Scaling a business is a critical step to long-term gains, but it requires funding and a clear strategy.
If you’re ready to grow your SME in today’s constantly-changing economic environment, here are a few practical tips that can help take your business to the next level.
Leverage strategic partnerships
Collaborating with complementary businesses can open up myriad new and exciting opportunities.
You’ll have access to a larger and more diverse customer base. That will ensure your business expands organically without ploughing in extra resources.
By forming strategic partnerships with businesses that complement yours, you can learn from each other, launch joint marketing campaigns, and share costs and risks.
Outsource non-core business tasks
Not everyone has the skills to run a business. The key is to focus on what you’re good at and outsource the rest.
If a task can be handled out-of-house more efficiently, and the cost has no impact on the bottom line, hand it over and concentrate on your area of expertise.
Repetitive tasks like marketing, accounting, admin, and website and social media management are best left to the people with the skills to deliver. Plus, you won’t have the HR headache of managing an ever-expanding pool of employees.
Ramp up customer service
Customer service is the key to SME success. A happy customer is a returning customer, and one who is likely to act as your business’s informal brand ambassador.
Today, reviews and word-of-mouth referrals are more effective than ever, as is evident from the popularity of online resources like Google reviews and HelloPeter.
What makes good customer service great? The constant availability of someone who is prepared to resolve issues with speed, efficiency and a friendly smile.
Develop a data-driven multi-channel marketing strategy
Marketing is the essence of business growth. The best marketing strategies are those that engage customers across multiple channels, from Instagram, TikTok and Facebook to email and content marketing.
Marketing platforms and data analytics software make it easier and more accurate than ever to plan, execute and analyse marketing campaigns, target potential customers and track the effectiveness of your marketing strategy. Consider tools like:
They can help your business co-ordinate marketing campaigns across multiple channels, and get immediate feedback on hits, conversions and customer behaviour.
Make securing business funding a priority
Scaling a business requires working capital. It’s the critical driver of all strategies and plans. Historically, securing funding has been one of the biggest challenges facing SMEs in South Africa.
Now, business owners have access to innovative finance providers like BizFunding.
The Gauteng-based funder offers businesses a range of finance options from tender funding, purchase order funding to funding against invoices, company cars and commercial property.
Also, it partners with SMEs in their endeavours, lending its weight and expertise to guarantee the success of the projects it finances.
Invest in developing innovative talent
Businesses that actively invest in upskilling talent, and cultivating a culture of innovation, are in a better position to grow and thrive. Space should be given to employees to express new ideas and try different approaches.
When the people in your business are encouraged to think and act out of the box, they’re better equipped to constantly pivot and adapt to current market conditions.
Get same-day funding through BizFunding
If you require capital to scale your business in South Africa, or simply need funds to stay afloat while awaiting payment, BizFunding can help.
We offer short-term fixed-fee financing solutions for SMEs of up to R2 million. Call BizFunding on 010 157 2499 or apply online and we’ll provide the funding to get the job done.
