How to Scale Your Business
Growing your business is a linear process. Sales increase and you hire more employees. The revenue increase as expenditures increase. Scaling is when the revenues increase without a substantial increase in resources. Email marketing is one example. You expend the same amount of work to send the emails that can lead to increased revenues by way of increased clients. Are you ready to scale your business? If so, here are some tips to consider.
Invest in your culture. Assess the culture and determine if it aligns with the company values. A great culture is when employee values continuously align with the vision, mission, and goals of the business. If this isn’t the case, there is a potential for retention issues, costing the business.
The company’s vision statement must be clear and well communicated. The statement is futuristic and warrants big thinking and bold action. The purpose and goals create the action plan to the vision. Every year, evaluate and plan new goals to move the business closer to the vision. Monitor your sales forecast monthly to monitor revenue and customer data. Monitor cash flow and measure performance daily. Always provide quality products and services without compromising.
Check your capacity and capability to ensure readiness to scale up. This includes infrastructure, business systems, and employees to accommodate growth. Make sure leadership is prepared for the next big steps. Build an IT infrastructure that is up to date with employees that have proficient technology skills. Invest in process management to keep them simple. Complexity slows businesses down and inhibits growth and simplicity of processes allows increased engagement with customers. Processes need to be designed to be scalable.
Invest in employees. Hire smart and build strong teams. Create onboarding programs that acclimate new employees to business processes and properly train them. Include a mentoring program to properly onboard the new employees.
To successfully scale up, use data-driven marketing. Build a public profile to gain visibility and credibility. Use marketing platforms and strategies that target your ideal clients and can convert leads to clients. Include networking groups that are intentional and establish key relationships. Time is an incredibly important commodity and should not be wasted on networking that is not effective or efficient. Use the analytics to monitor and manage the marketing platforms and strategies. Make changes accordingly.
Scaling up requires funding. Evaluate financing options. Research small business grant opportunities, competitions, banking loans or lines of credit, and investors such as venture capitalists to name a few.
This is not a simple recipe for success. Key challenges can become obstacles to achieving success. Examples include lack of investments or funding, scalable processes, and a culture that doesn’t support scalability.