It is somewhat idealistic to think that your business will just grow slowly and organically. Unless you’re planning on staying a small business forever, you need to have a plan for when your company begins to outgrow its current space, budget, and staff. Whether you’re a new business owner or a marketing executive of an established firm, scaling up will likely be something you face in the future. However challenging it might seem right now, there are several high-level strategies that you can implement to prepare your organization for future growth.
Read on to learn about 8 proven strategies for scaling up your business that will make your company stronger and more profitable in the long run.
1. Develop a strategic business plan
When you’re scaling up, it’s important to have a business plan that outlines company goals and strategies for reaching them. A business plan will help you map out your company’s growth and better understand the financial and marketing strategies needed to achieve those goals. As you prepare to scale up your business, it’s important to revisit your business plan to make sure it’s still relevant in light of this growth. That way, you can make any necessary tweaks to your business plan before putting it into action. You should also make sure that everyone on your team is working towards the same goals. This will help everyone stay on track and accountable for their own roles in achieving company goals.
2. Make sure you’ve got the right people on board
Any company that is scaling up will also be hiring new employees. That said, you need to ensure that the people you hire are the right fit for the company going forward. It’s important to keep in mind that scaling up does not automatically mean hiring more people. In fact, you might need to hire fewer people but in the right positions. This means hiring people who are not only skilled in their industry but also those who are a good cultural fit with your organization. It’s important to keep in mind the type of people you want to work with when scaling up your business and hire accordingly. If there are any red flags during the hiring process, it’s best to pass on that candidate and look for somebody else.
3. Be transparent with your team
As your company expands, there will be plenty of changes taking place within your business. This means there will be lots of new information employees will need to learn as they grow with the company. Whilst it’s important to stay organized and informed as a growing company, it’s also important to avoid creating a culture of confusion that could stifle productivity. Make sure that your employees always feel like they have a clear sense of what the company is trying to do, why, and how they fit into the bigger picture. You can do this through regular one-on-one meetings, company-wide meetings, and clear documentation where necessary. This will help ensure that everyone on your team is informed of current goals and has the tools they need to succeed.
4. Establish the right partnerships with other service providers
As your business grows, it’s likely that you’ll need to outsource some of your internal processes or hire contractors to help with special projects. This is completely normal and can actually help your company save time and money in the long run. That said, it’s important to choose the right partners and providers to work with. Keep in mind that a relationship like this isn’t like a friendship. You don’t need to be best friends with your providers, but you should be clear about expectations, have a well-defined contract, and maintain open communication. This will help make sure that both parties are happy with the relationship and that your company is getting what it needs from these partnerships.
5. Update your systems and technology platforms
As your company grows, you’ll likely want to update your internal systems, such as your CRM, payroll, HR, and other platforms. This will help streamline your internal processes and make it easier to scale up in the future. It’s important to consider which systems and technology platforms will be best for your company as it grows. This will help ensure that you don’t overcomplicate things for your team and that you are staying efficient. It’s also a good idea to stay on top of new developments and advancements in your industry. This will help you stay ahead of the competition and identify any new tools that might be useful to your organization.
6. Find ways to streamline your processes
As your company grows, you’ll likely start to notice that there are areas of your organization where you could save time. This could be in any number of departments, such as your HR workflow or your IT department. That said, it’s important to make sure that any changes you make to streamline your processes maintain the integrity of your company. This will ensure that your organization is operating as efficiently as possible and that you’re still meeting customer needs. If you want to grow your business, then you have to be ready to face challenges head-on. Scaling up your business is a challenge, but it’s also an opportunity for growth. By following these tips and keeping an open mind, you can be prepared for anything that comes your way.
7. Increase ad spend to find new leads
As your company scales and you look for new customers, you might notice that your efforts aren’t delivering the ROI that they used to. This could be a sign that it’s time to invest more money in your ad campaigns and increase your overall ad spend. By increasing your ad spend, you will likely be able to reach a wider audience and generate more leads. And while scaling up investment in your ad spend might seem scary, it’s important to remember that you will see payoffs in the long run. This is because the right ad spend will put your business in front of the right customers at the right time.
8. Add new services and products to your company
As your company grows, it’s important to consider adding new services or products to your lineup, when possible. This could be an expansion of a product or service that you already offer or something brand new that your customers have been asking for. Whatever you decide on, you need to make sure that it’s relevant to your market and integrated into your existing business model. If you decide to add a new service or product, you should also consider how it will fit with your existing infrastructure, workflows, and employees. This will help make sure that the addition of new services or products doesn’t overly complicate your organization and that everyone is properly trained and prepared to implement them.
Bottomline is that scaling a business is a process, and it requires a systematic approach with proper planning. Also, growing a business needs to be a deliberate and sustainable move, otherwise you’ll end up with overflow your team cannot manage which leads to chaos and organizational stress.
If you’d like to learn more about how to scale your business and continue to enjoy your journey as well, contact me for a consultation chat. The good news is that there are proven techniques to grow your business and build a solid organization to sustain the growth.