Scaling your business is a scary process and involves lots of changes. Having the infrastructure to support these changes is one of the hardest things to get right. And the costs are staggering. From getting the right staff to considering the customer impact, here are some insider tips.
Map Out a Plan for Success
A business plan is vital no matter what you do. Even if it’s a scrap of paper with goals, at least it’s something. But of course, scaling is much more involved and just annoying. It can have an impact on staff, stock prices, and morale. But, like starting up, a plan for scaling is vital. Any eCommerce podcast will tell you how vital plans are, and they aren’t wrong. A plan and map can help you define your scaling purpose, how to do it right, and where you want to be after it all.
Take Time to Hire the Right Staff
Any good company relies on its staff members. And for scaling, you need the very best. This means identifying your top-performing workers and considering them for key roles as you scale. The best of the best, as it were. Key competencies aren’t only based on skill sets when scaling. You also need workers with the right mindset. This means very high motivation and willingness to adapt, and the complexities only increase as scaling becomes more progressive.
Avoid Mistakes when Scaling Your Business
There are many mistakes you can make when scaling, and they probably won’t even be your fault. The entire process comes with many changes, and it can be impactful on overall business operations. As such, only around 22% of businesses have successfully scaled in the past 10 years (McKinsey). Some of the most common mistakes when scaling include scaling too quickly, hiring too many workers rather than a few talented ones, and inefficient processes.
Consider How It Impacts Customers
When you scale a business, it is too easy to focus solely on the company itself. But what of the customers? No matter what the business actually is, you will have customers and clients, and these, too, are affected by scaling. There is a lot of disruption when scaling, and you must ensure this has minimal to no impact on your customers, or you may lose them. Never leave customers out of the scaling plan, and always try to consider changes from their perspective.
Be Ready for the Huge Changes Ahead
Think of a scaling business as a balloon being blown up. As a balloon gets bigger, it begins to show its weak points. And if the balloon gets too big, it explodes. This can happen when scaling unless you address and prepare for the weaknesses that are about to be exposed. Once the process has started, you cannot stop it. Focus on specific areas such as IT and the impact of cybersecurity, whether you can source the supplies you need, and, of course, overall funds.
A plan is vital when scaling your business. Yet you also need to consider other things, such as paying the right workers with the skills you need. It also helps to avoid some common mistakes, such as scaling too fast. And anticipate and plan for incoming changes you will face.