Every entrepreneur behind a startup wants the same thing; for their business to grow quickly and start turning a profit. There are of course no guarantees that a business will scale, let alone quickly, so the people at the helm of the company and the staff involved need to work together to take things to the next level.
Here are the quickest ways to scale your business and start reaping the benefits:
- Secure Funding
Often, one of the main obstacles standing in the way of business growth is money – or, rather, a lack thereof. Some serious spending is often required before a business becomes profitable and unless the founders have access to some generous savings, it can be tough to take the steps needed to achieve fast growth. One way to overcome this is to seek funding from Venture Capital firms or angels. You’ll not only get access to some vital funds, but will also gain the valuable insight and expertise of the investors who can help to guide your business to the growth levels you’re aiming for.
- Find Talent
Once you’re in a position to be able to take on members of staff, it’s crucial that the process isn’t rushed. Having the very best workforce you can possibly find, with the necessary skills to propel your business forward, is so very important. Investing both time and money in your recruitment drive is really worth it in the long run, because you’ll end up with staff members who are better equipped for the job, share your vision and believe in what you’re trying to achieve.
- Marketing’s a Must
You could have the best business idea in the world, but unless you tell people about it you won’t get very far. Unfortunately, startup life isn’t a case of ‘if you build it, they will come’ and you really need to put some effort into your marketing efforts. Incorporate public relations, marketing and advertising into your business plan to start increasing brand awareness of your business. In turn, this will help to drive more clients or customers your way, who will each (hopefully) become walking advertisements for your brand through word of mouth recommendations.
- Have a Plan
We’re already at tip number 4 and I haven’t yet mentioned the all-important business plan. You simply have to have one if you want to expand and scale. No ifs, not buts. A business plan will outline your goals and targets and how you’re going to achieve them and it’s so helpful to have something to refer back to, so you can track how you’re doing. Include things like an industry and customer analysis, operational processes, your marketing plans and your business costs and financial plans.
Benchmarking success is really important when trying to scale, because without doing so your business could well be growing and you may not even realise. This all ties back to the business plan, in truth, but you should always have milestones in mind that you want to hit; whether that be a certain number of customers or clients, a certain turnover figure or a particular number of employees. Benchmarking is really important for businesses looking to scale.
- Explore Other Markets
Expanding into other territories might be a daunting thought, but it’s really worth considering. If your business model is working well in the UK, there’s a very good chance that it will perform just as well in other countries. Don’t rule out expanding overseas. Aside from exploring new territorial markets, it’s also worth looking at expanding your offering in terms of the products or services you provide. Ask yourself if there are other areas that would make sense for you to move into, because branching out in this way is only going to help your business to grow. Just ensure that you have the right staff and expertise to be able to deliver in these new areas.
By James Hind, founder of www.carwow.co.uk