• 17 March 2023
• Public Relations

Growing Your Small Business: Taking on Employees, Partners, and Expansion

Despite talks of a looming recession, U.S. employment has continued to increase, and small businesses are looking for ways to reach new customers in 2023. Luckily, a few growth strategies can help you achieve these goals depending on what the next level in your business looks like to you.

Let’s explore three small business growth strategies to take your company to new heights.

Expand your team

With the addition of more than half a million jobs last month, expanding your team is an idea many companies are embracing. New employees bring fresh ideas and perspectives and the opportunity to reach more customers effectively. While there are possible drawbacks, such as increased payroll or difficulties managing a larger team, preparation and planning can head those challenges off at the pass.

1. Develop a staffing plan. Before hiring, create a detailed hiring plan that outlines the roles you need to fill, the qualifications, and any other criteria that will help you find the right people for your team.

2. Create an onboarding process. A good onboarding process should include training on company policies and procedures, introductions to key personnel, and any other information they need to know about working at your business.

3. Invest in employee development programs. Invest in new employees’ growth and development so they can reach their full potential within your organization. This could include professional coaching, providing feedback on performance regularly, recognizing achievements when they happen, or even sending them to conferences or networking events related to their field of work.

 Bring on a partner or investor

 Bringing on a partner or investor can provide you with financial capital to help your business expand, as well as ideas and advice that may be beneficial for long-term growth. On the other hand, it also brings up potential disadvantages, so it is crucial to choose carefully. That said, when done right, taking on a partner or investor can be highly beneficial for your small business.

1. Develop a business plan. A well-crafted business plan should include detailed information about your products and services, target market, competitive analysis, and financial projections to give potential partners and investors a clear understanding of your goals and objectives.

2. Research, research, research. Look into potential partners’ past investments and track records, as well as their current portfolio of companies. Make sure that their values align with your company's and that you are comfortable working with them long-term.

3. Prepare your pitch. Include an overview of your small business’ mission and vision, current financial status, growth plans for the future, and how the investment will help you achieve these goals.

Go global

 Taking your small business global can be a great step to expanding your market and sharpening your competitive edge. First, you will need to consider the potential challenges of entering new markets, such as taxation policies, language and cultural differences, differing customer preferences, or regulations on access or trade. However, with careful strategizing and preparation, international expansion can bring many advantages, such as additional revenue streams, access to new talent, and opportunities to build collaborations and partnerships.

1. Research your prospective market. Understanding the cultural, economic, and legal nuances of the country in which you are looking to do business is essential. Researching customer needs and trends will also help you determine if your product or service is a good fit for that market.

2. Establish a strong foundation. This includes clearly understanding your target audience, creating an effective marketing strategy, and ensuring you have adequate financial resources available for expansion.

3. Develop a comprehensive export business plan. Your business plan should outline your goals and objectives, identify potential entry barriers, and how you will sell your products or services in the new market. 

The best decision is an informed decision

Your decision to expand your team, bring on a partner or investor, or go global with your small business is a big one. Weigh the pros and cons carefully, consult with trusted advisors, and do your research before making any decisions. Putting thought into these expansion strategies now will help set your business up for future success.