|By Marketwired .||
|August 14, 2014 06:00 AM EDT||
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.
3. Identify tools to help you run your business more efficiently and effectively. Invest in tools to help with repeat tasks. Think through processes to automate things like taxes and back-end processes such as payroll. Software solutions, like SurePayroll, will help to save time and money so you can focus on growing your business. Remember, if you get stuck working in your business every day rather than growing your business -- executing a growth plan will be difficult.
4. Build a strong, supportive culture to scale. Begin with a mission, strong values that support innovation and growth and seek these behaviors from employees, consultants and contractors. Without the right people helping to steer the boat, you'll never be able to navigate the murky waters of scale.
5. Ensure access to funding in order to scale. Ideas for growth include new people, processes, products or internal tools. Without access to capital, small business owners may find themselves out sold, undercut and pushed out of the market. Whether its venture capital funds, SBA loans, bank loans, angel investors or other funding options, make sure you know what's available to you so you can hit the ground running when it's go time.
6. Continuously work to understand your customer and network in your industry. Things change quickly in the marketplace. Entrepreneurs who get stuck running the daily operations can lose touch quickly with their customers and networks. Scaling a business means understanding the market needs -- and when the time is right to scale up.
7. Don't go it alone. Identify coaches, mentors and other outside resources to help nurture and grow businesses -- people have been there, done that and got the t-shirt really rings true. While businesses solutions change, key learnings from others will save time, money and stress as you move through the business development cycle.
SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. Whether a business has 1, 10, or 100 employees, SurePayroll delivers peace of mind by combining innovative, industry-leading technology and personalized support from an award-winning, U.S.-based customer care team. SurePayroll also provides private-label and co-branded services for accountants and banking partners as well as offering efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com. Follow us on Twitter - Circle us on Google - Connect with us on LinkedIn - Like us on Facebook.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 570,000 payroll clients as of May 31, 2013. For more information about Paychex and our products, visit www.paychex.com.
847-676-8420 ext. 7248
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Feb. 26, 2017 03:00 AM EST Reads: 2,743
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 26, 2017 02:30 AM EST Reads: 13,710
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Feb. 26, 2017 02:30 AM EST Reads: 2,325
Feb. 26, 2017 02:00 AM EST Reads: 4,767
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 26, 2017 01:45 AM EST Reads: 6,213
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Feb. 26, 2017 01:30 AM EST Reads: 5,214
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 26, 2017 01:15 AM EST Reads: 1,738
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Feb. 26, 2017 12:00 AM EST Reads: 1,479
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 25, 2017 11:45 PM EST Reads: 1,983
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 25, 2017 10:45 PM EST Reads: 8,589
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 25, 2017 10:30 PM EST Reads: 1,866
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Feb. 25, 2017 09:45 PM EST Reads: 9,321
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Feb. 25, 2017 09:00 PM EST Reads: 9,125
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Feb. 25, 2017 08:45 PM EST Reads: 4,729
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Feb. 25, 2017 08:45 PM EST Reads: 1,945