5 TOP TIPS FOR SCALING YOUR BUSINESS

Scaling any business is often challenging and can become fraught with pitfalls without a plan. Following a concrete plan will ensure your business growth takes a manageable path.

So what steps must you take to put your business on the right path to greatness?

WHAT DOES SCALING A BUSINESS MEAN?

Scaling a business has a distinct meaning.

While the growth of a business refers to the process where a company increases its revenue and adds resources such as new staff, scaling is a much more strategic process involving careful planning, with every aspect of the business accounted for.

Scaling is challenging, but you can make it work for you with some thought.

Scaling any business takes patience; as with any company, the venture carries some risk. Many businesses make the mistake of attempting to scale too quickly. They focus on short-term gains over long-term projects that would benefit them more.

Follow the framework set out below to plan your next move:

1. Make a Realistic Plan n What are your long-term goals? – Focus on where you want to go rather than where you currently are. Are you looking to increase revenue? Increase sales? Attract more clients? n What about staff? – Any growth will mean more staff, training costs, larger premises and more equipment. Do you have the skills to scale or need external help? n Internal processes – How will scaling affect your day-to-day operations and workflow? n Time frames – Be realistic about how long this process will take and ensure you factor in potential delays and setbacks. n Finances – All of this growth is going to cost you money. Cast a critical eye over your finances and be realistic. How much will you need to make sure scaling the business happens?

Can your IT systems cope, or will they need to be upgraded?

2. Increase Your Sales

To scale a business, you will need to focus on sales. However, increasing your sales is about more than selling more products or services. Some things to think about when planning on increasing your sales: n Where will you find new customers – Who are your target market? n What is your target market looking for? – Offer them the products and services they need. n Build a training process for your staff – Ensure they have the skills to close the deal. n What is your marketing plan? – How will you let the market know you want to grow? n IT Tools – Do you have the tools to support and track more sales?

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3. Invest in Technology and Equipment

Related to every other point in this list, ensure your IT systems can cope with any growth you plan. If you want to bring in more customers and leads, it's worth investing in a good CRM (customer relationship management system). A CRM will allow you to track every lead and ensure you don’t lose the sale.

4. Bring in More Staff

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Growing any business means there will be more work to do. Support your existing staff by bringing on board people with skills and experience, as this will benefit everyone. If you’re looking to build a more robust sales pipeline, someone with experience doing this will be invaluable to the business.

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5. Seek External Help

If you’re part of a business community or support group, ask for help. Scaling a business can be risky. Don’t embark on scaling up your business without the support of someone who’s done it before.

IS SCALING YOUR BUSINESS THE RIGHT CHOICE FOR YOU?

If you’ve reached the point in your business where you’re struggling to serve your customers' needs then perhaps it's time to start thinking about scaling. Think through what you need, plan carefully and find a mentor.

Scaling a business is not something that you do impulsively and it can be intimidating. Sometimes, the process might not be the best course of action for you and your business. If that’s the case, it's OK not to go ahead.

Whatever you choose to do, do it with intention and make sure it's the right choice for you. Should you choose to scale, be prepared for a tough but rewarding journey.

Sources

https://www.hostinger.co.uk/tutorials/how-to-scale-abusiness https://www.swipedon.com/blog/tips-on-how-to-scaleyour-business https://www.score.org/resource/blog-post/how-scalebusiness https://startups.co.uk/strategy/7-ways-to-scale-your-smallbusiness-to-1m/ https://www.business.com/articles/8-tips-for-scaling-yourbusiness/ https://www.shopify.com/blog/how-to-scale-small-business https://www.startupdonut.co.uk/grow-your-business/ how-to-scale-up-your-business/10-top-tips-on-scalingyour-business