SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

News Feed Item

SurePayroll Offers 7 Ways for Scaling Small Businesses

From Launch to Growth Strategy

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.

About SurePayroll

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.

 About Paychex

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
"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.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
"Verizon offers public cloud, virtual private cloud as well as private cloud on-premises - many different alternatives. Verizon's deep knowledge in applications and the fact that we are responsible for applications that make call outs to other systems. Those systems and those resources may not be in Verizon Cloud, we understand at the end of the day it's going to be federated," explained Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, in this SYS-CON.tv interview at...
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. Acco...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...