If you’re ready to scale your business, then you have some serious things to evaluate. In order to accommodate growth, you’ll need to make some adjustments and technological upgrades. You need to prepare for an increase in demand as well as costs, and bring in the staff to help you. With some careful planning and investment, you’ll be able to reap the benefits in no time. Here’s how to get your business ready for the next challenge.
Evaluate your business
In order to plan and strategize for the future, you need to seriously evaluate your business in its current state. Plan what you would do if your orders doubled overnight. Ensure that your company would have the resources to be able to cope with such a demand. Put together a thorough sales growth forecast, based on an increase in customers, orders, and target revenue. Break down the numbers by month, and try to be as realistic and specific as possible. You then need to compare your expenses. Make a forecast for these as well and don’t forget to include upgrades in technology and infrastructure, new staff, and systems.
Find the money to invest
There will inevitable costs to scaling your company. You’ll need to invest in technology, equipment, facilities, and personnel. Consider your financing options such as business loans and funding. There are different types of business financing, some loans cover equipment specifically, for example, so do your research. If you’re feeling lucky you could try to win the money in a small business grant contest.
Secure the sales
Scaling your business significantly relies on you selling more. Ensure you are generating enough leads. Do you have adequate marketing tools to manage these leads? You need a strong sales system and enough representatives to handle the new volume of sales. Make sure your invoicing and payments are dealt with efficiently, and your accounts are up to speed.
Let technology work for you
Technology is key when expanding any business. If you are low on departments IT automation can do the work for you. You can cut costs and save on practical labour and workforce by automating a number of services. Email automation, for example, allows you to carry out email sequencing automatically. You will need to reach out your client base on a larger scale. Invest in CRM marketing tools and financial services such as Open Banking. As you expand you’ll need a secure overview of your accounts. Larger businesses also run off more than one system and rely on system integration to manage their companies.
Recruiting and hiring
Technology will give you leverage, but you’ll still need an increase in staff. Some business owners choose to outsource rather than hire internally. Third parties that are already in place may have more resources in dealing with the functioning of your company as it grows. It can take more time and money to try and build this internally. Seek a reliable partner to outsource, enabling your business to scale more quickly and efficiently.