Every entrepreneur wants to scale what they started! Growth is the ultimate objective of the business ecosystem. However, scaling up is no easy feat. Whether a business with several employees or a duo operating out of a studio apartment, navigating between growth and scaling is paramount.
This is how it pans out! Ideas and frameworks get born out of passion and promise. These get put on paper with financial plans and future predictions. When deemed viable enough, businesses get created. The entrepreneur transforms them into valuable entities, generating exceptional ROI for all the stakeholders.
There is no one-size-fits-all solution here! There are several tips and strategies for growing and scaling up your startup. Next are the few essential ingredients that make up the guide for scalability and success.
Embrace the power of digital It’s all digital! The way brands interact with consumers via digital media has evolved. The one good thing is that technology frees you from indecision; it spurs you to assess, adapt and achieve. Every month, consumers interact with the digital world in volumes – about 2.5 Bn active users on Facebook, 330 Mn on Twitter, and 1 Bn on Instagram.
Digital technologies are invariably a significant part of modern-day business operations. When executed appropriately, these foster the online identity. Today, attaining scalability cannot happen without an online presence. Broader visibility is the key to enhancing conversions and revenue.
Be it design, channel, or messaging, all these aspects merit consideration. According to experts, about 26 percent of entrepreneurs deploy the internet for business-related guidance .
Strong support network and sustainability About 20% of small businesses descend into demise in the first year . A startup needs nurturing; only when cared for properly, can it become a successful venture. This requires inner drive and resolve. But sustaining this energy behests upon a key ingredient – people. Call them representatives, ambassadors, task forces, or employees; they flesh out the support system.
An obvious fact is to keep like-minded people within one’s close quarters or circuitry. Networking is an integral part of scalability. One way of doing so is to maximize attendance at the local meetups in your area and integrate yourself into the business groups that empower you and the startup. It also connects you to fellow entrepreneurs and prospective friends for brainstorming, feedback, and constructive criticism.
Building and maintaining an effective, strong network, to begin with, ensures a sense of accountability. But it also lends itself to a wealth of insights and perspectives.
Optimisation of Resources Irrespective of the sector or industry, resource optimization is a given. Outsourcing is a great way to begin with. While the third-party contractor takes care of the IT infrastructure or brand-building strategy, the entrepreneur gets to pay attention to the core competencies. This is especially beneficial for companies with limited resources and knowledge or skill gaps. Proactive execution of such collaborations enables founders to scale up their businesses like a smooth sail in the sea.
Leveraging startup programs for bolstering development These programs serve as guides for growth and scalability. Startup programs render access to trustworthy mentors and an advisory board with steep experience and expertise.
Thriving company culture A thriving culture is integral to scalability. Magic occurs when everyone gets empowered to ‘own’ their domain. One can render their team the autonomy and permission to experiment and celebrate innovation and collaboration. When leadership requests team coaching, there is 360-degree accountability. Other considerations are rewarding innovation and encouraging new ideas. Also, powerful habits and routines must get reinforced across the enterprise.
Attaining mastery over traffic and sales Today, all businesses are looking to go digital. Given the online age, traffic and conversions are the new lingoes. In doing so, corporations must embrace the power of SEO and PPC. Higher traffic transpires itself into greater visibility and higher revenue. And finally, the corporation website gets elevated to a prominent position on the search engine results page or the SERP.
Another avenue is social media following. This is where most people go to let off steam, learn about new products and services, and engage with brands. So, not only the SERPs but social media presence, too, needs to be made impactful and powerful.
Streamline business processes and operations Another way of scaling your business is to simplify operations. Although easy in reason, it is a challenge to implement in reality. The truth is that complexity sucks time. A prominent example of a brand that has removed overly complex procedures is Apple, under the reign of Steve Jobs. He was known for canceling projects he viewed as extraneous. Complexity sucks time!
The concomitant factor of growth and scale is the hierarchy, which lends itself to bureaucracy and brain-drain, slowing down progress. CEOs of startups and emerging corporations need to know the impacts of complex procedures. Streamlined processes make it easy to engage with the people who are integral to growth and success.
Data reliance to avoid speculative spending A key factor to scalability is data. Today, this can stem from varied sources and often revolves around customers and prospects. These include:
Customer progression through the sales funnel Time taken for customers to convert How long they remain customers Reasons for them to switch to another company What avenues do customers use or prefer to engage with your company Adapting and innovating are a must The business ecosystem and dynamics are fast-changing! Learning how to scale your business is not an impossible task. However, one might have to make some changes. One needs to be vigilant of bottlenecks in entrepreneurial mechanics.
Ask yourself this, ‘when was the last time your corporation embraced innovation? What factors are holding your company behind?
Final words The universal truth is, ‘if you are not scaling, you are dying’. And this stands true in business and life. However, one should not rush into it. Take some time to assess and evaluate the merits and demerits of every option and aspect. In simple words, be mindful while you grow.
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