Growing your small business can be tricky. In fact, rapid growth can actually harm your company if you don't plan properly. And, even if you've implemented processes, technology, and outsourcing to deliver your core product or service and maximize growth efficiently, your company is still at risk if it doesn't have effective legal, insurance, tax, and financial (LIFT) systems. In fact, without solid LIFT systems, your business is just one accident, audit, or lawsuit away from ruin.
You may never have guessed that your legal and financial decisions can actually affect your marketing strategies. Well they can. Marketing your business is not just about how you advertise on social media - it comes up at every touchpoint you have with the client (i.e., in your contracts, emails, website, and over the phone). Having an efficient plan that gently covers all bases is the key.
Significant growth without proper planning can create extra costs and more work, potentially leaving your business vulnerable for the challenges resulting from success. Setting up your business for scalability ensures you can handle any rate of growth. Here are some tips to help you get started.