7 TIPS TO SCALE YOUR BUSINESS

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 Become a Successful Entrepreneur.




The difference between a small business or startup and a successful and profitable company typically boils down to time and experience. But, there are certain factors that play a big part in how those companies grew to be successful.

Scaling a business means setting the stage to enable and support growth in your company. It means having the ability to grow without being hampered. It requires planning, some funding and the right systems.

Here are some tips to consider in scaling up your business:

#1. Business planning

Breaking out of the small and medium mindset is not easy and getting the balance right between working on the business and working in the business is a real challenge for many companies. Establishing a business plan for profitable growth is the first step. The business planning process enables you to consider all of the factors for growing and scaling the business. The business plan roadmap puts into actions and timelines.

#2. Find the money

Scaling a business doesn't come free. Your growth plan may call for hiring staff, deploying new technology, adding equipment and facilities and creating reporting systems to measure and manage results. How will you find the money to invest for growth? I'm a huge proponent of bootstrapping, but it typically takes years to grow through bootstrapping alone. It's helpful to identify potential bank funds to accelerate growth such as a loan or a line of credit to draw on- start with how much you'll need. And get started applying. 

#3. Develop management skills

Developing a wide-ranging management skillset is essential before you scale your business. As a business owner, you're used to wearing many hats during the early days of your business, but knowing how to effectively teach, train and delegate tasks to your employees are mission-critical skills for scaling. Scaling in business often requires bringing new personnel on board to avoid bottlenecks and optimizing workflow so tasks aren't concentrated in your hands. For companies looking to scale, you need to be prepared to lead by example to create a winning workplace culture that generates trust and mutual respect.

#4. Build Customer demand

Often the primary barrier to scale is lack of customer demand. Building customer demand is essential to becoming a bigger business. Embedding yourself in the right networks is important, as no one can scale a company by themselves. Client and stakeholder relationships are critical in driving customer demand. Relationships and networks become increasingly important as companies scale. They become the source of customers, suppliers, partners, employees and investors.

#5. Invest in technology

Technology makes it easier and less expensive to scale a business. You can gain huge economies of scale and more throughput, with less labor, if you invest wisely in technology. Automation can help you run your business at lower cost and more efficiently by minimizing manual work. System integration is a prime area for improvement in most businesses. Companies today don't run off of a single system, they may have a dozen or more systems. If those systems don't work together, they create silos, which in turn multiply communication and management problems as your company grows. Now's a good time to evaluate new products on the market that save time and money, yet accommodate much higher volumes in every part of your business. Look at CRM, marketing automation, sales management, inventory, manufacturing, accounting, HR, shipping and other technology systems. Evaluate not only software, but also networks and hardware such as servers, computers, printers and telephony equipment.

#6. Team build

Scaling your business also involves identifying potential partners in the market. As a business owner, you naturally understand the value of building out your professional network. But when scaling a business, you also will need to leverage other people's talent and expertise when it comes to executing a scaling strategy. Taking a critical look at the talent pool in your company-are you missing a high level finance person, or a marketing team leader to help drum up business? Be prepared to either hire or outsource for key responsibilities and tasks to construct a team that's able to sustain an increased workload.

#7. Work on your business, Not in it!

The final step is to establish a professional structure to the business. The process of professionalizing the business is the recognition of the importance of motivated, well-informed and talented people within the business as well as putting in place business plans and KPIs to monitor performance. This includes establishing and formalizing processes to implement the business plan, setting performance expectations with clear, well defined goals and KPIs, organizing formal monthly business review meetings and nurturing the culture and value of the business as you grow. Establishing an advisory board also contributes significantly to scaling up of the business by providing sound, objective, independent advice. Successfully scaling up the business can provide long-term sustainability and financial rewards for business owners.



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Written by: Antony Moturi


DJ | Social Media Specialist | Online Marketer | Content Creator | Sound Engineer

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