26 Oct · 4 min read
From start-up to scaleup, getting your business off the ground is a journey full of challenges. Scaling your business boils down to capacity and capability. It means you are ready to witness growth while keeping your eyes always on the opportunities around you. However, the fact is, growth can be scary but it can be rewarding as well when done properly. All you need is proper planning, an appropriate skillset, a team, and funding, and the list is never-ending. Here is how you can scale up your small business by following a step-by-step approach:
It is important to have a plan ready to scale up your small business. Benjamin Franklin once quoted “If you fail to plan, you plan to fail.” This saying stands true here more than ever. Now, this is the phase where you need to consider each scenario related to your small business. You need to find answers to questions related to infrastructure, technology, team building, etc, to make a strategic plan. Build plans focusing on your future with a clear vision instead of thinking about where it is at present. Prioritize achieving objectives that depict the benchmark of your company. Thinking from a broader perspective as most big companies do will be beneficial for you in the long run.
Having the right team by your side is the most important thing to do while being on an up-scaling journey. It is necessary for everyone to be on the same page and achieve everything with a clear mindset. All team members must be equipped with appropriate resources that help them develop their specific skillset. The growth of your business might be a challenge for your team but you need to delegate the right tasks at right time. Also, establishing a good company culture will be helpful for your organization in the longer run. It will motivate your team to deliver the best in no time.
This is one of the most underrated steps when it comes to scaling your small business. Firstly, you need to think about how the competitors in your niche have become successful considering all the possible aspects. “What they have done to succeed?, “Any setbacks they encountered?” and so on. Having an in-depth understanding of their business model will help you gain a trajectory over your business objectives. Taking inspiration from their step-by-step approach will get half of your things done in the right way resulting in no waste of time and resources. This is how resonating your core values with your competitors’ will give you a competitive boost to stay ahead in the global market.
Indulging in technology will present great scalability opportunities for your business. One wise investment in technology will save you from wasting your time and money on inappropriate resources. Adopting automation will help you manage your business workflow efficiently while minimizing manual workflows. It is recommended to evaluate your products as per market standards to enable continuous innovation and creative throughput. You need to ensure that you can make use of technology to tackle unforeseen events. It can be anything, let us say, supply chain, business processes, and so on.
Hiring direct talent might not always be the right answer when it comes to scaling an online business. In such cases, outsourcing might prove to be a savior for you. Delegating tasks to external talent will help you produce better and quality-oriented results. Choosing the third-party vendor will skyrocket your start-up’s growth as they are skilled in a specific niche involving top expertise. Ramping up your business processes will present outsourcing as a great choice for you. However, finding a reliable outsourcing partner is not a one-day challenge. Rather it’s a constant process that requires thorough market research and brief analysis. In fact, outsourcing your specific tasks to the right partner teams will help you deliver quickly and cheaply in less time.
Scaling your small business always puts you in making the tough choices. Also, you can focus on developing MVP (Minimum Viable Product) that will assist you in making informed decisions for your start-up. Continuous filtering of processes and products based on client feedback will ensure perfect alignment between your product and what is demanded by the market. The better you are at managing your KPIs, the better results will be delivered to your doorstep. Being agile, and ensuring innovation based on customer feedback will help you achieve sustainable success as a small-scale enterprise.