Growing your business is one thing, but scaling it is another. Scalability is about having the right systems, infrastructure, and team to accommodate growth. Without any of these capacities, your business will struggle with fulfilling the demands of customers.
Many business owners struggle here. While some lack the knowledge to scale up, others are simply scared. Scaling your business doesn’t have to be challenging, and this is why we have come up with three tips to help you continue to scale your business.
1. Evaluate and plan future business operations.
Sometimes, scaling up exposes a company’s weakness, which they can’t always tackle immediately. This is why you must evaluate and plan carefully before scaling up your business. The best way to confirm if you’re ready for growth is by asking yourself some critical questions.
Do you have the right team to handle the scale-up? Is your IT team well equipped? Will scaling up affect your business? Will you need extra finance? If yes, what are your financing options? These are valid questions you’ll need to answer to avoid future hiccups. It also helps to prepare a realistic and strategic plan.
For instance, scaling up your business doesn’t come cheap, and as a small-business owner, it might be impossible to do it all on your own without disrupting your working capital. In that case, you’ll need to start reviewing business loan options.
You see, there are different types of loans, and the one you choose will depend on the kind of business needs you want to meet.
The most common small business loan options include; PPP loan, short-term loan, and SBA loan. These business loans all have their pros and cons. However, they’re quick cash solutions as the application process, and eligibility criteria (and sometimes, credit score) are usually borrower-friendly.
2. Expand your digital footprint
More than you may realize, your company needs a digital footprint, and if you don’t have one already, we can’t help but wonder if the Covid-19 pandemic did not teach you anything. The Coronavirus pandemic opened the eyes of many business owners to the importance of having an online and social media presence.
Social media should be an essential piece of your marketing strategy, and it’s one area where technology has helped businesses scale up. It helps you connect with your customers, increase awareness, and boost sales. An excellent way to expand your digital footprint is by making YouTube videos that showcase your business’s product or service. Luckily, you don’t need to have exquisite graphic design skills or complicated software to create a YouTube banner design. You can start with a blank canvas then use your brand kit, color palette, and stock images to create a banner image.
It’s also worthy to note that the Youtube banner art is the equivalent of your website homepage. It’s the first thing new viewers will see when they visit your page. Therefore, you’ll need to be deliberate about it. So, whether you choose to use your own image or stock images, make sure it’s a high-quality image that’ll be clear on different devices like tablets or mobile devices.
In the end, you want a channel that connects with your customers while showcasing your company’s brand.
3. Try to build a great team.
Scaling up in business sometimes means you will need more hands. This will help you meet the company’s needs efficiently. While automating your processes may seem like the best solution to avoid hiring, there are some things technology is yet to replace.
Before you hire new team members, ensure that you have a company culture that promotes transparency, engagement, and teamwork. This will help create a positive environment where ideas can flourish.
Scaling also requires you to make tough decisions. Evaluate your team and identify what areas you’ll need to outsource staff. Outsourcing isn’t a bad thing, and in many cases, it’s good for your business. This is because it saves you the cost of getting new employees and investing in new systems.