Having a successful company is every business owner’s dream and for small business owners, in particular, growth is the ultimate objective. When the stars align just right, it’s possible to have a booming and scaling business.
However, while growth and expanding your business is the ultimate goal, many entrepreneurs are not prepared for such rapid growth and demand for their products and services. For example, say you get a visit from an influential personality with millions of followers can instantly make your business a name to beat in the industry.
Together with tips on how to scale a business, here are some things you need to know to get your company ready for whatever comes along the way.
1. Look as big as you want to grow
Like customer service and work quality, company image is of great significance when it comes to scaling your business. Building a good company image prepares you and puts you in a good position for adaptive development. Whether growth is measured or a sudden result of marketing or good fortune, you need to look at the big picture and anticipate the success of your business.
There are many ways to build a great business image. Gone are the days of using traditional marketing techniques such as advertising which is expensive and no longer as effective. After all, why splurge a huge amount to target the general public when you can send your message loud and clear to those who are really interested? See these tips below on how to efficiently improve your company image:
- Make everything look good. From the physical premises to your website, everything should be organized and tastefully decorated according to your industry.
- Get help from the press, a little PR goes a long way. Send out press releases and newsworthy articles to local publications.
- Maintain good relationships with your team members, a happy employee can make trustworthy recommendations to friends and families.
2. Standardize processes
While customized solutions and processes are a great way to showcase your inventive abilities, it may not always be efficient to reinvent something, especially when growing your business. Most employees often see changes in a company as a fad that will eventually reduce as time goes by. Keep in mind that improvement is only effective after you have mastered the basic principles.
Scaling a business and preparing for growth is achievable by using standardized tools as well as processes. A growing company should have a standard process that needs to be followed strictly to avoid costly mistakes and prevent mishaps. This process equally contributes to the overall efficiency of work as things become systematized rather than disorganized.
- To achieve consistency, make sure that each process is executed in the same manner.
- Standardization requires quality elements such as knowledge and skills in order to be successful.
- Create a process map with detailed steps and an operating manual for your employees.
3. Train your team and identify leaders
The one huge difference between a big and small company is none other than the number of employees. As your business rapidly grows, you may need to hire new talents to quickly meet increasing demands. Your experienced employees will likely become the supervisors or managers of their team whose main responsibility is to oversee work and to ensure that subordinates are well trained in operations.
A highly trained team has a lot to do with your ability to grow and sustain expansion. This is the phase where you need to be the owner, the coach, and the teacher. Identifying leaders and training your team are both essential for business evolution. Below are four effective ways to train employees:
- Don’t settle on just in-person training, but include online training to secure continuity.
- Nothing beats hands-on training as this helps to develop actual skills and abilities.
- Include mobile training apps on your core competencies for easier access to information.
- Don’t rush and complicate things, let your employees learn at their own pace.
Protect your business by adapting to changes. A growing company means updating insurance limits to safeguard your trade from increasing risks and liabilities. Things like hiring new workers will require changes to workers compensation, adding equipment requires an increase in policy limits, and expanding your social media presence means obtaining a cyber liability policy. Or, if you're a venture-backed startup you'll need to consider management liability.
Get a free and no obligation quote to see how much coverage you need.
4. Raise funds
Scaling your business will never materialize without the presence of additional financial resources. In most cases, rapid expansion means increasing expenses. Another growth strategy you need to focus on is to establish the source of your financial reserves. Prompt business growth requires the quick availability of funds, which will never happen if you rely on traditional financing methods.
Luckily, there are alternative ways to raise cash without the hassle of queueing in the bank and submitting tons of required documents. Establishing a line of credit, soliciting to investors, and fostering lender relationships are just some of them. Other alternative financing schemes include but are not limited to:
- Looking for consumer-installment financing firms to buyback contracts at a discounted rate.
- For wholesalers or distributors, purchase-order financiers offer quick cash to start production.
- Merchant cash advances or MCA transactions provide cash that needs to be repaid in the long term.
- If you have a great business model, become a member of the credit union where you can apply for loans.
5. Understand your value proposition
Value proposition is a critical and imperative asset to most companies. Every successful business has its own unique scheme that makes its trade different to others. A proposition that defines your company and explains to your customers, employees, followers, and investors your exclusive offerings that cannot be seen elsewhere. It helps clients to understand who you are and what you can do to help solve their queries.
If you’re starting a business and growth is clearly on its way, the value proposition serves as the core of your marketing efforts. Defining what you can do as a business and why customers should use your products or services is the ultimate goal for a smoother and stress-free business expansion. Here are some tips to get you started:
- Never stop understanding your audience, in this case, your clients. Use primary as well as secondary research tools to gain their perspective and improve your proposition.
- Be consistent and always follow your company’s mission and vision. Memorizing it by heart and practising what you preach will reflect the true meaning of your company.