Everyone dreams that they can scale their business to become big and evolve to the next level. Unfortunately, however, not everyone possesses the business savvy to make those dreams reality. If you are unable to scale your business, it will eventually become stagnant or fail. Growing a business requires calculated decisions. Below are some ways you can strategically scale your business:
Outsourcing
As the business grows, the reality of accomplishing everything you want with your business alone becomes more unrealistic. This is due to the rising costs of operating a business. In order to meet output demands, you have to hire more people. That can become expensive within your own company. For that reason, you need to look to outsource some of the more menial tasks to outside companies.
By having other people do basic tasks for a much lower cost, you can keep your operating costs low. This allows your employees to focus on more important tasks. This can also allow your employees to specialize in certain tasks making them much more efficient at what they do. Outsourcing does come with its downsides, however. The tasks that you outsource can come back at a much lower quality. It is important you delegate someone to review what is coming back to the company while taking a look at the companies you plan to outsource to. This is a great way to strategically scale your company in the long run.
Online Marketplace
If your business deals with product or service sales, it is important you start looking towards ecommerce to create new transactions. Society is switching more and more towards the online world, so why wouldn’t you want to bring your business there? The benefits of an online marketplace are huge, to say the least.
First, you don’t have to worry about a large physical storefront or having to pay rent for it. This can be a huge cost saver for your company. Secondly, your company can now reach anyone in the world opening up all kinds of new prospects that you never thought were imaginable. In today’s world, doing this is essential for any company that is looking to strategically scale.
Growing physically is always a good idea. However, there comes a point when it becomes either too expensive due to building costs or employee costs to keep continuing that way. This is where the switch to online becomes helpful. With online marketplaces, however, you have to go about advertising online so that people can discover you. Look to apply techniques such as search engine optimization and affiliate marketing to get you started. It is always a great and strategic idea to scale your business online.
Online Training Platforms
As your company naturally grows larger, you will have to take on more employees to keep up with the work. These employees will need training if they are to be efficient while on the job. Here is where you can take your first step towards scaling your company in a strategic manner. The experts from Raven 360 talk about the importance of using an online training platform to help get your employees up to speed quickly. While in-person training can be extremely beneficial, it takes up a lot of manpower and takes your current employees away from their tasks as well to assist in the training.
By using a proper online platform, your employees can learn at their own pace and also learn outside of the office. The platform is completely customizable for anyone in the business and different levels of access can be given to each employee that signs up to the program. For example, an employee working in the sales department would have access to the sales training while one in a management position would have access to only the management training. This is a great way to ensure that you are delivering the same training experience to each employee and also giving them a personalized experience through it all.
Large rooms full of new employees can get distracting and some might be afraid to ask necessary questions as well. This platform allows them to ask questions anonymously and get the information they need. If you notice your business is starting to upscale, get an online training program to help get new employees acquainted quickly.
Always remember that scaling your business has to occur naturally and at the correct time. Attempting to scale too early can result in huge expenditures without much gain and taking too long can result in profit drops. How do you plan on scaling your company?
Source: Small Business CEO
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Edwin Mysogland, CVA, CEPA, CMEA
Managing Partner, Indiana Business Advisors
Indiana Business Advisors is the top business brokerage firm in the state of Indiana and one of the largest in the Midwest. Whether you are looking to a buy a business or sell a business, Indiana Business Advisors has the expertise and experience to get the deal completed. With over 40 years of history and 2200 businesses sold all over the United States, our team will work diligently to achieve your professional and personal goals.