How to expand your startup in 5 easy steps

You’ve made the leap, and now you’re the proud owner of a small business. Your company has been built from the ground up, and you’ve been there every step of the way. It’s easy to want to sit back and relax, to bask in the success of your venture.  

While marvelling at what you have created is an important part of your small business journey, it’s important to remember that the road does not end there. Promoting growth is essential to ensuring your business remains profitable and competitive in a rapidly changing market.  

Here are five modern, data-driven, tips to push your startup into a flourishing business. 

Craft effective business processes – backed by data 

You may have begun your small business as a one-person show, which allowed you to operate as you pleased. However, as you expand and bring employees on board, you must develop clear plans and guidelines for how your business will operate. Those contributing to your business, both internally and externally, need to be aware of their contribution and how to deliver it best. 

Effective communication and leadership skills are extremely important. Equally important is using real-time data and analytics to continuously improve your processes. The more you understand your customers and operations, the more efficiently you can scale. If your business processes are well laid out and informed by insights, both operation and expansion will run smoothly. 

Diversify your opportunities with smart insights 

Typically, customers don’t buy from you because they don’t want what you’re offering (or how you’re offering it). If your goal is to appeal to a new section of the market, it makes sense to expand the goods or services you are offering. If your bookstore is struggling to meet its targets, consider serving coffee and snacks. 

Diversifying can generate multiple streams of income, which often mitigate seasonal lows. An ice-cream shop that offers warm desserts in winter will find that they experience less of a cold slump. You’ll automatically attract new customers, who may then discover the delights of your original products. Combining design thinking with business analytics can help you test new ideas, identify gaps in the market, and make smarter diversification decisions. 

Don’t cut corners – invest in smart strategy 

Building up a business is always expensive. Inevitably, something has to give. There are numerous ways to reduce overhead costs, but don’t be tempted to shave off quality. Your customer base continues to buy your products or services because they believe they are getting the best value for money. Any tweaks to what are on offer will be noticed immediately. Customers hate change, and businesses that cut corners often find their customers walking right out the door. 

Instead, look for strategic efficiencies. Data insights can help you see where to reinvest, automate, or pivot without compromising your value. 

Build a loyal and efficient employee base and lead with data 

If you began this business with all the control, putting your faith in someone else can be difficult. After all, no one knows your business like you do. 

Your employees are the ones who support your customers when you can’t be there. They are the backbone of your company, and treating them well will pay off in spades. Well-trained, pleasant staff will grow your consumer base and even attract customers from the competition. The cost of retraining staff is high, both in time and money, and having employees who can work independently will save you a lot of anxiety when you have to be away from your business. 

Using analytics to understand performance trends and areas for improvement helps you get the best from your team. Combine that with empathetic leadership, and you’ll create a culture that keeps good people around. 

Believe in yourself, but don’t be afraid to upskill. 

Your skills, enterprising nature and blind faith have gotten you this far, so trust yourself to take the next step. Now that your business is up and running, you will face many difficult decisions; however, you have the resources to get through every one of them. In saying this, it’s also important to recognise where your weaknesses lie and not to be afraid to seek advice from those more experienced than yourself. Financial advisors, industry groups, or even your best friend have different skills to offer. Asking for help is often the difference between a business succeeding and failing. The smartest founders know when to build on their own skills, too. Learning how to harness business analytics, Ai strategy and design thinking can unlock new growth and innovation – including how Ai is redefining startup GTM strategy. 

Ready to grow smarter? 
RMIT Online’s Master of Business Analytics and Ai Strategy or our Graduate Certificates in Business Analytics and Data Science can help you lead your startup with confidence – backed by insight and innovation. Speak to one of our Student Enrolment Advisors today on 1300 701 171.