4 tips to grow your business in a sustainable way

A few years ago it was just you and your college computer scientists crowding around the communal Keurig. Your company has come a long way since that co-working space in a sketchy part of town.

You used to worry that the tires on your 10-speed transmission would be stolen before the work day was over. Now you have a Tesla and a parking spot with your name on it and three very important sounding letters after it.

Yet it is not all roses and moonshine in the startup C-suite. You have to impress investors, so you have to go full steam ahead. You can’t lose momentum, but you can’t afford to take big risks either. Here’s how to scale your growing business in smart, sustainable ways.

1. Hire a remote, global workforce

Hiring employees can be a slow, clumsy process that takes away from your team’s resources. From conducting multiple interviews to lengthy onboarding and training processes, you lose time and resources at every stage.

The onboarding costs can also be astronomical. Statistics vary, but according to Indeed.com, hiring a new employee can cost between $4,000 and $20,000. And that obviously doesn’t include their salary and benefits, which can be sky-high depending on where your company is located.

From there, you look at all kinds of overhead costs, such as renting enough office space to house your team. And if an employee leaves, you have to start the hiring process from scratch.

Remote hiring – especially recruiting international employees – can save many of these costs. Employees from cheaper locations can help you limit payroll costs, while their remoteness means you don’t have to allocate office space to them. However, keep in mind that global recruitment comes with all kinds of compliance and administrative hurdles. You can get around them by working with a reputed employer. An EWC can handle onboarding, payroll, and legal matters, saving your HR team headaches.

2. Prioritize customer concerns

The results can be disastrous if leadership deprioritizes the customer by solving low-priority problems first or carelessly cutting short-term costs. Many large companies have gone bankrupt simply because they thought about their numbers at the expense of their customers.

Take the case of Circuit City, which prioritized cutting costs by firing experienced workers and replacing them with cheaper newcomers. The result was more frustration for customers at a time when many were already switching to more convenient competing stores.

Keeping the customer happy is pretty much the first rule of business, but it also means actually listening to the customer. Companies that want to scale sustainably must examine their customer base and make decisions based on real customer data. Ask what changes they would like to see or what types of products and promotions they desire.

Customer acquisition is necessary for scaling, but customer retention is just as important – not to mention cheaper and more effective. Word of mouth from satisfied fans is the best form of marketing.

3. Streamline your technology stack

Too many growing companies waste their money on clunky business software packages designed for scale they haven’t even achieved yet. They spend thousands of dollars and lock themselves into using programs that may not be the best fit for their business.

The cost of a poor software choice isn’t just the purchase price or the price of buying a replacement program. There are hidden costs, such as consulting new software and retraining your employees every time you implement new technology.

Growing companies, especially startups on the smaller side, should look for alternatives such as SaaS solutions or free open source programs. They can mix and match more affordable options that better meet the needs of the business.

That said, it’s important to keep integration in mind when choosing technology. As you scale, your technology will likely need to integrate with larger platforms like Salesforce or Shopify. Most startups know this is a priority, so it shouldn’t be difficult to find programs designed for compatibility.

4. Be smart about how you spread the word

You don’t need a huge marketing budget to gain popularity for your business. And you don’t have to spend a lot of money on expensive advertising. Instead, focus on more affordable, effective strategies that put your brand name in the mouths of the right people.

Today, most consumers say they don’t really trust what brands say. They do not believe that advertising exists for them or to provide useful information. They want to hear from their friends, online reviewers or influencers. They trust real people who have used your product and can talk honestly about its pros and cons.

To earn credibility with your audience, you can grow your social media following organically or enlist the help of affordable, niche influencers. They can reach your target group by appealing to them emotionally. Get your current loyalists to provide testimonials or write product reviews to build consumer trust and interest in your brand.

And don’t forget email marketing as a tactic to grow your business and generate sales. It may seem old-fashioned, but email is customers’ favorite way to hear from the brands they love. A few weekly emails (maximum three to four) can keep your customers’ brand awareness high without seeming annoying or pushy.

Handle expansion carefully and efficiently

The essence of sustainable expansion is implementing step-by-step changes. Use data to see what works and what doesn’t, and implement one new strategy at a time. You’re better off implementing new products or policies that can be easily withdrawn, rolled back, or modified. When in doubt, work with experts who have helped other companies become successful.