Tuesday, February 13, 2018

From Small Time to Superstar: How To Approach Scaling Up

Getting a business off the ground takes determination and skill, so if you’ve managed to
successfully start your own company last year, hat’s off to you. But you may never hit the
big leagues if you don’t start thinking regarding scalability. That means the growth potential
that your company has – taking on more business without losing revenue or turning in a
weaker performance. But you need the right processes, people and mindset to make it
from small fry to superstar. Here’s your roadmap to scaling up…

Get Foolproof Fundamentals

It might sound boring, but getting the basics right is absolutely key – premature upsizing
can tip your business into cash flow problems and failure. You need to make sure that you
understand implicitly who your customer base is and what they want. What marketing channels
are generating the best return on investment for you? What user feedback have you got
about improvements that can be made to your core product or service offering? You need to
have complete certainty that your offering is right and that the audience is there for it. Then,
you need also to make sure that you have sufficient resources in place to scale up. What
investment is required? Will you need more capital? What sources of funding are available
to you or what do you need to do to seek more? Typically, scaling up with need a cash
injection and there may be a delay on seeing the profits.

Find The Right Contacts and System

So much depends on being able to find reliable suppliers that can also assist you in scaling
up operations. First of all, you should invest in automating as many business support processes
as you can. If you haven’t already, prioritize looking into cloud storage systems, onboarding
and training for any new employees, payroll and invoicing and others. All your systems need
to support your need to access data quickly and securely, make financial decisions quickly
and get the people you need. You also need to ensure that you’re working with the right
suppliers to make your growth possible, and if not find new contacts who can specialise.
Look at companies such as Red Stag Fulfilment to make sure you can process volume
orders across a wide geographic area and Sage for online invoicing.

Define Your Marketing Strategy

If you’re expanding into new regions or product sectors, you need a robust plan for spreading
the word before launch. Content marketing is vital to spread the word about what you do and
get potential customers interested. Could you partner with a complementary brand to
introduce yourself to their customers? Could a targeted advertising campaign on social media
be narrowed down to your specific target demographic?

Get The Right People

Being able to expand successfully means embracing delegation, which can be difficult for
small business owners used to having to take care of every detail themselves. So make
sure you have the best people in place to support you. You need individuals who are
multi-skilled and creative at problem-solving to give your business the best chance of
success in a new market.

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