Scaling Your Business
The term “scaling” is thrown around a lot in the startup scene. Every company wants to scale their business, but they don’t always know what it means.
It specifically refers to the process of getting your business to grow faster than you alone can manage. Scaling your business means you’ve grown out of the stage where you can execute all necessary tasks by yourself and are required to bring in help.
There is no doubt that businesses in today's world need to scale in order to be successful. This might require a different approach in terms of management, marketing, etc.
Below are 5 exceptional and effective ways of doing this that every entrepreneur should know.
How to scale your Business
There are several effective ways to scale your business. They include;
Expand your Team
As a growing business, it is vital that you scale your team to match the amount of work available. Hiring new employees is the most common way businesses scale themselves.
However, you don't necessarily have to hire new employees to grow. There are plenty of options for growing your business when you're not looking at growing your team like outsourcing the work and getting in-house contractors.
Utilize social media
Social media is one of the easiest ways to promote your business and is one of the most important digital marketing strategies for business growth.
A good marketing strategy for any business should include effectively utilising social media channels. There are several tools, tips and tricks that will help you create a bigger impact with each post that you publish.
Social media is a great tool that allows businesses to spread their name, build their brand and get more people connected to each other.
Effectively allocate your resources
One of the hardest things to do when your business is scaling and things get busy is effectively allocating resources. This can be internal or external, time and even technology.
To take your business to the next level, spend as much money and time as you can on things that will have the biggest impact.
For instance, If you put all your resources into sales only and neglect marketing or product development over time, you are likely to fail. Effectively allocating your resources helps you do more with less resources.
Define your scope
Since efforts to scale generally increase in difficulty as you grow, it’s important that you define your scope. By defining your scope you can define your goals and then measure the effectiveness of your efforts. By giving yourself a clear scope of work you’ll be able to scale successfully.
Invest in technology
Many business owners are faced with the inevitable problem of how to manage growth.
Too many small businesses are stuck working with bureaucratic, inefficient systems and too few resources to overcome them.
The result is frustrated employees and delayed growth.
As your company grows, you’ll face new challenges in the form of time management, team-building and project execution. The good news is that modern technology can help you deliver advanced solutions for growing your business.
Thanks to technology, there are so many software packages that can help you automate and optimise your business processes. An example is an ERP system.
ERP is an abbreviation for Enterprise Resource Planning and is a business management software that manages all types of processes ranging from inventory management, finance, human resources, etc.
Using ERP To Scale Your Business
When your business is growing, you might be agonising over how to make it grow faster. While the traditional approach to scaling a business was to spend on advertising, there are other ways.
One example would be using ERP software. It is really important to develop good ERP software for any business.
For those of you who don’t know what it is: it’s an enterprise resource planning tool. It’s a software that helps streamline your entire business activities.
These days, the majority of leading businesses make use of ERP software to orchestrate their operations and run their day-to-day activities. Best part? There are affordable solutions now available for small and midsize businesses so that they can take advantage of this technology as well.
Some benefits of using ERP to scale your business include:
You get a 360 degree view of your business
An ERP system is a platform that encompasses all the aspects of your business, from manufacturing to accounting. It makes it really easy for you to get a 360-degree view of what’s happening in each department of your organisation.
Your business gets streamlined
A business ERP software is an all-inclusive software that helps small/medium businesses to streamline their day-to-day operations. Instead of spending money on separate systems like Invoicing, Inventory, Sales and Purchase management, a single system can do the job for all repetitive tasks that a business has to deal with daily.
Eliminate human errors
Humans make errors, we’re imperfect. Wouldn’t it be nice if you could eliminate the human error aspect of your business?
Business errors can be very expensive & time-consuming to deal with. Most of the time these business errors are caused by human mistakes which in most cases can be easily prevented.
ERP systems are the solution that most organisations choose, to avoid human errors, and spend more time on value-added activities.
Increased efficiency in your business is one of the goals of implementing an ERP. ERP systems have been adopted by businesses of all sizes to manage supply chain, manufacturing, sales operations, procure to pay and cash to order processes.
Running a business is costly in every sense. Whether it's the cost of employees, office furniture, technology or software, supplies and inventory - running a business comes with expenses.
One of the best ways to reduce costs associated with your company is by implementing an ERP system to scale your business operations.
ERP systems have been helping businesses gain an advantage over competitors for some time. ERP software pulls together your business processes, helping you work faster, smarter and stay ahead of your competition.
Scaling is a challenge for many businesses across the world. However, with an ERP system like Odoo, you can easily scale your business with minimum effort and investment.
Odoo is a smart choice to scale your business because it is a flexible, scalable solution that helps you adapt to changing market conditions.
Scaling Your Business: FAQs
When should you scale a business?
Before you start planning to scale a business, it’s important to make sure your finances are in order and you can handle the costs. This will help ease any anxiety that you might have about changes within your business, either positive or negative.
What is a scaling strategy?
A scaling strategy is a blueprint for growth. It provides a consistent framework for developing and evaluating new product initiatives. It sets expectations across your company, in terms of both resources and timelines. A scaling strategy can help you target initiatives that provide the highest return on investment, while still providing room to try new ideas and make mistakes.