Once your company is through the start-up phase and has formed a proper foundation, the next step is to scale your business. The concept of scaling a business is often used synonymously with growing a business, but it’s important to differentiate between the two. Consider a successful start-up or a new small business: Without a clear definition of scaling, we think of these companies as successful because they achieve massive growth in a short period. The reality is when a company grows too fast it makes itself vulnerable to problems that result from not having the proper understructure that can support rapid development. By learning how to scale a business, you mitigate these risks by ensuring your business/start-up can handle the growing pains. When you’re ready to transform your start-up into a scale-up, consider these 10 tips to help you ease the process.
1. KNOW WHEN ITS TIME TO EXPAND
You have to know if and when your company is ready for growth. It’s helpful to start by strategizing what you have to do to increase sales and ask yourself if your start-up can handle greater demands. If you don’t believe that your business will survive the growth, take the required moments to reassess its foundational capabilities.
2. DON’T SACRIFICE QUality
Quality and compromise enable growth. There’s no point in growing your business if your products or customer service deteriorates, all that will result from it is lost customers. By having the right processes, culture, and staff, you can maintain quality throughout the scaling process. Mistakes are inevitable while scaling, but do your best to not allow the quality of your product/service to slip as a result.
3. delegate tasks as needed
If you are confident in the composition of your team, you should have enough trust in them to delegate tasks that allow you to focus on the growth of your business. Understandably as a founder, you will have to fight the feeling of wanting to be in control of every operation in your start-up. Despite this, it is essential to know when tasks that you normally shoulder can be passed on to another. By limiting the thought “if I want something done right, I have to do it myself,” your capability to scale your start-up becomes that much greater.
Scaling a business doesn’t just involve growing upward and outward, it also means ensuring that your internal processes and operations function at peak performance. The last thing you want is to start losing customers you’ve worked so hard to acquire because some part of your infrastructure is weak. While perfecting processes, keep in mind that some of the systems and processes that work when your company is in its early stages won’t work on a massive scale. This is where adaptability and flexibility come in, as you may need to adjust processes as you grow. Establishing a framework of what works and keeps your business running smoothly in the early years is key to scaling a business as it forms a solid core.
5. stay organized
Organization is the difference between a company that fails and one that succeeds while attempting to scale. Maintaining high standards and consistent practices are imperative to your start-up as you scale. It is through organization that you can maintain these standards while also working towards growth.
6. have a plan in place
A good strategy is crucial for growth. It aligns your team, generates sustainable revenue growth, creates loyal fans of your product/service, and adapts when you do. Prepare a flexible and reliable growth strategy to maximize the success of your scaling.
7. set goals and milestones
Don’t base decisions on where you are, base them on where you see yourself being. It is necessary to have definite objectives. If your goal is to become a €10 million company, then the decisions you are making need to reflect that.
8. research your industry and competitors
Do the research and think about how your competitors have done it. How have they succeeded? For example, finding out how many staff they now have could give you a rough idea of how many you’ll need. Where are they selling and how? Understand their business model and learn from successful case studies.
9. build a team of experts
As you scale and grow your start-up, odds are you’ll need more staff. Create the right culture and an environment where people want to be, where they share the start-up’s values, and then allow them to grow. By having a solid team, scaling becomes much more attainable as you can put your trust in those around you. Additionally, it is necessary to keep each member of your team engaged, recognized, and rewarded. That’s how you build a loyal and inspired team.
10. stay motivated
At the end of the day, the decision to scale your start-up/business is entirely your own. If you want to have a successful scale-up, remind yourself constantly that the efforts you are putting in are worth it. By keeping your eye on the prize, by staying focused and motivated, then scalability becomes much more achievable.
How can you learn to scale at Unknown University of Applied Sciences?
With Unknown University of Applied Sciences cutting-edge curriculum, tailor made to the development of your own business, we provide you with the proper education required to take your business to the next level. Our Master of Science in Scaling Up offers courses that discuss topics such as expanding into new markets, diversifying your product, and well a multitude of other practices that will help your business grow. With our Business Coaches, get the proper advice your business requires from individuals who have successfully scaled businesses themselves. Unknown University of Applied Sciences helps entrepreneurs prioritize the growth and success of their business while earning a fully accredited Master’s degree.
