With changing markets comes scaling your business to match. But how do you go about scaling your business in the first place? Here are some points to consider and some tips to help you scale your business successfully.
What Does it Mean to Scale My Business?
Most importantly, scaling your business means not just increasing your profits, but matching your procedures to fit your demands simultaneously. And the last thing you want is bringing in many new qualified leads but having no way to fulfill them. So, don’t let your competitors pick up where you left off!
What Are the Signs That I Need to Scale-up My Business?
Now no formula tells you the right time to scale your business. However, there are some telltale signs that your business is falling behind. So, here are a few to keep in mind:
- Do your employees feel overwhelmed with their current workload?
- Does the number of quality leads continue to go up?
- Is there enough demand for the product or service you offer?
- Has your business upgraded to the latest industry technology?
- Are your finances in order?
If these questions seem like they need to be solved, chances are that your business has the space to scale up! Awesome job, you’re a powerhouse!
Tips to Scale Your Business Efficiently
1. Establish Your Goal(s)
Where do you see your business in 3 years? What about in 5 years? Take some time to evaluate where your business currently stands and where you want to grow. So, by building a roadmap towards your goal(s), you can focus better on your targets, make more mindful decisions while seeing the bigger picture unfold. And remember that these goals don’t need to be set in stone! But, having a solid business plan that works towards your vision is key to building sustainable growth within your business.
2. Invest in Talent
You can have a successful business if you have team members who are subpar. Invest in a team that will bring something to the table. Also, be sure to foster your team’s growth! If your team isn’t learning, how can your business grow? It probably can’t. So, don’t let yourself get stuck in bad habits or dysfunctional systems.
Finally, it’s essential to compensate your team well and let them have autonomy — your team will likely be more productive. Why? Because it’s more important that your team feels enthusiastic about your mission than keeping your company attached to a rigid, unchanging system.
3. Outsource Tasks that Don’t Scale
Are you wondering why your business is stuck in a rut? Or maybe you’ve noticed some bottlenecking within your systems, such as falling behind on parcel orders. Well, chances are that these processes should be outsourced to a third party. Also, you may find yourself looking to outsource your customer service, social media management, or even managing your employees or freelancers.
Early on in your business, you should focus on two easily scalable tasks: marketing and sales. So, roll up your sleeves and grind; the more exposure you gain for yourself, the more likely you are to succeed. (Not to mention, it increases your brand’s reputation, helping to attract top talent.)
4. Know Your Customers
Blindly targeting customers could work in the short term. However, truly understanding the needs of your demographic is crucial for scaling your business.
That’s why it’s important to consider the following:
- Who are your customers?
- Why are they buying?
- Does something inspire them you buy your product or service?
- Do they have an opinion of your company? What is it?
- How about your competitors? What are your customers’ views on these brands?
- What do they expect from your company?
This is where organic marketing and social media come into play.
Here’s a brief definition. Organic marketing refers to any form of digital marketing that does not involve paid ads. Instead, it’s most commonly seen as social media and content. But, it also encompasses channels such as video sharing, influencers and SEO.
Another tool is social media. Social platforms help you connect with your customers, increase awareness about your brand, and boost your leads and sales. And, with more than three billion people around the world using social media every month, the users and engagement on major platforms just keep increasing. So, take this chance to humanize your brand, harvest feedback, and identify opportunities for improvement.
5. Stay Flexible and Optimistic
As a small business ourselves, we understand that it’s easy to fall under the assumption that nothing is working. But you need to see the forest for the trees; you need to keep in mind the bigger picture.
Give yourself milestones to accomplish along the way to your ultimate goal. For example, if your email list reaches 1000 subscribers, perhaps look into outsourcing your newsletter to a third party.
Whatever happens, being able to adapt is the hallmark of a good business, so don’t ignore the signs that may be pointing you in a different direction.
Scaling with Siva: A Podcast
A great place to start is to hear the experiences of business owners who have been in similar sticky situations. Our podcast called Scaling with Siva is a chance for this opportunity! We chat with business owners of all sizes in a variety of industries about how they’re conducting their business. Learn from their mistakes and benefit from their wisdom by heading over to our podcast channel!