Now that you are ready for the next challenge, you need to manage things like a pro. Starting a business is easy, maintaining it is tough, and scaling it up can make you go crazy. Once you think of this, you also need to incorporate many other facets into your tactics. Answer a few questions to yourself. Are you ready for growth and have the necessary strengths? If yes, then you should start moving.
If the thought of growth makes you and your staff shake, then you will have unhappy customers ahead of you. Any kind of expansion requires a rejig in all quarters. The stress can be overwhelming if not managed well. Scaling your business requires proper planning, funding, rejig in staff processes, and more.
Read about the best ways to scale up your business today.
Evaluation and Planning
If you are looking for expansion, you need to do a SWOT analysis of your business. Find out each nook and corner, and see if they fit into the process. Take stock of the situation. You should also ascertain why you need to grow. It may be because you have foreign stakeholders visiting you, more production, or more market acquisition. The actual reason will help you to create the right plan. Forecasting is essential as it will tell you where to reach. Evaluation will show your current standing. And, the pathway between is that of planning.
You also have to admit that expenses will shoot up once the work starts. It may be related to the place, the equipment, or the technology. The expansion also translates to more staff. Better still, first, create a cost sheet, and find if it fits in.
Look for the Money
Whether structural, technological, or human, every expansion requires money. Identify your source of funding. Most entrepreneurs check their liquidity and cash funds internally. If all looks good, you can also utilize the same. This way, you do not have to produce papers in front of financing authorities. However, finishing all reserves may not be fruitful. So, external sources also come in. You can avail yourself of a new enterprise loan. It will help you to meet urgent demands like renovation, space expansion, and the addition of more cubicles.
Apart from this loan, you can also go for other new-age options like crowdfunding or approaching angel investors. Financial institutions and banks can also help you arrange money. For all of this, you need to produce all the important papers, including property agreements, P&L sheets, and Balance sheets. Additionally, you might be required to give collateral. Once you finalize it, start applying.
Make Your Sales Stronger
You have to scrutinize your sales force, as well. This department brings in all the revenue. So, just expanding in structure will not bring you the revenue you yearn for. Check if you have developed your sales force enough to face tougher times or not. Moreover, you may also need to hire more salespeople. More sales hiring means more returns.
You can also send the existing staff for training. Although it will add up to the expenses, it will also add to the expertise to support your growing business. Apart from checking on the sales forces, you also need to check billing and receipt systems. These are all interconnected. Moreover, an increased number of sales will translate into more bill generation. Manual may not work any longer. So, get the right machines installed.
Continuing from above, an increase in systems would see the need to automate all your functions. No department can survive without it. It will also help you cut down excess costs of manual operations. You need sales systems, HR systems, accounting systems, and IT as well. The expansion also means you need to get online and reach more people. Therefore, you add one more off the list if you have not already. You will be evaluating much hardware, software, CRMs, and Servers at this stage.
Recruit More People
Lastly, all this will lead to nothing if you do not have adequate people around. Here we are not just talking about the sales team or sales infrastructure. You do need back-end people to support sales. After you sell a product or service in the market, you need to answer their queries and solve their problems. Customer service staff is a huge necessity in every organization. Otherwise, you will not be able to retain your customers.
Moreover, you need HR, Accounting, and IT staff as well. With HR, recruitment will be a pain. Humans are the most unpredictable beings, and handling them with operations may take a toll on you. So, it is best to delegate the task to a separate team. After the sales, a finance team can give you leverage to maintain what you have achieved. And, IT is indispensable if you are handling online businesses and large amounts of data.
These are the most important things you need to address while scaling up. Expansion can be a big deal. So, follow these guidelines and excel.