Going from Small to Big: 4 Rules Your Business Can Follow
Many small businesses face a similar dilemma. They want to grow, get bigger, make more money, make a difference, but they're stuck in a rut and unsure how to proceed. How can they get started? How do they go from small to big?
As a small business owner, you are likely very comfortable with the way you do things. But, if you feel like you’re ready to grow and take your business to the next level, the first thing to understand is that it’s time to get uncomfortable; bigger business do things differently. Indeed, to play in the big(ger) leagues, you will need to let go of your old ways, and learn some new tricks and rules.
What are those new tricks and rules? Here are four of the most important small-to-big strategies to prepare you for that next step:
1. Have a Growth Strategy
The first thing you should do is compile a list of various ideas for growth that make sense for your business:
- spend more money on marketing,
- open another location,
- or create an additional profit center.
There is no shortage of ideas and strategies out there that can help you grow your business. Indeed, here at Inc. you can find scores of articles on the subject. The important thing is to come up with — and commit to — a few strategies that make sense for your business.
2. Create a Team that is Bigger than You
Trying to do everything yourself is one of the most common mistakes among small business owners. And, while it is easier than ever to do more because of tech, apps, the internet, and other tools, it is also true that doing it yourself is unwise.
Indeed, if growth is your game, then teamwork must be your name. To grow your business, it is essential that you pull together a team — employees, contractors, consultants, a board of advisers, partners, or investors. People invested in your dream and strategy.
This is how bigger businesses are run — with a division of labor. More people provide a system for instant feedback that many small businesses don’t typically enjoy. Having a diverse array of opinions is crucial for growth — two heads are better than one and all. In addition, it follows that having more assistance, more contacts, and more expertise, will only help you to accomplish more than you could by yourself.
3. Be Unique
To grow your business, you should be thinking practically and strategically, yes, but you should also be brainstorming to find that one thing that makes your business stand out from the crowd. Think about businesses you like and patronize. Isn’t it true they do something unique, different, special, and better?
So that is the question you must answer: What is it that you offer that is different and better? You need to figure out your unique take if you want to go from small to big.
4. Plan Big
Planning big is different from thinking big although thinking big is for sure a part of it. All entrepreneurs think big, but growth companies plan big. McDonald’s was a single Southern California restaurant until Ray Kroc showed up with and developed a plan to franchise it.
Each of these four steps is part of the growth process. After you’ve created a great team, decided on some growth strategies, determined how you are or will be different, and planned your world dominance, you will then be ready to go from small to big.
Connect with an Old National Small Business Banker for more insights to help your business grow at https://www.oldnational.com/business/small-business-banking/.
This article was written by Steve Strauss from Inc. and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
