What Do I Need To Keep In Mind When Upscaling My Business?
It’s the goal of most business owners to see their business grow and increase revenue. But how can you scale your business successfully while maintaining all the work you have already put into your business?
Understand and outline your goals and value proposition
Before you get to a point that you’re happy with, you need to outline what that point is. To do this, outline your goals and plan how you’ll get there. You also need to make sure this goal is realistic and that there is a gap in the market.
This is your value proposition - what are you offering and do you have the evidence that people will want it?
Don’t be afraid to experiment
You won’t always succeed with everything you try in business, but you can learn from your failures and use the data you’ve collected to move forward.
This experimentation applies to creating new products, targeting new markets, changing your operations, and more. If the experiments work out, then great, keep going with them and build upon your successes. If your experiments don’t work you can either modify the experiment to try and narrow down the problem, or you can scrap the experiment altogether and try something else.
While carrying out experiments don’t be afraid to be hands-on. For example, if you find a cheaper supplier, go and see them for yourself, rather than relying on what you hear from others.
This is also true if you’re branching out into another country, go and visit for yourself rather than relying on expensive market research that might not fulfil your entire needs.
Know when to be hands-off
Your business is your baby, so you want to be involved in every aspect of it. But delegating your tasks can free up your time.
If you’re a one-man band, this will mean that you have to bring in other people to the business. This is what upscaling your business is all about. To effectively bring in additional employees, you will need to have solid frameworks in place. These frameworks include job titles and job descriptions that play to the strengths of your employees.
Employ the right people
To be hands-off, you need to be able to trust the people you have employed. This means you need to play to their strengths and fully maximise the value you’re getting out of them before you look at hiring additional people.
Use your size to your advantage
Big companies often say they offer a personal experience to their customers, but how many of them actually have meaningful long-lasting relationships? Smaller businesses are better placed to create these lasting close relationships. Customers value these relationships and often have values that are aligned with those of the business.
Maintain your culture
It’s likely that your business started out with a firm culture in place that was shared by all employees. You don’t want to lose this when you’re upscaling.
If you hold on to these values as you grow you’ll find that you can offer a very unique business experience to your customers.
This can be easier said than done, but when you’re trying to grow your business you need to give yourself a break. Take some time out to rest and recharge, then when you come back you’ll be performing at your best again.
- 22 Nov 2023 - Autumn Statement 2023 - What does it mean for businesses?
- 15 Nov 2023 - Succession Planning: How To Pass The Torch In Your Business
- 02 Nov 2023 - What Is A Company’s Registered Address?
- 13 Oct 2023 - 3 Top Tips For Successfully Setting Up A Company
- 25 Sep 2023 - How Do You Define a Business’ Vision?