5 Things Your Business Needs To Scale Up Today
Let’s face it- we live in a competitive world and to stay relevant, we have to thrive. Staying the same can do more harm for companies than good, so we must look for ways to grow. Growth is good, but how to ensure substantial growth? The kind where you see your business outperforming your expectations? We’ve put together a few tips we’ve seen work before:
Work Those Strengths
Growing up we’re often told to focus on our weaknesses to help us grow. We ask you to do the exact opposite. To scale your business, you have to be able to bring to the market what nobody else can. And the best way to do so is to take a good look at what you are good at— your strengths. Identifying your business’ core strengths will help you strategize better. In your core strength lies the potential, which if tapped well, can lead to focused growth. Use your USP to your advantage and let it articulate everything that the business is about.
You’ve surely heard this enough, but the difference between growth and scaling lies in cutting costs and in turn, maintaining losses. Imagine a company has a profit of a million dollars, which to achieve also involves an added expense of approximately the same amount. The company has indeed grown, but it hasn’t scaled. For your company to scale exponentially, it is key to have the revenue grow quickly and use resources efficiently so that costs are minimal. Focus on less wastage, efficiency, and productivity. Do more with existing resources.
Choose To Be The Driver
The most obvious thing your business needs is drive. Undoubtedly, every entrepreneur wants their business to grow. Scaling up needs a whole different level of energy and drive. At every stage of the business, you need to be the one pushing the company to reach the growth target you have in mind. When you have the ambition to push through, you will be more likely to have distinct plans and related actions.
As businesses grow, the number of processes involved and people working also increases. It is a strong foundation that will not only scale a business but also sustain its rise. This is achievable by ensuring that internal operations across your business have a set level at which they must be performed. Once standardized, they can be replicated and used to help you scale. Think of it as a set of well-oiled gears that need to function well together if the machinery has to perform well.
Keep your ears open— be it customer feedback, market updates, news from your competitors, or concerns of your employees. Every business is born to fill a need, a solution to an existing problem of sorts. Yet, it pays to continue listening even after your venture seems well-established. It is good to follow the roadmap, but by listening well we may find that detours can get us there faster. Or for that matter, to allow you to continue the journey. Networking with people will get you to your goal faster. Colleagues, coaches, and mentors will guide you with valuable inputs that will help you scale faster.
There is no set formula for scaling a business— we wish it was that easy! However, the above points, if used well can definitely help transform your business.