Beyond Survival: Strategies for Your Business Growth

Welcome back to part four of our five-part blog series, “Setting Benchmarks for Small Businesses!”. By year four, you’ve likely established a solid foundation for your small business. You’re comfortable with the day-to-day operations.

This blog focuses on strategies that go beyond simply maintaining your cash flows and adapting to survive. We’ll explore ways to expand your reach, improve customer retention, and streamline your operations so can keep growing your business in Ontario, and beyond. (Check out part three of this series for insights on businesses that prefer stability over expansion).

This is also the year to focus on trimming the fat from your business. Take a critical look at your existing services and the operations you have used over the past 3 years, in all departments, and ask yourself the question: “Is there a better way to do it?”. Identify areas where you can optimize costs without sacrificing quality. Use any number of the specific strategies below to help you get started.

Focus only on Your Core Competencies

Imagine you’re a brilliant dentist. While you may understand the importance of good financial management, spending hours buried in spreadsheets takes away from what you do best – providing dental care.

Outsourcing non-core functions like marketing, bookkeeping or payroll can free up your valuable time and energy to focus on activities that directly generate revenue.

We offer a range of services designed to streamline your operations, allowing you to focus on your core competencies.

Invest in Your Small Business Management Team

Your employees are the backbone of your business. Thus, strong hiring practices and quality training programs are essential for small business management, especially if your small business is expanding.

By offering competitive compensation and fostering a productive work environment, you’ll be able to attract and retain top talent.

Consider incorporating programs relevant to the work that you do, to boost employee satisfaction and increase their engagement within your company.

Cultivate a Culture of Accountability

Building a team that thrives on open communication. Whether you are working from an office or remote, communication, setting proper expectations and people with strong sense of self-accountability are crucial for the business growth.

Overtime it is expected from you as a leader, that you tolerate new mistakes, and once you have provided proper training and resources, then address repeated errors. A culture of accountability ensures everyone is on the same page and working towards achieving your business’s goals.

Prepare for the Unexpected, as Your Small Business Management Strategy

Growth is exciting, but it’s also important to plan for potential setbacks in your small business management strategy. As your departments, and people within those departments increase in number, the increase in mishaps is statistically inevitable.

Some of these mistakes could be business critical as well. So now that your team is working on the tasks of your clients, it is your job to prioritize and scrutnize security/backup features across your departments. Here are some key steps to follow that will ensure you’re prepared for when the lemons come your way:

Identify Industry Risks

Research common challenges faced by businesses in your industry. Social media or a quick Google/Bing search can give you the top 3/5 industry risks that businesses like you have faced in the past. Identify and take steps to foolproof your business against these industry risks.

Establish Communication Protocols

Streamline communication channels to ensure timely and clear information flow during emergencies. Make sure your supervisors/managers know who to talk to during an emergency if you are not available. This is the year to start arranging meetings/workshops for your employees and guide them on how to protect critical business information incase of any break in communication SOPs.

Making sure your employees are learning and growing professionally is an important part of small business management that should not be taken lightly.

Data Backups

Regularly back up your data and test your backups to ensure they can be restored seamlessly in case of a system failure. Remember, a backup you can’t use is no backup at all! (Don’t become another GoDaddy!)

Secure Your Assets

Identify and secure your critical data, preferably offline. This includes client files and confidential company information. Remember, it’s ultimately your responsibility to protect your assets, not your hosting company or your employee’s or any third-party provider’s headache.

They can promise to be the best, they can actually try to the best of their abilities but you know the full story. The business you started is committed to protecting data of your clients and so you must be involved in making sure the data is protected to your best possible capabilities.

Cut Costs in you Small Business Management

Explore options for sourcing materials at competitive prices without compromising quality. Consider factoring in logistics costs when making sourcing decisions.

Shifting from one vendor another seems like a lot of headache, especially when you are 2/3 years into a business relationship with them, but nothing is more bleeding your profit than continued overpayments. Cull them, either by souring new vendors or building better relationships with your current suppliers.

Build Supplier Relationships

Negotiate with your suppliers for any and all discounts. If they give discounts based on timely payments, avail them. Always strive to build strong, respectful relationships with your suppliers. You never know when you might need their support in a cash pinch!

Corporate Social Responsibility (CSR)

This is a new term introduced since we realized we have to take Earth’s warnings seriously. Implementing CSR initiatives is good for the society that you are doing the business in, so ultimately, it’s good for your business.

Taking steps to reduce waste, supporting local charities (if any), or/and promoting fair labor practices can enhance your brand image and attract a wider customer base.

Focus on Clients, New or Old!

Providing exceptional customer service is paramount for your long-term success. Treat all customers, new and old, with respect and professionalism. Remember, your loyal existing customers were once new clients themselves.

Make sure there’s absolutely no “bias” towards your new customers or corporate versus individual clients. Your service must meet set standards of completeness and quality, no matter who is on the receiving end of it. Nurture positive relationships with all customers to build loyalty and encourage repeat business.

Year 5 and Beyond: Building a Legacy

By the end of year four, you should have streamlined communication channels and efficient workflows across all departments. You should have invested in people management, developed a culture of engagement and accountability amongst your team.

Contingency plans should be established and practiced to mitigate potential risks. Finally, you should have fostered stronger relationships with both suppliers and clients.

The final blog in this series will explore more unconventional and innovative strategies for small business management for growth, beyond your yearly revenue targets. We’ll explore how to build brand awareness and establish your business as a leader in your industry.

We’ll also discuss ways to empower your team and leverage their expertise to attract new customers and expand your reach. Stay tuned for the final installment of “Setting Benchmarks for Small Businesses!”

Key Takeaways

• Focus on Core Competencies: Outsource non-essential tasks to free up your time and energy for core business functions.
• Invest in Your People: Attract and retain top talent with competitive compensation, a positive work environment, and opportunities for growth.
• Cultivate Accountability: Build a culture of clear communication and shared responsibility for achieving goals.
• Prepare for the Unexpected: Identify potential risks, establish communication protocols, and ensure reliable data backups.
• Strengthen Business Relationships: Negotiate favorable terms with suppliers, and build strong working relationships.
• Embrace Corporate Social Responsibility: Implement initiatives that benefit society and enhance your brand image.
• Prioritize Customer Focus: Treat all customers with respect and provide exceptional service to foster loyalty.