5 Things Every Millennial Entrepreneur Needs To Do Today To Scale Their Business
According to Nasdaq, 66% of millennials want to start their own business— which is a rate much higher than previous generations. Once it’s started, however, scaling it for sustainability purposes can get tricky quickly.
Scaling is best defined as creating a foundation for your business in order to allow it to grow and support it along the way. Sourced by Guidant Financial, most small businesses operate with two to five employees whereas only 6% employ between 21 to 30 people as the company grows.
Scaling doesn’t only entail employee size. It includes additional resources for the products or services such as technological support, extra location space, material sources, financial revenue, and more. To help millennials best scale their company, we’ve put together five of the “must-know” tips every entrepreneur should know when growing their business.
1. Join Support Networks.
According to Forbes, millennials and Gen Z are more adaptive and interconnected thanks to the use of social media and other networking tools. By joining groups, either in your preferred industry or another, the connections help to pull back the curtains on necessary business information. This will help with any new business endeavors or existing ventures as it will create access many might otherwise have to find elsewhere or even pay to receive the same information.
If the business is also expanding, then a quality social network may also be the perfect place to scout out a new hire for the team.
2. Make Your Value Proposition Clear.
Best defined as a succinct statement, a value proposition communicates the advantages the company is preparing to deliver to the market with its services or products.
Not only is value proposition a must in the early stages of market penetration, but it’s also incredibly important to keep the market share the company has earned and increase it as time progresses. By ensuring you have a clear value proposition, customers aren’t confused about what the company aims to deliver to them, and they’ll know exactly what they can expect each time.
3. Outsource Strategically.
In a poll conducted by Clutch, 24% of small businesses said that increased efficiency was a top reason for outsourcing parts of their company. Examine what the business does well and could do better in order to determine what portion of a business to outsource. In some cases IT and tech resources may need a lift, whereas in other cases, outsourcing an HR department could also be helpful. The needs are different for every company.
4. Define Guidelines And Expectations Of Staff Members.
In a small business, it’s likely that fewer numbers of employees may equate to wearing multiple hats under one role. As the business expands, it’s also normal that the roles may need to be redefined to better suit the company’s needs. As long as these changes are clearly defined and communicated to employees, there will be less room for error as well as fewer staff turnovers from miscommunication.
5. Focus On Automation Where Possible.
Within the next two years, 57% of business professionals are planning to build automations to improve customer experiences, per Workato. Once a process is streamlined, automation is the best next step to streamline. This will allow time to focus on other areas of the business that may need improvement or introduce a new segment of the company entirely.
Without some type of automation in place, it will be much more difficult to scale because the time and effort for the same processes can’t shift to other areas that need the extra attention.
