Jeff Nock’s 5 Tips on How to Scale a Rapidly Growing New Business
As small businesses enter key growth phases, they also encounter challenges: How does an organization properly scale to meet new demand, more customers, additional products, and expansion into new regions?
Iowa City, Iowa - ( NewMediaWire ) - July 17, 2020 - Jeff Nock ’s experience in market analysis and consulting for growing companies is particularly well-suited for businesses that have come across scaling surprises or new hurdles during expansion. For organizations in these situations, Jeff Nock Iowa consulting has a few words of advice on solutions and strategic preparation.
Know What Funding is Right for Your Current Position
Expansion requires proper funding, and while a successful small business does bring in revenue, most of that tends to go right back into overhead and operations. For bigger growth phases, Jeff Nock advises companies to take a close look at what kind of funding is the right choice.
For example, a building expansion may be best matched with a business line of credit, while purchasing a new site would probably require a more conventional loan. Companies that want to launch brand new products should also think about crowdfunding, or exploring partnerships with other local businesses to help offset costs. There are many options, and Jeff Nock Iowa consulting services have seen businesses scale very well with a combination of funds from multiple sources.
Jeff Nock Suggests Looking Into Automation Early
Automation isn’t just for certain industries – every growing business can use it to effectively scale without getting overwhelmed. Jeff Nock Iowa tells businesses to consider automation in at least these areas:
Inventory: The right software can make tracking inventory a breeze – businesses should set up automatic alerts for re-ordering supplies and restocking shelves, which are easy to continue scaling throughout the life of the business. These are easily and effectively tied into POS systems.
Customer management: The sooner a business begins robust data collection for customers, the better. Customer profiles should synthesize purchase data, acquisition information, contact info, and other types of data into actionable information.
Marketing: Marketing automation can help schedule posts and provide automatic reports on SEO, campaign success ratios, and much more. Tap into a marketing automation platform early on, and your team will have no trouble scaling as demands become more complex.
Implement Robust Quality Control and Customer Guidelines
When businesses grow too quickly before they are ready, they tend to run into problems with quality and consistency. This happens with both physical products and the communication content that businesses produce. Jeff Nock says that companies must create quality control measures and guidelines to ensure that the right steps are followed to guarantee consistent, satisfying products. This is particularly important when onboarding new employees as the company expands.
Develop Customer Recruitment and Loyalty Programs
As a customer base grows, Jeff Nock reminds businesses that it’s important to set up your brand so that customers stay loyal – and act as ambassadors. Develop programs to encourage customers to share with friends, post online, and receive loyalty-based rewards. The earlier businesses do this, the more prepared they will be to recruit new customers, grow their online presence, and maintain a brand that is known for its quality customer service.
Be Ready to Move Onto a Fulfillment Service
For companies that provide any kind of physical product, Jeff Nock says that it’s vital to consider fulfillment services as the business grows. This is a key area where companies have growing pains – when their in-house shipment operation is no longer enough to ship to customers in a timely way without errors. When companies start to struggle with shipping, it’s time to contact a third-party fulfillment center and talk about inventory storage, shipping options, kitting, and cost-effective shipping choices. Jeff Nock also advises organizations to make sure that fulfillment services are compatible with online e-commerce platforms for easy data transfer and updates.
To learn more or ask Jeff more specific questions about your business situation, contact his consulting business, Prescient Consulting.
Web Presence, LLC
SOURCE: Web Presence, LLC