle the heavy lifting, thus helping you free up your time to focus on other important stuff. At this point in your business, you need to be working on the business; not in it. Take a critical look at your business activities, identify the repetitive mundane tasks and see if there’s software or a service that can handle that.
For example, instead of manually approving incoming payments, you can simply set up a payment processor with Gravity Payments, Paypal, Stripe, or any other payment processing service that you’re most comfortable with. These services will help automate your payment collection for a small fee, while you focus on other important things.
Marketing Tools and Skills
Do you write your ad copy yourself? Do you create the content that drives your marketing by yourself? Are you in charge of running Facebook or Google Ads for your business? If you are, maybe now is the time to let a professional handle this aspect of your business.
Content marketing, for instance, can be both time-consuming and mentally exhausting. Farming it out to a professional will not only save you a ton of time, it will also generate significantly better results.
Why? Because that’s the professional’s job. They live and breathe marketing, which means they know what works, have unique marketing and industry insight, and know-how to consistently generate the excellent marketing results that will drive your revenues through the roof.
Legal and Accounting Resources
As a fast-growing business, you need all the legal and accounting help you can get. You need professional services like BetterLegal and other accounting services to help ensure that your business is protected legally and financially.
Legal protection is particularly important in the event of legal cases and lawsuits. For example, people can get injured on your premises. And they can file a case claiming compensation for damages. You need the best legal help to defend yourself and get those allegations discharged.
The same applies to tracking all incoming and outgoing payments, cash flow, payroll, tax filing, and other finance-related issues. The best way to do that all these are taken care of is by using tools like Freshbooks or Quickbooks. You can also hire accountants to ensure that your books are always in great shape.
Customer Support Resources
With growth comes an increase in the number of customers. This means that you want to make sure that you have a customer support service or system on the ground to handle the influx of customer support issues and requests. You don’t want to start growing, only to find that you’re overwhelmed by customer support issues.
Of course, we’re assuming that your product or service is already awesome and doesn’t take much for customers to figure it out. If it is the case, then you probably wouldn’t need to deal with a lot of support.
But if your product is technical in nature, the smart thing to do would be to set up as much documentation or guides that customers can use and provide them with the resources that they need to set it up from the get-go. Also, you might want to offer a setup option when they order for an extra fee or free –depending on your preferences.
Finally, you need to ensure that you have cash flow and funding, intellectual capital, and advisory resources. The latter can be in the form of coaches, industry experts and specialists, and other highly knowledgeable individuals that you can call on when necessary.