Your Guide to Scaling Your Business

April 30, 2020 Geekopedia 0 Comment Brand, Business, Cloud, Scale, Strategy, tools

All entrepreneurs want their business to grow, but there are risks to rapid scaling that many overlook. While having more leads, customers, and sales should always be the goal for any business, it’s important to approach scaling up carefully. Easy mistakes could mean that your growth leads to issues that may ultimately lead to the collapse of your business. Bigger is not always better in the entrepreneurial space, and growth will inevitably lead to an increase in running costs. Scaling means taking a more considered approach to growth so that risks are minimized, and continued expansion is made easier. Increasing revenue while improving efficiency is the key to successful scaling.

Brand Evaluation

Your first step is to ensure that you have a clear understanding of your strengths and weaknesses as a business. Growing to scale means a potentially dramatic increase in stress, so you must have a realistic awareness of what your business is capable of. Taking on an order that you have no chance of delivering by the expected deadline will do more harm than good, so don’t go into scaling with a filtered view of your efficiency and effectiveness. Remember that when you scale up, you will be maximizing any weaknesses exponentially, so identifying and tackling those weaknesses is going to be vital.

Define your Scaling Strategy

This needs to be a step by step strategy that is clearly defined, easily communicable, and available to every member of your team. Your roadmap to growth should include clear milestones and targets, with components that identify contribution requirements from individuals and departments. Your roadmap should work in the same way as your business plan, in that it should be your landmark to gauge all business decisions by. Use SMART goals to make it easier to measure and track your performance.

The Finance Factor

Most people have heard of the saying ‘it takes money to make money,’ and for small businesses, this remains a truism. Smart scaling means knowing what you can afford to do and what you cannot. Cash flow issues can hinder your chances of not just growing, but of maintaining the business gains that you have already built. However, if you see an opportunity for scaling but lack the finances to take the next steps, established lenders like biz2credit can make it easier to meet demands without risking the future of your brand.

Tools and Infrastructure

As a business grows, many of the tools that they use become too cumbersome, too complicated, and simply out of date. This is a particular challenge for those business models with legacy systems and software. However, this is a surprisingly straightforward problem to tackle. New technologies and software options give entrepreneurs the tools that they need, and the best options will always allow you to scale your use of them as your business grows. Cloud platforms are particularly useful when it comes to scaling a business, and should be your priority when it comes to business processes, tools, and the people that you need to run them.

Keeping your company lean, efficient, and up to date is the key to successful scaling. Take the time to analyze the potential of your business, and take the necessary steps to slash inefficiency. By doing so, you also minimize the risks of rapid scaling and ensure that your business will continue to grow well into the future.