In this post, we examine five ways to prepare your business to scale up and grow. Let’s say for example that you finally started your small business and hired some staff. Then after months of planning, marketing and investing, you also started to see some profits. The next issue you would need to consider would be how to scale your business up. In general, this would mean doing the same things you’ve done to generate profit, except on a larger scale.
Growing a small business requires a lot of effort, hard work and money. From employee training to marketing costs to daily operating costs, every aspect of your business will require your undivided attention during those crucial years. If you perform these duties effectively, at a certain point, you will need to scale your business. This will become necessary because of increased customers and the increased potential for growth. At this point, you will have two primary questions;
- What does it mean to scale up your business?
- How do you prepare your business to scale up?
In the following sections of this post, we tackle these questions.
Before we proceed, we would like to provide you with links to other related posts we’ve written. We believe you will find them useful. They are listed below for your convenience:
- Five Ways to Prepare for Success in 2020
- Eight Rules to building a Successful Business
- Five Ways to Prepare your Business for Success in the New Year
- Capacity Building Techniques for Small Business Owners
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On that note, let’s take a look at what it means to scale up your business.
What does it mean to Scale Up your Business?
To put it simply, when a business is able to scale up, it means they are able to handle a growing amount of sales in a capable, cost-effective manner. One important part of scaling a business is timing. If you scale your startup too quickly, it could create a range of administrative problems. On the other hand, if you scale too slowly, you could miss out on key opportunities.
We are reminded of a quote by Jim Carroll, the American Author and Poet. He said,
Think Big, start small, scale fast.
We believe this is a key strategy for scaling a business. It is summarized in the three point list below:
- Think big and prepare for the big things you want;
- Start small as you begin to implement those big things you want; and
- Scale fast.
So how do you prepare your business to scale up? In the next section, we take a look at five ways to do so.
Five Ways to Prepare your Business to Scale Up
Here are five effective and actionable ways to prepare your business for scale up.
- Evaluate and Plan: Take a hard look at your business to see if you are actually ready for expansion. One excellent way to do this is to take stock of where your business stands today. Evaluate how scaling and growing your business will affect your company, and prepare fundamental processes that ensure your product retains its quality at that scale. This process will help you look at the resources you have and determine if you should scale quickly, or to do it gradually over a period of time.
- Automate: One of the advantages of scaling your business is that it allows you to attend to a larger number of customers. One way to prepare your business for this scale up is through automation. After evaluating your expansion plan, identify company processes that are repetitive and automate them. For example, you can automate your marketing strategy, monthly accounting duties such as payroll, etc. The idea here is to automate these processes so you can streamline company resources towards other important duties.
- Increase your Marketing Budget: A business cannot scale up if no one knows about it? By increasing your marketing budget, you lay the groundwork for increased awareness about your company. One specific type of marketing that is scaleable and produces results is content marketing. By producing content your potential customer base is interested in, you generate awareness about your company and products. Content marketing is one of the most scalable growth methods available today and is the preferred marketing method of choice for most startups.
- Access outside expertise when required: Recruiting might not always be the answer. Sometimes, outsourcing tasks and functions can guarantee better outcomes. This tip is also useful when delegating responsibility. By delegating some of your duties, you free up your time to attend to other duties that can help scale up your business.
- Evaluate Financing Options for Expansion: Scaling a business often requires significant amounts of money. Whether you want to expand your employee base, buy a new facility or develop a new product, you will need to know the kind of capital you need. By identifying the capital intensive needs of your company and securing finances for them early, you can ensure that you prepare your business to scale up.
What steps have you taken to prepare your business to scale up? Feel free to share your thoughts and comments with us. We would love to hear from you.
Today’s Funny Quote
Our funny quote today is by Anthony Burgess, the English Writer and Composer
Laugh and the world laughs with you. Snore, and you sleep alone.
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