Growing a business past a plateau is not always an easy task. Once you’ve exhausted your leads and your sales are stagnating, scaling your small business is the next logical step. In order to scale, you are growing your business but without doubling your budget. Here are five key ways to scale your small business

THINK BIG

A whopping 90% of startups fail. That means that only 10% of business ideas from entrepreneurs actually gain traction and make money. Failure is always par for the course when you take a risk but enterprising people make the best from it, by learning what they did wrong and not repeating those mistakes in their next venture. The fastest way to success is to fail often and you do this by thinking big. What do you want from your business and where do you want it to go? Rather than thinking in micro-steps, think about the macro. Set goals for one year, five years and even ten years. If you are only focusing on what you can do today, you’ll never get to tomorrow. By taking big risks, you are set to have big gains.

That said, don’t risk your entire business on one growth plan. Scaling your business means continuing to do what you do well, but also taking risks to increase that success in new and different ways. This is where you need to think large. If the data is telling you that your plan isn’t working, find a way to change course or jump ship and move on to the next dream.

LEARN TO SAY NO

Like many entrepreneurs, your great ideas are probably consuming your waking and sleeping hours. You most likely can’t have a shower without thinking about a product modification or a new way of running your business. Your great ideas are what got your startup off the ground and they may also be the way you are going to get your business to scale. But, in the words of Steve Jobs, focus is “saying no to the hundred other good ideas that there are”.

Think of a white board, filled with scribbles of ideas, connecting to one another. In the frenzied madness of idea creation, not all of your ideas will be good enough to come to fruition. Learn what to say no to so you don’t invest your business capital haphazardly. By saying no to key ideas that seem amazing, you are leaving room for even better ideas to make waves in your business. The best restaurants have very small menus, because the few things they do, they do incredibly well. Your business should follow this line of thinking, so you shouldn’t just dive into every project that seems appealing.

LET YOUR CUSTOMERS DO THE TALKING

Your customers are the lifeblood of your business. Your ideas, your products, and even your beautifully-designed website mean nothing if you don’t have customers. Your startup may already have a great customer base, but how do you keep them loyal to your brand? Too many companies focus their time and effort on customer acquisition, when in actual fact, it costs 7x the amount of capital to acquire a new customer than it does to retain one.

The most ideal way for you to keep your customers is to find out what they want and give it to them. It really is that simple. Get your customer’s feedback on...

Click on the webpage below to complete the FIVE KEY WAYS TO SCALING YOUR SMALL BUSINESS IN NIGERIA

https://www.youngleadersarena.com/small-business/scaling-your-small-business/

Ok