If you own or manage a successful business and are looking for growth opportunities, you might be considering scaling the business.
Scalability is only possible if you have a proven concept and reliable infrastructure. But once you are sure you tick those boxes; you can start planning to scale!
Benefits of scaling a business
Think about your business and ask yourself this: “Are we just meeting expectations and comfortably reaching goals, or could we challenge some bigger thinking?”
The main attraction for scaling a business is the opportunity to increase sales with little extra effort. But there is more to the story than easy sales…
When done right, scaling your business enables you to:
- Handle growth in the business without too much risk (such as being unable to meet demand, employee turnover, or financial risks).
- Easily train new staff or launch new products as the capabilities and systems are already in place.
- Run the business without the input of a founder or senior management.
- Leverage existing assets whenever there is a need to expand services or move into new markets.
- Provide a consistent client experience, meaning clients know what to expect and can be kept satisfied.
Before we go into our top five tips for scaling business, it’s important to note that scaling a business is different to growing a business.
Growing a business looks at increasing revenue, staff numbers, product base, and/or market share. Growth can often use up a lot of resources.
Scaling a business is more about increasing revenue without a substantial increase in resources.
Therefore, the key to successful business scaling is to look at streamlining systems and adapting processes so that your business can seamlessly transition from small to large.
5 tips for scaling your business
- Evaluate your current position
Be honest about where your business is at and be realistic about your future goals. Then look at whether your business has the capacity to grow?
Will your business systems, infrastructure and team be able to accommodate growth?
Being clear on your goals and capacities is key to getting scalability right.
- Strategize what you need to do to increase sales
List all the ways you could make more sales. Then look at which of these strategies can be standardised because it is these standard systems that will allow you to launch a new product quickly or onboard new team members efficiently.
- Find ways to automate your processes
So, as we touched on above, standard processes that can be automated are the golden ticket to successfully scaling your business. Your aim is to have systems that can run with a little effort as possible.
- Make technology your friend
Scaling just won’t happen without you embracing the wonderous benefits that technology brings. Why? Because it’s much easier and cheaper to scale when you have the right technology to assist you.
Being able to integrate systems, automate tasks, and streamline systems allows the business to increase sales without too much effort – aka scale your business!
- Show me the money
Yes, you need to spend a little money to make a lot of money. Investing in your growth plan is essential. You may need to hire staff, invest in new technology, or buy equipment.
At Profacc Accountants & Financial Planning, we help businesses grow and scale at the right pace. Speak to our team and discover the potential of your business.