For a long time, the word on the street when it came to a business getting bigger and more successful was ‘growth’, but in recent years, the focus has been on scaling. Scaling is how you set your business up to grow but remain sustainable. But what does that look like with actionable steps? And what is scaling?
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What is scaling when it comes to business?
Scaling is where there is a strategic plan put in place to facilitate growth at a sustainable rate. Growth is when the business grows at the same rate as revenue. Scaling takes planning to make sure that common pitfalls are avoided and the company remains agile. Growth often happens TO the company rather than them taking an active decision and information lead approach.
Company Offerings
If you are focusing on revenue, you are in the growth mindset. Instead, look at what your company offers, and put a focus on it. Businesses that understand and focus on their products, their target market and their services are in a position to make the right decisions and changes.
Continuous evaluation of the tech, market, and consumer needs and making your products and services match is scaling.
Management
There is a joke about middle management and people getting roles because they put the time in, not because they are good at motivation or leading. When it comes to management and scaling, you are looking for change management, leadership, strategic planning, critical thinking – and empathy at a minimum. The effectiveness of your management will make an impact on your scalability.
Realistic Goals
Is it realistic to set a goal to make 7 million in your first year of business? Or is it more realistic to say that you want to see a monthly increase in sales to the tune of 10%? The goals should be challenging but reasonable and use the company’s past performance to make an educated goal.
And the best goals will take into account any weakness as highlighted in the company offerings – seasonal products, trending products, societal trends and so on.
Technology
Almost 40% of some employees’ day is taken up by administrative tasks that could have been automated – or have the right software in place to make it considerably less time. Scaling will rely heavily on the right technology and software. There is some more industry-specific software like field service management software or chatbots and customer service communications software that can make a significant difference. Look at where your employees are spending the most time and change it.
Team
Highlighting the hard and soft skills you need in a new team addition is a must. To do this, take to your team and find any gaps that they have or people that they think they will benefit from. And it is beneficial for scaling that all team members come with many leadership traits, and they tend to be team players and goal-focused.
One of the most important parts of your business is going to be your employees, and to scale well; you’ll need a vibrant and motivated workforce; here is how to achieve it: Practical Tips For Improving Employee Productivity | Investor Square.
