There is no manual or fail-safe formula for achieving business success. But with the right approach and mindset, you can move your business forward and expand exponentially. If you want to thrive, you need to have concrete and effective strategies to work your business to the top slowly but surely without jacking up all your resources.
One strategy is called scaling. Many use this term interchangeably with business growth. While they seem to mean the same, there are distinct differences between the two.
What is Scaling?
Business scaling is a way of boosting your revenue and growing your market share faster than your expenses pile up. This strategy enables your company to expand appropriately and generate excellent results without a significant increase in resources. With scaling, costs are incurred at an attainable rate.
While business growth focuses on the addition of resources – such as people, capital, or infrastructure – at the same rate as revenue increase, scaling uses efficient methods to boost gains while minimising costs. In essence, scaling tends to reduce the risk of losses while business growth carries a greater risk of loss.
Now that you understand the difference between business growth and scaling, let’s dive into how you can scale to success.
7 Winning Strategies to Drive Your Scaling Efforts
Create a business map
This is not the same as a business plan. A business map illustrates how, where, and why you started, where you currently are, and where you are headed in the next several years. It documents the beginnings of your company and allows you to reflect on its direction.
Documenting your achievements and goals is vital to understanding how you can expand your business. It gives you a picture of what you need to accomplish to reach your objectives and allows you to anticipate potential challenges so you can minimise their impact when you eventually encounter them.
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Delight your customers
Satisfied and loyal customers play a significant role in your business’ success. How can you claim that your scaling efforts are effective if you are not getting repeat customers? Instead of exhausting your resources to create new products to attract more customers, consider experimenting on strategies that can help you retain existing customers and win new ones.
Use a client-centric approach in every aspect of your business, from developing your products to marketing and selling them. This way, you can create genuine connections with your clients and build their trust, closing more sales in turn.
Automate your processes
In scaling, one of your priorities should be to reduce costs and maximise time and effort by simplifying your processes. You should eliminate steps that make executing tasks more complex. Complicated tasks or projects eat up so much time and resources, requiring more meetings and steps in the workflow that can slow down your growth.
To address this situation, consider automating monotonous and repetitive tasks. This will enable you to use your time better and focus on developing ways to scale your business. Your staff also gets to focus on more critical projects.
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Uphold quality and consistency
One of the biggest challenges companies face when scaling is the decline in product quality and customer care. Maintaining excellent product quality and customer service must always be your priority, no matter what stage of business development you are in. Otherwise, you are bound to lose valuable customers down the scaling pitfall.
An effective way to maintain product quality and excellent customer service is to invest in your staff. Retain performing employees who find their work fulfilling and attract top talents who work hard. This can facilitate the provision of better services for your customers, helping your business reach greater heights.
When you know the ins and outs of your company’s operations, you can anticipate what needs to be done to move forward. By paying attention to everything going on, you can foresee challenges and, thus, adjust and establish a framework to keep your processes running seamlessly. This also allows you to expand without incurring substantial losses.
Keep in mind that if your processes and infrastructure are weak and you have no idea about them, your sales will suffer. You must be aware of the current trends so you can modify your processes accordingly to maximise your operations and business opportunities.
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Plan for all possible scenarios
One of the reasons business owners quit early on or fail to scale is that they don’t plan and acknowledge all the possibilities in the future. This can be something as simple as negotiating a better deal with a supplier.
Planning for the long term is also important. Often, it can take years to see the pieces fit together. There will be a lot of trial and error and plenty more ups and downs, but sticking to your goals, visions, and brand identity can help you get to where you want to be.
See what your competitors are up to
Seeing what your competitors are doing may not directly impact your scaling efforts, but it can provide valuable insights into how you can tweak your plans so you can outperform them. Find out what strategies work for them and see if they can be applied to your company.
Understanding their weaknesses also allows you to improve on yours and spot opportunities they haven’t explored yet.
Bring Your Company to the Top
When you make well-informed decisions, scaling will follow easily—but don’t rush the process. Business success and expansion don’t happen overnight. Take as much time as you need to adopt the right mindset and do it right.
If you are in the process of scaling your business, consider working with an outsourcing partner to get things moving in the right direction. optiBPO is an outsourcing company in the Philippines composed of highly skilled professionals who can help you scale successfully.
Get in touch with our team of offshoring experts today to learn more about our outsourcing services and solutions!