Growing Your Company Through Scaling
How Do You Start Scaling Your Business?
Business scaling involves the ability to facilitate and uphold growth in your company. Scaling your business is not the same as growing your business.
Scaling a business includes the capability to handle an increase in sales, work, and output in a cost-effective, sensible manner. Scaling your business the right way will exclude your company from suffering through this growth. Employee turnovers is the last thing you want to witness within your company.
Many companies have chosen to downsize, but this is not the path that I have chosen for you. Continued presentation of products in front of customers will result in the opening of their wallets.
There are two things you must focus on when boosting a business:
Determine Your Business Scaling Strategy
Many businesses will immediately hire 20 salespeople to get more clients and grow the company. This is not practical because it skips several crucial growth stages that will result in stagnant company performance.
I highly recommend you design an excellent business scaling strategy before hiring a sales brigade. Make sure that your strategy and market fit is scalable, consistent, and cost-effective. Here are some tips on how to achieve a lucrative business scaling strategy:
Scrutinizing Business Growth Vs. Business Scaling
What is the difference between a company in growth mode vs scale mode?
It is imperative to properly distinguish the two in order to know what really happens when businesses grow. This will also help you determine what kind of growth you should be searching for. Allow me to elaborate between business growth and scaling your business:
Business Growth
Growing a company means increasing your business’ revenue. At the same time, you must add the resources needed for that increase. For example, your company may gain an extra $40,000 in revenue, but you may have used $40,000 from the budget to pay your new sales rep’s salary.
Your company’s gains and losses were the same. Your company has grown by one employee and a small increase in revenue. The results in value were not substantial.
Scaling Your Business
Now for the pertinent question, “What is scaling in business?!”
Scaling your business is an efficient approach because it adds revenue to your company at a faster rate, rather than taking on more expenses.
Your business may gain $40,000 in revenue, BUT you may have only spent $4,000 on a business scaling strategy that involved investing in marketing automation tools. These tools will assist you with marketing your products to a much larger audience.
Your company’s gains outweighed its losses, thus allowing it to grow AND scale at the same time. Talk about killing two birds with one small stone!
4 Important Keys To Scaling A Business To Victory
You must think outside the box when scaling if you wish to become a successful business owner. Similar to everything in business, scaling can also be measured. I have put together a few key metrics to scaling a business. These are important metrics every business owner should know.
Businesses with minimal physical supply and less overhead operating are easier to scale because they do not require the building of infrastructure and a big investment to scale it.
Owning a tech company makes it easier to scale rapidly. This is due to the latest technology available nowadays. Here are some key technologies available for scaling a business and their purposes:
Key Scaling Technologies and Their Purpose
|
Key Scaling Technology |
Purpose |
|
Digital marketing strategies |
Assist in gaining more customers |
|
Email and social media |
Boost upbringing of leads |
|
Chatbots |
Handle inquiries and applications |
|
Customer relationship management system (CRM) |
Help administer your customer database |
|
Enterprise resource planning (ERP) cloud software |
Better establish operations |
Let’s Scale Your Business!
Successfully scaling your business will rely on your strategy and mindset. These two concepts are more important than your sales model, industry, or current business phase. This does not mean accomplishing perfection, it means accepting failures as steppingstones to achieve success.
My name is Michael Giannulis, and I want to help give you the right mindset as a business owner to help scale your company.
Let’s collaborate today!
