Should you scale up? And How
2018-12-16
The foundation of any successful business is making a profit, but what comes after that? What’s next? The answer to that question is more revenue, more business and ultimately what’s required to achieve that is scaling up. No business has ever managed to stay at the same size and continue growing its revenue on a consistent basis.
While there may be the odd example out there. Any business wishing to increase employee number, generate more revenue and expand on their existing client base needs to consider developing strategies on how to scale up the right way.
One of the fundamentals of gearing up to scale your business is by studying the market and knowing when the time is right. It is easier said than done when it comes to wanting to expand a business, but only when there is a demand in the market for it will the plan succeed. Doing research which shows the prime market to target can save a company a lot of money from going down the drain. So, don’t take this step lightly.
Once you know the demand is there, you have to demonstrate why your business is better than the competition. Develop a list of strengths of working with you from a client’s point of view. Gather testimonials and feedback to see what they benefit from the most. It may be something completely different to what you were thinking and could turn out to be a great promotional factor.
Do you have the right people for the job? If not, everything can go down hill real fast. It is not even humorous to imagine such a situation happening to any business, which is why it is important to know you have the proper people to handle the job before going in to get your hands dirty. Bring on board people who match your company culture, see your goals the way you do and aspire to accomplish what you would like to set out to do. There is always the right talent out there and when the job requires only the best, take enough time out to make sure you have the best.
The last crucial ingredient of successfully scaling up business is by having open and transparent channels of communication. When people are not on board and have no idea what is going on, the company mood can turn bad almost instantly. You don’t want your best employees losing interest because they feel left out on the big decisions being made. Sometimes business owners need to consider employees more than just being people who work for a paycheck. Most employees have so much more vested in the company they choose to work with.
Having adequate knowledge about where the market you are looking to expand in, is headed, along with a solid team and communicating openly, could mean the time to scale is now. Put as much effort into expansion and business growth and it could end up being the best business decision you make to date.