We always think of growing a business like taking a serious of large steps. Rather than taking gradual, smooth growth, companies tend to make big leaps. This is called scaling up, and it’s how businesses grow into multi-million dollar companies.
Scaling up sounds scary, and it’s certainly a big leap of faith. But, here’s the good news. If you’re company is working well now, you can scale up with ease. Think about it; if it works on a small level, it’s going to work on a bigger level!
Scale up your ambitions
The first order of business is scaling up in your mind. If you can’t imagine your company competing with the biggest players, you’re not ready to grow. You need to convince yourself that scaling up is possible. You’ve got to dream big, and envision your company at the top of its game. Set yourself a big goal, and use scaling up to help you reach it.
Ask yourself, are you at capacity?
The success of your scale-up process relies entirely on timing. If you scale up to early, you’ll leave your entire business too thin. If the foundations are weak, scaling up will only exploit them. The business will come crumbling down. The best time to expand is when you’re at full capacity. When the work is overflowing, and the orders are coming in thick and fast. Scale up only when the demand is there. If it’s not, you haven’t grown enough yet.
Hire the experts
Taking a step up in business introduces you to a whole new world of decisions and techniques. You need a team of people that have experience at that level. New challenges are up ahead, and you need experience and wisdom on your side. At this point, it’s time to invest in people. Do this before you scale up. Use their wisdom and experience to craft a plan for scaling, and let them steer the ship.
Pitch for investment
Scaling up costs money. It’s as simple as that. If you’re hiring new staff, expanding office space, and boosting marketing, you’ll need some cash. If you’ve got enough in your reserve tanks, use that money first. The long you can go without investment, the better. However, it might be time to start pitching to angel investors. A great presentation and a knack for public speaking will give you the edge here. Get some help from a PowerPoint Presentation design agency to ensure your pitch is on fire.
Boost your marketing
You’ll notice we’ve left the marketing until last. There’s a good reason for this. If you boost your marketing budget without the foundations in place, you’ll leave yourself unable to cope. When all other aspects are set up, you’re ready to increase the marketing budget. This will expand your audience, and get new customers rolling in.
Congratulations, you just scaled up your business! Remember, the trick is taking it one step at a time, and building strong foundations first. Best of luck out there.