Three Simple Ways To Scale Your Business
Scaling a business is one of the hardest aspects of being a business owner. But while challenging, scaling is certainly not impossible.
For those of you who have goals of growth, you’ll need to scale at some point. So why not start now? In this article, we’ll go over three simple ways to start scaling your business today.
Find Money To Fuel Your Growth
Expanding your business is going to take some investment. Whether you’re hiring staff, innovating with new tech, or adding to your facilities, you’ll need to pay to bring your business to the next level.
Bootstrapping is always an excellent option if you can make it work. This involves minimizing expenses and using the resources you have on-hand. However, bootstrapping a brand takes time, and if you’re looking to scale fast, you’ll need to secure some funding.
Try reaching out to banks to determine your options. Some banks offer funds to accelerate business growth. For example, a loan or a line of credit has the potential to act as fuel for your growth.
Determine how much you’ll need to finance your business’s growth. Then, begin applying for the available options.
Strategically Outsource
Even though you might be good at what you do, you only have two hands. And the truth of the matter is those two hands can only do so much. Thus, adding people to your team is necessary to fuel your business’s growth.
While building a team is essential for long-term growth, it’s ideal to begin growing your business through strategic outsourcing. Instead of focusing your business on completing the work yourself, the idea behind hiring is that your business will shift its focus onto the results it delivers to clients.
Hiring freelancers or subcontractors is the less expensive alternative to hiring in-house. While in-house employees come with some benefits, they’re generally rather expensive. Finding full-time freelancers is usually the best option because of the level of affordable expertise you can find.
Subcontractors and freelancers are excellent employees because you can use them as needed. With this being the case, their hours can grow with your business. This means you won’t find yourself paying for their time when you don’t need it as well.
Boost Sales
As you’re scaling your business, you’ll need to increase sales. You’ll need to consider several aspects of your business if you’re looking to sell more. This will involve analyzing every aspect of your business’s sales structure. Here are some example questions you could begin with:
Do you have a sufficient lead flow to generate enough leads to boost conversions?
Is your marketing system set up to track and manage your leads?
Do you have sales representatives to follow up and close those leads?
Is there a system to manage your sales orders?
Do you have a billing system and receivables process to guarantee payments are collected as they’re due?
As your business grows, you’ll likely need multiple systems in place to manage that growth. Consider every aspect of growth and what that growth demands.
What are you doing to scale your business? Do you have any recommendations for scaling better?