When you start a business, it’s an exciting time, watching it take off and flourish – any kind of growth is welcome and plans for the future seem straightforward.
But there comes a point when you need to consider how to scale your business, and that needs careful attention. Taking the next step can be a daunting prospect, and having strategies in place is vital.
Successful scaling
Scaling a business needs a strategy – are your processes and operations streamlined, is your cash flow as healthy as it should be? Growth means your business increases in proportion to revenue. Scaling means driving growth at a faster rate, looking at your short and long-term ambitions and deciding on a business growth plan.
You need to know you have the agility and ability to move to another level while increasing revenue. So, what does it mean to scale your business?
Goals – in business, there is what’s known at the SMART framework – specific, measurable, achievable, relevant and time. Knowing what growth strategy looks like allows you to celebrate short-term wins without losing sight of your long-term goals.
Objectives – how do you view your market share, customer needs or operations changing or developing? What are your plans to cope with all those things? Successful scaling means being proactive, responding to changing demands without compromising on what you do well. Consider what role marketing strategies might play in that.
Team building – workforce size doesn’t necessarily have to grow to scale a business. Too much invested in increasing a team can put the operational side of the business at risk. Good leaders and careful upskilling may well yield better results than taking on more people.
Operations – better systems can avoid the need for unnecessary hiring. Look at your processes and key personnel and draw on their skills and experience as much as you can. Investigate tools that will help your business and considering investing in infrastructure instead of people. Efficient operations, streamlined workflows and removing inefficiencies are all vital factors in scaling up a business.
By setting clear goals, building a quality team and optimising internal systems, a business can scale effectively. This can result in sustainable growth without impactful costs.
GIANT, All Things Business’s publisher, is a full-service digital and creative marketing agency, that can help you scale your business. Give us a call on 01604 250900 or email info@gogiant.co.uk to learn more.
