Getting to the point where your business is officially ready to reach “the next level” is exciting. When you’ve identified which strategy works best for you, such as offering new services or tapping into a new market, it’s time to think about what you’re going to need to make that step. The majority of new businesses that fail within the first two years fail because they didn’t plan to scale properly. Make sure that isn’t you by considering the following needs.
This one should be obvious. All of the following ingredients we mention are going to need you to spend money on them, for one. You might have saved profits to invest back into the business, and if you’ve saved enough, then you can skip this point entirely. However, most businesses are going to need to look at business loans to help finance that growth, or online investor platforms if you think that traditional financial institutions might not be the right step for you. Whoever you ask for money, you need to make sure you have a tight business plan and a budget to convince them.
The more a business grows, the more work you’re going to be taking on. That’s only natural. You need to look at where your team is going to need more heads to help deal with the extra work, from support to sales and beyond. You may also need to start considering a HR team if you don’t have one, to help you deal with your growing roster of employees. This also means it’s time to start looking for management material to help you lead.
First of all, you’re likely to need more room in the business. After all, you’re likely to have new people to give desks and chairs. When you know how big your team is, take a look at the office space rentals on the market and start getting ready for the move. You need to consider what you might need in that space, as well. Consider the costs of new IT equipment, new networks, and so on, to make sure your people have the tools that they need for the job.
A post-scaling plan almost always necessitates finding new avenues of growth, be it a new product, service, or audience you’re trying to reach. As such, you’re likely going to have to expand your marketing budget. However, rather than simply scaling it, it’s also time to think about whether it’s a good time for a brand realignment. A new website redesign, a new twist on your old visual style and so on can help give your brand some brand new appeal. It’s not always necessary, but it’s worth considering.
The above tips hopefully give you a few places to start thinking from. It’s far from an exhaustive list of where you should consider investing, but it does note some of the most essential parts of the scaling effort. Take your time, make sure you have both the resources and the plan you need to make your scaling efforts a success.