Starting your own business is a challenge, but owning a business can be even more challenging. In fact, an estimated 20% of small companies will fail in the first year of business. Establishing a plan to grow and keep moving forward is a necessary component in running a successful business and there are plenty of strategies out there. If you’ve been struggling to scale up your business, here are some of the best, most unique ways to boost your business in the new year.
Hire the Best People
Building a strong team is a necessity when you want to get your business off the ground. As such, it’s vital that you hire the right people for the job. Even if an applicant’s resume looks strong, they might not have what it takes to thrive in your business environment. That’s why hiring the best people takes a lot of work. Here’s how you can do it:
- Do a background check: Completing a background check on each applicant will help you understand his or her history and rightness for the job. A thorough background check will provide you with the applicant’s job history and if he or she has any criminal records. Depending on your line of work, knowing this information could be crucial to the hiring process.
- Check for chemistry: The right applicant doesn’t have to be an outgoing extrovert with a degree in public speaking. However, it’s important that you and the applicant have chemistry when you meet. Simply put, you have to get along with the person you’re hiring and establish a rapport with ease. Someone you get along with will fit right into the company culture you’re trying to improve.
- Give bonus points to applicants who ask questions: Applicants who ask questions should be at the top of your hiring list. These people are the ones who want to learn more about the company. As such, this is a huge indicator that you’re looking at someone who is serious about what they do. On the other hand, someone who doesn’t ask questions likely didn’t do their research beforehand. An eager applicant will always be better than a lackluster candidate.
Outsource Where You Can
Once you have a core group of employees whom you trust, it’s time to outsource and save some money. Highly specialized tasks or nonessential functions are easily taken on by other companies with more experience in the business. For example, a small restaurant doesn’t need an in-house marketing team. You will expend hundreds — if not thousands — of dollars simply training them on the essentials. Instead, your money would be better used by hiring a marketing firm. These experts are already established in the field and it’s often less expensive than hiring someone on a salary.
You might also want to outsource your contact center. As your business begins to grow, it’s often much simpler to outsource this nonessential function. By relying on a virtual contact center, you can rest assured knowing that a team of experts is managing your calls. These businesses are typically backed by IT specialists, ensuring that you will never miss a lead on their account.
Look Up Your Competitors
Use a name lookup system to check out the competition. You’ll be able to see the organization’s revenue, funding, products, and more. With this information, you can start to consider what your competitor is offering that you are not. Making changes to your business based on this information can be huge for your company’s success. You can also use this resource to look up your own business. This will help you make sure your business is staying in a good light in the news, which can make an enormous difference. Devote a day each month to checking out the competitors and yourself and seeing what you can do to boost your business.
While some of these tips might seem straightforward, the devil is in the details: Try these tips out the next time your business is in a rut.