Scaling a business is not a walk in the park. It takes work and commitment to get it right and there are likely to be mistakes made along the way. It's all part of the process; a process that is hugely rewarding each time you hit your goals.
Here are five top tips for anyone looking to scale their business that could come in useful for those experiencing bumps along the road:
- Don't lose sight of your key focus / aims
Growing is exciting, but it's important that you don't get swept up in the excitement and compromise your vision or lose sight of your focus. When scaling a business, you need to have clear goals in mind; certain milestones that you can celebrate when you hit them. Scaling a businesses is not just about employing more people, for example. Increasing staffing levels should only be done in line with an increase in turnover or an influx of new business or clients that need servicing. Losing sight of your aims will be damaging to your growth and you could end up experiencing more setbacks if you lose focus.
- Prioritise by impact
When it comes to setting the goals you need to hit to mark your scaling success, it's important to look at them in order of importance. What needs to be done first, as a priority? Do what's going to be best for your long-term bottom line. If you don't prioritise, you could end up reaching some stumbling blocks that are only going to make the growth process more difficult.
- Spend time on recruitment
When you're doing lots of hiring, it can feel like you're wasting a lot of time - you're not. These hires will shape the future of your business, so getting it right is crucial. Scaling a business is going to lead to the need to recruit to cope with your growth, but employing the first people that you interview isn't going to do you or your business any favours. A lot of time should be spent on the recruitment process, to ensure that you are employing the right people. This will lead to a lower staff turnover rate and will enable you to build a strong team that can help to drive your business forward.
- Communicate
EVERYONE should know the company's short and long-term goals and be actively working towards them. Communicate them simply and often, as a reminder for your team and so that they don't lose sight of what it is you are trying to achieve. Without an idea of the big picture, your company won't be aligned. If your team feels part of the growth, they will want to do everything they can to help make it happen.
- Ask for help
Have investors? Your fellow portfolio companies have likely gone through the same struggles that you are - they'll have recommendations (and horror stories) of consultants, agencies and other third parties that may be able to help you. Asking for help when you're trying to scale your business isn't a sign of weakness and it's a mistake not to ask for guidance when it's so readily available.
By James Hind, founder of carwow
