Your 9-step guide to scaling your business in 2023
While it may start with an idea, it all comes down to taking a leap of faith when launching a business. If you’re reading this article, you may have already taken that first step – so congrats are definitely in order. But if you’re wondering what’s next, here’s how to shift your mindset and scale your business in 2023.
Step 1: Reset your goals
Think back to why you started your business in the first place. Have you achieved those goals? Is it time to set new ones? Think about what you want to accomplish by scaling and how you can translate those goals into measurable KPIs. You’ll also want to review your company’s mission statement and make adjustments to ensure it still aligns.
Step 2: Determine your target audience
Next, take a look at your target audience. What do you currently know about them? Utilize your company’s data and analytics to identify your ideal customer profile and understand their needs, preferences, and behaviours. This will help you create targeted marketing campaigns and develop products that meet their needs. Remember to update your user segments!
Step 3: Hire for potential
Every good leader knows the importance of having a great team and excellent company culture. As your business grows, you’ll need to hire new employees with more specialized skills and experience. While you want to ensure you’re hiring qualified candidates, make sure you’re not hyper-focusing on specific skills that you could easily teach your new hire. It’s important to hire people who are passionate about your mission and who will grow with your company.
Step 4: Set processes
Arguably the most boring yet necessary step: implementing processes! Getting your processes down is incredibly important because it will make training your new employees that much easier. Processes also encourage productivity because there’s less time wasted when best practices are already recorded. Plus, if you ever decide to sell your company, having your proprietary processes down pat also makes you look more attractive to potential buyers.
Step 5: Commit to over-communication
We get it – life gets busy. But in today’s hybrid work environment, you must maintain communication, especially when scaling. Your weekly or daily check-ins are a lifeline for your people who could be working from anywhere in the world. Set up your weekly check-ins, and do your best to keep them, even when pressing things come up. Team meetings, company offsites, and virtual drinks can make all the difference for hybrid teams and will foster a sense of comradery.
Step 6: Leverage technology
AI is here to stay, and when leveraged properly, it can make your life much easier. Automation, data analytics, and other technology tools can be used to streamline your operations, improve efficiency, and reduce costs. This frees up time and resources to focus on making your customers happy and bringing new products to market.
Step 7: Focus on the customer – both new, and old
A big mistake when scaling is only focusing on acquiring new customers and at what price. To be a highly-successful business, your current customers need to be kept happy as well.
While you should invest in digital marketing strategies to help attract new customers, you can also use this time to conduct user research. Find out what customers are looking for and determine how you can iterate and ultimately serve them better. This will make your product or service better and ultimately help you acquire new customers at a cheaper cost.
Step 8: Search for funding opportunities to reinvest in your business
Whether for new resources or technology, you will likely need additional funding as you scale your business or startup. Take a look at funding options like venture capital, angel investors, crowdfunding, and government grants to help shoulder some of the financial burden. Post-secondary internship programs can also help you find qualified help at a cheaper cost that you could hopefully hire once their term is completed.
Step 9: Make more friends
In 2023, it’s less about transactional relationships and more about value. So instead of only focusing on strategic partnerships, partner with people and other businesses you genuinely like. This will make all the difference as you work with new people to help you reach different audiences and vice versa.
A final word
Nothing happens overnight, and the best advice we can give you is simply consistency. Stay focused on your goals, be kind, and we sincerely hope the rest will come. If you’ve realized that your business is ready to grow but needs a brand overhaul, reach out to us at Carte Blanche Studio – we’d be happy to help.
Learn more about Carte Blanche Studio
Carte Blanche Studio is Toronto’s leading creative agency. We’re passionate about the world around us and helping brands authentically express themselves to build a more connected future. Visit us online to learn more.
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