If you’re looking to help your business grow, sorting out scale-related challenges will be an important step. The tools and processes that allow your business to thrive as a small venture may not be adequate to help it grow, or they may not be ready to deal with sudden increases in demand. If you want to make sure your business will be able to handle an increase in scale, here are some tips you should follow.
1 – Study the market
One way to avoid headaches is to learn from the mistakes of others. Who are your competitors? Is your competition going to change as your business grows in scale? What challenges have similar businesses encountered when trying to scale up?
Proper research will allow you to anticipate issues and prepare accordingly. It can also guide your decision-making to help you avoid decisions and investments that will cause problems once your business is bigger.
2 – Build connections
It’s a good idea to get feedback from outsiders while doing market research. Whether it be other business owners, professional mentors, or consultants with relevant experience, their words should not be treated as gospel, but their experience can help shine a light on issues you may be overlooking.
This also speaks to a larger point: having a strong professional network will be very useful when trying to scale up your business. It’s a good idea to build a network or try to hire some well-connected team members.
3 – Invest in scalable solutions
Keep an eye out for tools and software solutions that you’ll be able to keep using as your business scales up. You may end up having to change to a bigger office or switch manufacturing partners down the line. However, if you choose carefully, you may be able to keep using the same accounting software, and cloud managed services provider for the foreseeable future.
It’s worth looking for scalable solutions, as implementing new ones is time-consuming and costly. And when business is growing at a breakneck pace, the last thing you want is to have your veteran employees stumbling because they’re not quite used to the new software solutions.
4 – Prioritize automation
Automation is a powerful asset when trying to create a scalable business model. When your business is small, and you only have a handful of clients, it’s easy to get away with doing a lot of repetitive tasks manually. Later, however, employee time will be at a premium.
The less time your team has to waste on mundane tasks, the more time they will be able to spend on making customers happy and helping your business grow. You can reduce time waste by keeping an eye out for opportunities to optimize and automate various tasks. Outsourcing can also be used as a tool to help make sure your employees are focusing on the work that only they can do.
5 – Set clear goals
Entrepreneurs are often excited about seeing their businesses grow. That’s great, but it is important not to get carried away. Far too many ventures fail because their owners were so focused on getting 10,000 clients that they forgot to figure out how to get their first 100 clients.
Having clear short, medium, and long-term goals are crucial when putting together a scalable business model. It’s also key to have contingencies on how to deal with not only unexpected failures but also unexpected successes. What happens if you suddenly get 10x more clients? Would you be able to maintain the same level of product quality then?