Scaling a business can sometimes seem like an art. You never quite know which direction the market is going to go or how the number of orders for your products and services is going to increase.
It turns out, though, that scaling is way more process-driven and scientific than you’ve been led to believe.
In this post, we take a look at the essential steps for scaling a business and ensuring that your processes keep pace.
Step 1: Commit To Growth
It sounds strange to say it, but some entrepreneurs never commit to growth. Once they have a viable business model up and running, they tend to stick with it, instead of finding new and exciting ways to grow the company.
The first step, therefore, is psychological. It involves making a commitment to grow the company, no matter what it entails.
Step 2: Build Broad Management
The next step is to build a broad management base to organize and run the company. That means choosing people with complementary degrees and skillsets. A bunch of people with MBAs are attractive, but you also want those with experience in an industry similar to yours, and people with the necessary skills to grow a business, not just maintain it at its current size.
Step 3: Establish Standardized Processes
While standardizing processes might sound a little dull, it is critical for turning your business into a “rinse and repeat model” that allows you to provide consistent value to all stakeholders. The more repeatable they are, the more money your business can generate.
Start by thinking about your communications system. Do you use a cloud-based SIP trunk service provider that can harmonize all your internal and external communications? Or are you still relying on old-school technology, pens, and paper?
Next, move onto your IT and support systems. If you employ remote workers, do they have access to the same tools and materials as people in the office?
Lastly, ensure that your management understands what standardizing processes actually means so that they can flag issues and work towards common ground. Remember, not all senior people in your firm will have process experience.
Step 4: Collaborate Where Possible
One of the best ways to scale your business is to form collaborations with existing companies. Just look, for instance, at the partnerships between grocery stores and coffee shop chains. In the past, stores would run their own cafes, but these were always disappointing. But thanks to the intrusion of Starbucks and other brands, quality is much higher. Plus Starbucks gets access to a captive market it couldn’t get if it didn’t collaborate.
Use this strategy to your advantage. Think about how mutually beneficial arrangements with third-party firms could help you scale.
Step 5: Talk About Your Competitive Strengths
If you’re in the B2B market, focus your marketing efforts on your competitive strengths. Point out the ways in which you provide a superior service compared to your competitors. Make the case clear to reps of other firms so that they can communicate with their stakeholders about why they should choose you.