Scaling a business can come in many different shapes and forms. Whether it’s investing in product development or entering new markets and locations, the possibilities are endless. But founders cannot undertake this massive venture without a solid game plan.
To help you get a better idea of how you can start planning for business expansion, here are five actionable steps to get moving.
5 Actionable Ways to Scale Your Business
- Get your expenses in order with direct integrations
- Simplify your workflows with business software
- Listen to your customers
- Raise seed capital
- Tap into corporate cards for teams
1. Get your expenses in order with direct integrations
Just because you are scaling your business doesn’t mean your finances have to go through the roof as well. Expense management is crucial for founders who are expanding as it gives them a clearer overview of their spending and how to maximise their finances for scaling.
From employee wages to recurring software subscription fees, direct integrations can eliminate redundancies through automation, ultimately improving operational efficiency. As a result, the automation of documentation processes allows businesses to convert, transfer, and archive financial reports and data more efficiently.
If you’re looking for the ideal corporate card for startups, consider getting started with an Aspire Business Account.
2. Simplify your workflows with business software
Along with refining your processes and building your company assets, you will need to manage and monitor them properly. So say goodbye to manual data entry and tedious documentation and start tapping into business software. From collaboration to project management software, utilising automation can save you valuable time and allow you to focus more on scaling the business.
To simplify your workflows even further, tap into business tools with multiple functions to avoid congesting your technology portfolio. Refine your software suite and only use those that you and your team will make use of the most.
3. Listen to your customers
At the end of the day, your customers are the ultimate reason why scaling your business is even possible. In order to prioritise customer satisfaction and retention, you need to listen to them. By listening to the main users of your product or service, you’ll be able to hear firsthand what’s doing well, what could be improved, and what needs to go. One way to do this is through online surveys, social media polls, focus group discussions, and analyzing on-site activity.
While you focus on scaling your business and increasing your market share, never lose sight of your customer base.
4. Raise seed capital
Generally, relying on self-funding is not sufficient when scaling your business. More often than not, startup founders find themselves seeking help from external sources to help them raise seed capital. Apart from growing your enterprise, raising capital allows you to invest in innovation that can enhance your current product offering.
While reaching out to venture capitalists is typically the best way to get access to funding, founders should also consider these alternative ways to raise funds to scale their business:
- Getting access to a flexible credit line or business credit cards for startups
- Reach out to angel investors
- Organising an online crowdfunding campaign
- Seeking help from friends and family
Before getting started on any of these steps, be sure to do your research and assess your needs. How much capital do I want to raise? What will I do with the funding after acquiring it? What are the requirements for seed funding? These are just a few examples of important questions to ask yourself before seeking funding for your startup.
5. Tap into corporate cards for teams
For companies that have grown significantly in number, it may be high time to get a corporate card for startups. This can be an appropriate tool for growth when used correctly. For founders looking to manage their expense reporting and empower their employees with purchasing power, this is one step in the right direction.
Other benefits associated with corporate cards include:
- Easier access to credit lines from banks
- Streamlines expense analytics and reporting
- Control over spending limits for employees
- Eliminate the reimbursement and claims processing
- Direct syncing with accounting software
If you’re looking to develop a corporate card expense policy for your employees, we’ve created a resource that can help you get started.
Let us help you take your business to greater heights
We know that scaling any business comes with its own set of unique challenges. But don’t be afraid to break the mould, try something new and take risks. Whether you’re just starting out or are finally ready to scale your startup, we are with you at every step of your business growth.
With the preferred corporate card for startups and modern entrepreneurs, founders like you can explore a plethora of offerings from virtual cards for teams, smart integrations, expense management, and 1% cashback on all qualified marketing spend.
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