6 Steps to Scale a Business
Stagnation can be the death of a business. As they say, if a business isn’t growing, it’s dying. That’s why so many business owners are focused on scalability. This guide will provide you with the six steps to scale a business.
photo/Gerd Altmann
Evaluate and Plan
First, you need to ask yourself about the scale of business you want. Start by setting a long-term goal and break it down into smaller objectives. What’s your ideal vision for your business? Do you see it taking over the world? Or would you be happy with success in one market segment? Think about what resources are needed for your business to grow and where they will come from. The more you plan, the easier it will be to execute.
Find the Money
It takes money to make money. You will need a certain amount of resources to scale your business. Where is this money going to come from? Do you have enough cash flow? Is it time to invest in loan capital? Will the bank finance you? Once you have determined how much you will need, it’s time to go out there and look for it.
Start Building Your Team
Next, you will need to find the right people for your team. Make sure that they are well-versed in best practices and have a good reputation. If possible, hire someone who has been successful at scaling businesses before. Once you begin recruiting, look at candidates’ skillsets as well as their character traits. You want them to be competent and trustworthy – qualities that will help your business grow into something great.
When recruiting new talent, it’s important to know what skill set matters most for the position you’re hiring for. Does this person need strong leadership abilities? Or is it more about creativity or an eye for innovation? Sales and marketing are two of the most important areas for recruitment if you’re looking to scale the business.
Invest in Technology
The world is changing rapidly. You need to keep up with it if you want your business to stay ahead of the curve. That’s why investing in technology will be key to scaling your business and staying relevant in the marketplace. Investing in new technologies can improve efficiency, increase productivity, reduce staff needs and help grow your brand awareness.
Move into New Markets
If you’re looking to scale the business, it’s a good idea to expand into new markets. This could mean entering an international market or launching an entirely new product line that is aimed at another customer demographic. It’s not always easy to step outside of your comfort zone and try something new, but expanding will help you grow and take control of your success! If you’re moving into a foreign market, you should consider a translation management platform to improve communication.
Strategically Outsource
As your business grows, the workload will increase. However, you might not have enough time to handle everything by yourself. You can outsource some of these tasks to specialists who are better at them than you are.
If this is something that interests you, make sure to hire experts in their field. For example, contact center outsourcing to the Philippines would be a wise choice if you want well-trained agents to handle your customer inquiries and concerns. This will help improve quality and keep costs down.
Author: Carol Trehearn
