Are you a business owner who is keen on taking your business to the next level? First, you will need to get the necessary steps right.
In this article, we share some tips from experts who have successfully scaled and expanded their own companies. Admittedly, it is not going to be as easy as it sounds, but with vision, commitment, perseverance and other quality leadership attributes, you should succeed.
Say, you have just started a business, you want to enter new markets and attract bigger mandates. Scalability is the ability of your company to grow. To explain further, scalability is the adaptation of a business to larger workloads without losing revenue or compromising its performance.
The following tips were given by entrepreneurs who successfully took their companies to higher ground.
- Get down your basics
Before you attempt to take your business to the next level, make sure all your fundamentals are in place and fool proof. According to a survey conducted by Startup Genom, it was revealed that 74% of failures were caused by premature scaling. So, ensure you address the following first:
- Your core product line must be “market fit”. Product iterations can help you get there.
- Identify your biggest core users
- Identify the marketing channels that have the biggest returns on investment, as well as scaling potential. Start with small budgets.
- Make sure you have all you need to scale (resources)
- Automate everything
Don’t be in a hurry. If it takes some time to get where you want, it means you are probably covering all the basics. Automate all parts of the business that are automatable.
- Install cloud storage and organisation
- Install automated training systems for new employees
- Equip your business with marketing automation
- Set up an automated pay roll system for efficiency
While this process may take a while, the long-term results are rewarding. Experts advise that listening to success stories of mentors can be motivating. With automation, you will have faster access to data, employ more quickly, sell better, pay conveniently and streamline the business into a position worthy of the next level.
- Enhance your marketing activities
With your business poised to serve its target market, you should begin active promotions. How will your business expand if nobody knows it exists?
Concentrate on marketing and business growth will follow. However, not all aspects of marketing are scalable. Direct marketing is not scalable, and you cannot apply scalability to word-of-mouth marketing, according to Forbes.
However, content marketing is scalable and one of the most reliable ways to promote your business online. It has lasting potential and the ability to go viral.
- Outsource the non-core areas of your business
Many big companies can afford to have everything in-house; they have the capital and clout. But for a growing company, you will need to focus on core operations. This means divesting certain roles that take up time and effort. It is more cost-effective to outsource to professionals. Here are some things you can outsource.
Finally, surround yourself with experts. This will allow you to take much-needed breaks to cool off and re-strategize without halting the business. In time, you should be able to reap the rewards- but remember, you must cover the basics first.