SurePayroll Offers 7 Ways for Scaling Small Businesses

GLENVIEW, IL--(Marketwired - August 14, 2014) - Entrepreneurs who launch businesses often face challenges in scaling their startups. Taking a business from small to big or good to great requires planning, resources, cash and perseverance -- along with a bit of luck.

According to the Small Business Administration, about half of all new establishments survive five years or more and about one-third survive 10 years or more. As one would expect, the probability of survival increases with a firm's age. Survival rates have changed little over time. http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

In order to survive and thrive, a growth plan for small business owners is vital.

"Ideation, product development and the launch phase of a new business often requires a different skill set -- and mindset," said SurePayroll General Manager Andy Roe. "However, if you consider scale as part of your business plan, you can be ready if your business is ripe for scaling." 

For entrepreneurs, growing your business also requires that your key differentiator has value in the market. "Today, many successful small businesses plan for future growth, however, they still need outside, unbiased perspective to evaluate the viability of scaling their businesses," said Roe. "Mentors, coaches and other outside consultants are important in helping to make scale decisions."

Having worked with tens of thousands of startups and small businesses for more than 14 years, SurePayroll offers these key steps to build your business:

1. Begin with a solid, vetted business plan. As the saying goes, plan the work and then work the plan. Often overlooked or underdeveloped, a robust growth strategy section should be part of your business plan. To scale your business, there may be opportunities both within and outside your business. Look for symbiotic partnerships, organic growth opportunities, growth outside your initial product or service offering. Growth plans also may include acquisition of your company or your business acquiring another organization. Think through the various scenarios of where and how to grow and support it with solid forecasting.

2. Don't reinvent the wheel every day. Design standard processes to ensure products and services are executed consistently. If you plan to grow your business, you cannot do everything forever. Processes allow for quality control. Without them, you'll be siphoning cash out the door due to inefficiencies, internal mistakes -- and worse yet, customer dissatisfaction. Customers are difficult to win, but even harder to keep. Once lost, a customer will rarely return.