From their inception, startups have to fight against the odds. Having a brilliant idea that addresses a need is one thing. However, making that concept a successful business is an entirely different ball game. Sooner or later, every entrepreneur will be faced with the problem of scalability, or the need to expand and develop while keeping expenses down to the barest minimum. If you are looking to make your business or company scalable, then these tips may help;
1. Draft a Comprehensive Business Plan
The need to have a detailed business plan is quintessential for every business owner. No matter how solid the idea seems on the drawing board, without a concrete plan moving forward, it is bound to veer off the intended path.
Also, remember that your business plan isn’t for your eyes only. Instead, it should be a long-term plan that can garner the favour of potential investors that will be willing to support your business. Therefore, it will go a long way if you focus on increasing revenue and reducing costs over the long term.
2. Recruit The Right Staff
Reviewing your recruitment program from time to time is a good idea. Creating a system that eases new employees into the business can also go a long way. Ultimately, you want every employee to be an integral and contributing member of your company while sharing in its values and mission too. Also, you ideally want to encourage the ability for them to work independently without having to necessarily involve you in every step they take.
3. Be Innovative, But Do Not Lose Track Of The Vision
Don’t get lost in the midst of all the little progress you make. Your business may eventually start to thrive and grow with every passing day. While its okay to be flexible and innovative, do not lose track of the blueprint. Remember, the goal is to build a sustainable brand that will remain true to its mission and values.
4. Investors are key
The truth is, without willing investors, you might never be able to scale your business successfully. Also, while it is essential to get investors, not everybody willing to splash money into your business will be a good fit.
In most cases, your investors will do more than write you cheques, since they will be offsetting most of the expenses, they will likely want to play a more active role in the business. While they may not necessarily want to be involved in the day to day running of the business, they will be critical to the success of your business, and they can also offer you valuable business advice.
5. Automation Is Key
Scalable businesses are the most efficient of all. To be as productive as possible, you’ll need a form of automation or software to do most of the hard work. If you are spending so much time on simple tasks like order tracking, inventory management, then chances are that you won’t have enough time to actually focus on the real tasks that are more crucial to the growth of your business.
For instance, rather than manually tracking orders and sales, an automated software like the EMERGE App can help you manage your orders, track inventory, help with accounting, auditing and finances. The dropship feature of EMERGE App also allows users to control purchases made, track finances and generate invoice and statement of account for customers.
6. Outsource When You Can
Once you decide what you can automate and handle on your own, look to outsource every other thing. Contrary to popular belief, outsourcing is almost always a cheaper option. Areas of your business such as logistics can be outsourced to experts that will most likely handle the job better.
7. Ask for Feedback
Soliciting feedback from your customers means that you know how good or bad your business is doing and areas where you need to improve. When you stay informed with the future and immediate needs of your customers and industry, you can anticipate major changes and properly prepare to implement them.
Scalable businesses are often flexible, efficient and profitable. By recruiting experts, outsourcing most of the legwork and using automation to your advantage, entrepreneurs with the aid of capable investors can take their business to greater heights.