5 Powerful Steps to Scale Your Business
How to Scale Your Business
Building a business is every company owner’s objective, but if you try and run before you can walk, you run the risk of knocking down your house of cards. Here are some essential tips for scaling up your business the right way.
Keep it simple
Create a business plan that’s workable and easy to stick to and set achievable objectives. Lay out growth expectations within your organisation and identify the quantity and the quality work that’s required to make it happen. Communicate that plan to your staff so they’re all singing from the same hymn sheet and ensure it’s regularly referred to. It may be tempting to try and make big leaps ahead, but it’s far better to consistently meet goals and targets to build on your successes than to over-estimate and fail.
Hire the right people
A business is only as good as its staff. Your team is like a series of cogs working together as a machine so it’s important that it works efficiently. Hiring the right people who fit is critical. Think about how your conduct your recruitment to be as cost-effective as possible. Companies like Simpson Dean Recruitment revolutionise the way recruitment is done, by personality testing both candidates and existing staff, to understand how they will best work together. Also ensure that you look after your existing staff – your team should be a well-oiled machine. If you look after your staff, your staff will look after you and your customers.
Scaling your business relies not just on executing your area of expertise well – it also relies on you embracing opportunities to things in new and different ways. Innovation plays a really important role, especially or service businesses. Be prepared to move with the times and integrate evolving technologies that are going to streamline your business practices. Offer training and certification programmes to your staff, to keep them abreast of industry changes. Staying on top of your game increases productivity and efficiency and puts you in the role of expert or influencer in your field.
Learn by your mistakes
Errors can sometimes be costly in terms of time and resources, but they come with a silver-lining – they provide a great learning curve and learning curves in business are incredibly valuable. Learning how not to do things is critical to the process of crafting the right way. In The Richard Branson Interview the famous entrepreneur said: ‘Don’t be afraid of making mistakes. I have always believed that there is no point in having regrets as you learn far more from mistakes than successes. Embrace a mistake and learn from it; don’t regret them’.
Be open to new markets
You may have set your business with an initial understanding of the market you want to target, but this can and does change. As you progress, analytics data enables you to identify who is showing interest in your products or services. Adjusting your marketing plan to meet customer demands and attract new markets is key to capitalising on what the data is telling you…and data doesn’t lie (at least not in this respect).