Last week we looked at what it meant to scale your business. We will continue with areas of focus for businesses looking to scale up
1. Strategy:
Number one thing every business must have to scale their business is right strategy. The strategies used for scaling a business is what differentiates a small business, a startup or a profitable organization from each other. This is the differential that helps the business to stay ahead of the curve. Scaling your business doesn’t come free, it requires planning. That is, strategizing ahead what you need to do to increase sales and revenue. For instance, looking at the growth targets you have set for the business and ways to achieve it effectively. In another word, business strategy is seeking for the necessary and relevant information that will help to boost your business in all spheres- sales, customer service, marketing or finance. For instance, one strategy may be, to put in place an effective sales plan which will drive you to generate more sales for your business and ultimately for greater profitability level. Another one may be having re-inventing the business model using innovation and technology for overall cost reduction.
In all, while developing your strategy, the following factors should be considered:
- What increases customer satisfaction?
- What causes increased sales?
- What way can your products/services be differentiated
- What brings about improvement in your operations
- What ways can customers further benefit from your business
How to set up a strategy for scaling your business
- Ensure that the strategy is linked to your business objective
- Set a measurable target
- Measure productivity versus cost effectiveness
In the next edition we will be looking at the structure and process as a growth element.
Watch Out!
