If you want to see constant growth in your business, then you must know the proper ways to scale your business model. But aren’t growth and scale the same thing? After all, scale pertains to size and so does growth. But they aren’t the same. Scaling a business involves putting an organized system in place. Hopefully, if done right, that system will promote growth, in terms of profits and revenue. According to Focus Pointe Global, scalable growth is all about pairing exponential revenue growth with incrementally increasing costs. But how can this be done efficiently and successfully?
Here are 4 strategies to help you scale your business model.
TAKE YOUR TIME
You have the clientele. Your business is flooding with customers. But do you have sufficient staff to meet their needs in a timely manner? What about delivery capacity? Is your business experiencing miscommunication among staff members? If any of these questions worry you, then it’s likely a sign that you’ve scaled too quickly and can’t meet demand quickly and efficiently. This makes for some pretty unhappy customers, and in the end, a steady loss of profits.
EVALUATE THE STATE OF YOUR BUSINESS
To determine whether your business is ready for growth, you should ask yourself are there enough people and systems to handle growth. This simple evaluation can save you from having your reputation ruined in the long run.
Plan out how much revenue you want to generate and how you’ll achieve that goal. Account for the costs of new staff, services, technology, and infrastructure needed to handle new sale orders by using a spreadsheet.
FUND YOUR GROWTH
Just as it (usually) takes money to start a business, it takes money to scale one. Hiring staff, deploying new technology, and adding new products and services can be expensive. Consult with a financial advisor to help you see the possibilities of growth and expansion. Also, drawing on funds from the bank (loans, lines of credit) can give you a great start.
HIRE SKILLED STAFF
Once you’ve acquired the funds to grow, it’s time to hire skilled people in customer service, marketing, and management. You’ll want to hire strong product-minded people who are good at focusing on the efficiency and effectiveness of sales and delivery.
Hiring people and determining when someone is a match for a particular position is time-consuming. This can take time away from doing other important like creating products and services. To solve this problem, you can outsource third-parties who can provide you with well-qualified staff, saving you valuable time and money.