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So you’ve been working on your crazy idea and you’ve finally made some progress. You’ve hired your first few employees, have a few clients, and you’ve got new products in the works. Things are looking great for your little startup, and you’re feeling good about your chances in the business world.
So now you decide to upgrade to an SME.
Well, it’s not like there’s a test or certification you have to pass in order to be classified as an SME. In many ways,
how people class your business and its size is entirely up to them. But if you’re looking to be taken more seriously by the rest of your industry, then there are definitely a few things you can do in order to improve.
Having a startup is great because you get to chat with and engage with your employees like they’re friends. However, as things get more serious, you need to start getting more formal. They need to be held accountable for their actions, everyone’s got their own role to play, and you have to start paying them proper wages and giving them decent benefits. These are things that will attract people to work at your company, and it’s also what will entice people to stay.
For instance, you’re going to have to install something like an
employee clock in system to keep track of how many people are working, what you owe them, and so on. You’ll also need to consider human resources. You could hire an external team to help with disputes, or you could hire someone for your business if you’ve already got a dozen or more team members.
Team dynamics can change a lot when you start growing your business, but it’s important to maintain your company culture as well. Different companies experience different kinds of growing pains, and many of them usually come from a clash of personalities and differences in the team.
One of the simple ways to grow your business is to add technology. It’s a lot more nuanced than just throwing together some software and expecting your team to use it though!
You have to consider what sort of technology you rely on or need to use in your business. Some companies find it easier to work together with their employees to figure these things out. For instance, your workers might find it hard to market your business because you’re not using a customer relationships management package. Similarly, you might still be using cheap software or unsecured operating systems that are considered a security risk.
As you scale up your operations, you’ll need technology that can handle the growth. Hiring an IT specialist is one way to manage these expectations, but you’ll also need to consider what’s best for your team as a whole. Focus on technologies that can scale well, and don’t hesitate to try new things and introduce different processes that could make things more efficient later in the future.