As an entrepreneur, it’s only natural that you’ll always be on the lookout for ways to help your business grow. But, of course, bigger isn’t always better. You want growth – but in a profitable and sustainable way. And that’s what’s known as scaling. Here, we look at some easy ways to take your business to the next level.
First, it’s important to assess whether or not your venture is ready for growth. And to do so, you need to think about more than just the financial side of things. For example, do you have more time to dedicate to your business than when you first started out? And are you already on top of things such as order fulfilment, inventory, and time management? If you’re struggling in any of these areas with your current workload, it’s the wrong time to scale up. But if you’re confident that you have the energy and the resources necessary for growth, then read on.
A good way to start is by laying out a strategy for the future of your business. A lot of ventures, particularly those which have grown out of hobbies, start off organically. But if you want to scale up, you’re going to need a plan. So it’s not just about where you want to be in five years time – it’s about how you’re going to get there too. What this plan will look like will vary from business to business, but it should include a financial strategy and a marketing plan, as well as an overview of logistics and operations.
But what if you want to grow – you’re just not sure how to do it? Well, one thing you can look at is strategic hiring. If you know that your marketing could be better, for example, consider hiring a specialist within that field. Similarly, you might benefit from a new employee focused solely on sales, customer engagement, or another aspect of your business. Of course, it’s a big financial commitment, but done correctly it can reap big rewards.
If you don’t have the scope for new employees, you might want to think about outsourcing to help you scale. So instead of a full-time marketing employee, you could enlist the services of an agency to help you with campaigns. And if you’re struggling to fulfill orders as your business grows, a third-party packing and shipping company could be just what you need.
Another way to grow your business is to seek out new capital and investment. After all, you don’t want to wait until your big ideas are in motion before you start scrambling for cash. And if you’re struggling to figure out the logistics of scaling your business up, an injection of cash could be just the inspiration you need. If you’ve made a start-up successful on the back of minimal funding or a kickstarter campaign, you could be in a position to start attracting bigger investors.
So whether you’re looking to take on the world or just expand from regional to national, there are plenty of ways that you can help your business to grow.
