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The UPS Store Small Business Blog
  • 20 January 2020
  • Taylor Miller

The Perfect Way to Grow?

In today’s business world of either sink or swim, it is crucial to stay ahead of the game and be prepared for the moment you need to begin that ever-so-daunting small business expansion. Now, you could look at this as either a scary feat or an extremely exciting moment for your small business. Reaching this level should be a time to celebrate your new business achievement!

Product being packed

As we head into the new decade you will need solid strategies to grow while maintaining a personal touch so you always keep your original business goals intact. In part two of our Rightsizing Series, we will provide tips to help grow your business when you have no choice and ways to keep you growing without any fear or anguish.

  • Growing at scale — Your business is booming but you are not ready to hire new employees, so what do you do? One beneficial thing you can do at this point is to raise your prices. By raising your prices you can increase your revenue without increasing your workload. The Houston Chronicle states, “Scaling is about adding revenue at an exponential rate while only adding resources at an incremental rate.”
  • Keeping headcount in check — During times of growth, it is important to not forget the employees who have been loyal to you from the start. When employees see business growth, they begin to question whether they will see financial and career growth for themselves. This is a perfect time to offer additional benefits to retain your current employees as well as attracting new employees.
  • Maintaining a personal touch — Every customer wants to be treated as an individual when doing business with you, so you need to treat them as such! As your small business grows, so does your customer base — but how do you keep in contact with them? Email marketing is a very successful tool to not only keep your customers up to date but also to fulfill each customer’s needs. Simple gestures such as handwritten notes thanking your most loyal customers will speak wonders!
  • Grow without fear — A lot of insecurities can come out within yourself when your small business is facing the time to grow. Try to turn those insecurities into goals. Turn your fear of overspending on advertising into a goal by setting yourself an exact budget, then measuring your results to see if your spend turned into sufficient revenue to meet your set goal. Every small business owner has some type of fear — but remember, fear also drives us to success!
Business Owners in their store

Now that we have completed part one and part two of the Rightsizing Series, our third and final installment will cover what to do when your business is expanding and tips to properly prioritize your small business development goals. Additionally, the next installment will provide information on finding the right moment to consider contracting work instead of hiring new employees to take on expanding projects that will be coming soon.

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