Small Business Essentials For Scaling In 2024
Many people think that small businesses easily succeed in the US, but that's far from the truth.
Statistics from the Bureau of Labor Statistics show that 18% of small businesses fail in their first year, 50% don't make it past five years, and around 65% close down by their tenth year.
What does this tell us? It's clear that to be among the few who succeed, you need to be exceptionally well-prepared.
If you're wondering where to begin, you're in the right place: understanding what it takes to succeed is the first step.
What Are Small Business Essentials?
Small business essentials are your must-haves if you’re aiming for success. These can include important business elements, useful software tools, or anything else that plays a big role in helping your small business thrive.
Whether it's keeping your finances in order, reaching out to customers, or managing your daily tasks, these essentials cover a wide range of needs to help your business grow and succeed.
12 Small Business Essentials To Help You Scale
Scaling a small business is challenging but rewarding. At the same time, it requires careful planning and execution. Let’s explore 12 essentials to help your business grow.
1. Business plan
A detailed business plan outlines your small business’s vision, making it easier to navigate scaling challenges.
A business plan can help you attract investors. You can present it when seeking investment or loans—proof that you have a clear vision of where you’re going, what you want to achieve, and how. A business plan example can serve as a helpful reference when drafting your own. You can better understand how to structure your document, highlight your unique value propositions, and present your growth strategy in a way that resonates with investors or lenders.
This document serves as your compass, ensuring your growth strategies align with your goals.
2. Remote staffing partner
Finding the right talent can be challenging as you scale, but you can extend your reach with an efficient remote staffing partner like MultiplyMii.
With our assistance, you can tap into our pool of amazing remote Filipino talent. With our remote staffing solutions, you achieve the flexibility crucial for your small business to scale. What’s more, you won’t have to worry about the overheads of traditional hiring.
3.Team collaboration tools
With efficient team collaboration tools, you can bridge the gap between your people. You can help them achieve seamless communication and keep track of projects, which is particularly useful, especially if you’re working remotely.
Use tools like ClickUp, Slack, and Miro. Their features can keep everyone on the same page. They can also help you boost productivity and foster a more collaborative culture.
4. Social media presence
A strong social media presence is invaluable for small businesses. In fact, about 77% of small businesses use it.
But remember that it's not just about posting updates on your business. Social media becomes your direct line to your customers. Use it to engage with your community. With social media, you can better understand your customers' needs and respond in real time.
Additionally, social media levels the playing field. You get to compete with giants in the battle for customer attention. Integrating QR codes from providers like Uniqode and TQRCG can further enhance your efforts by seamlessly linking your online presence with offline customer interactions. If you play it right, social media, combined with the strategic use of these QR codes, can open up even more opportunities for you.And if you play it right, social media can open up more opportunities for you.
5. Accounting tools
Did you know that about 82% of small businesses fail because of cash flow? This is all the more reason to consider using accounting tools.
Accounting tools offer more than just bookkeeping; they give you insights into your financial health.
With accounting tools, you get to anticipate financial challenges and opportunities, ensuring you’re never caught off guard. Using them properly can reduce your time on administrative tasks, freeing you up to focus on your business.
6. Tech protection
According to IBM’s Cost of a Data Breach Report, $3.31 million is the average impact of a data breach for businesses with less than 500 employees. Can you imagine shelling out that much as an SMB?
This is why Investing in tech protection like extended warranties and VPNs can help you prevent such unforeseen disruptions in your business.
Spend on it now and save yourself from costly repairs or data breaches. This can allow you to relax, knowing your operations are running smoothly and securely.
7. Human resource (HR) tools
Automate HR tasks with the most useful HR tools, like a human resource management system (HRMS) and a recruiting platform.
HR tools help manage everything from recruitment and payroll to performance reviews. But if you want more expertise, you can also tap staffing experts at MultiplyMii and save up to 83% on labor costs—depending on the role you’re looking for.
8. Website
You don't need a website if you’re not looking to grow your business or have enough customers to last you a lifetime. But if you want your business to grow, having a well-designed and optimized website, supported by affordable hosting solutions, can drive traffic and convert visitors into customers. Using a drag and drop website builder, you can easily create a professional site that acts as the face of your business, showcasing your products or services, telling your story, and connecting with customers globally.
9. DIY legal tools
Navigating the legal stuff can be daunting for small businesses, but no more so than retaining legal professionals. Depending on their specialization, hiring attorneys can cost $50 or $100 per hour, or as high as several thousand dollars per hour. This is why some opt for DIY legal tools as a cost-effective way to manage legal essentials, from contracts to compliance. But if you partner with a remote staffing firm, did you know you get to save on costs without compromising work quality? For instance, you can hire a contract specialist through MultiplyMii.
10. Business Insurance
Insurance might seem like just another expense, but it’s all about risk management for small businesses. The right insurance policies protect you from incidents that could affect your operations. Whether it’s property damage or legal liabilities, having adequate coverage helps your business withstand these challenges and continue to grow. Leveraging ai and insurtech solutions can further enhance your risk management strategies, providing innovative tools and insights to protect and scale your business effectively.
11. Marketing strategy
A dynamic marketing strategy allows you to identify and target your market effectively. For instance, with the right mix of digital marketing efforts, such as SEO, social media, and email marketing, you can increase your brand awareness without needing a large marketing budget. With an effective strategy, you can even compete in larger markets and attract new customers at a fraction of the cost.
12. Data management
With efficient data management, you can access information that can help with your product development, customer service, and even marketing strategies.
Unlock Your Growth Potential With Remote Filipino Talent
Navigate the business world with confidence with MultiplyMii!
We're not just staffing experts with over a decade of experience; we're your partners in success.
With a track record of over 250 success stories, we know how to help businesses like yours survive and thrive.
With our remote staffing solutions, you gain access to specialized skills and a strong work ethic that can propel your business forward.
Book a discovery call today and harness the power of remote Filipino talent for your business's growth and success.
