So you have made the decision to scale your business. Unfortunately for you, it is not a straightforward process. Deciding to focus on scaling your company into a larger organization can necessitate a major shift in working practices.. Scaling your business can also scale your problems if you’re unprepared..
It is recommended that you discern for a long time first before you take any action towards growth. There are negative results that come when you fail to scale the company. The scaling process can cause the company to stumble and even ultimately fail when done improperly or prematurely.
Unprepared staff can cause widespread confusion. You may find that your company are actually lacking in resources. The quality of service or products that your company offers may also suffer especially when the priority shifts towards growth. The processes and systems that used to work for you before may be rendered insufficient. For example, a simple excel spreadsheet for contract management may work for you at a smaller size but scaling also means acquiring many more clients and vendors. This will make Contract Management a more complicated process that would require software.
Here are some of the best tips to scale your business.
Search Engine Optimization
The first step that you should take is by creating an online presence. If you already have an online presence going, it would be prudent to increase your marketing efforts online. By increasing your audience reach, you are also increasing your potential leads and customers.
Search Engine Optimization is the numerous processes done to a specific website to increase the number of visitors that a website gets. What SEO does is that it guarantees that your website appears high on the list of results of a search engine when someone searches for a topic related to your industry, thereby exponentially increasing your online traffic. Online traffic is much more important than you would think. If you have a lot of visitors, then the conversion rate would be far higher.
Contract Management Software
It has been found that over 9% of a company’s annual income is wasted on mismanaged contracts. Just think of what you could do with these resources when scaling your company. Aside from that, businesses will be handling an unimaginable amount of contracts. It would be best that you let an infallible software manage these important assets instead of trusting a human staff that can be prone to error.
Look For Investors
Don’t use your own resources. Veteran business owners will tell you this as rule number 1. As much as possible, it would be for the company’s best interests that you look for investors that will supply you with the resources for your scaling.
Using your own resources will put the business in a very precarious position. The thought of your venture falling out and the company being left with depleted resources or worse, going bankrupt will definitely add unnecessary pressure on you. This will take its toll when you are trying to decide on an action and you freeze up.
While with investors you’re required to give back the money you owe them with interest, it is still a small sacrifice than having many sleepless nights. Looking for business loans can also be an avenue for you to take. Anything that will not disrupt the company’s on-hand resources.
Hire Enough Employees
Before you move forward with any of your scaling efforts, make sure that you have enough staff in all of your departments. This is a common mistake that leads to the stunting of a company’s growth. More often than not, a company will proceed with scaling the company without taking into consideration whether they have a decent amount of employees on board.
Try to hire fortify your manpower a few months before you take any action so that you can ensure that everyone is competent and well-trained. While outsourcing is an option you can take, it is definitely not a reliable one and could not be depended on in the long-run. You want staff that will be with you as the company grows bigger.