3 Key Elements of a Small Business Scale-Up Strategy
Scaling up and growing your small business may seem like a huge task, and while it does take a lot of focused effort, with a robust strategy this is a very achievable goal.
Of course there are many variables that affect the success of your growth operation, but in this article you will find x key elements of a small business scale-up strategy.
Scaling up your company can be a much smoother process if you are well prepared in advance. So the first key element should be to create the strategy you will be following during the actual growth phase. A great idea is to revisit your business plan and detail exactly what your growth goals are and how you intend to achieve them. This will force you to visualize exactly how you want your company to look like after the intended growth has been achieved. An updated business plan can also help you secure the funds you will need to make the scale up possible.
Reaching the next level
Once you know exactly what your growth goals are, it is important to define what the next level is and what you need to reach it. In this phase you need to consider how growth may affect your company. The idea is to make a quick inventory of the resources you have in your company now and with that information you can think about how that compares to your vision of your company post-growth. Make sure to consider your processes and infrastructure, but special attention should be devoted to your employees, since restructuring this area will require a lot of time and you will possibly have to hire more people and train those already at your company.
Keep costs low
Scaling up a company can be very expensive, so a great idea is to try and keep costs low wherever you can. There are many ways to go about reducing costs, and ultimately it will come down to how you are actually scaling up. For example if you are looking to enter a new market in a new city, then you might want to consider setting up a virtual office there instead of signing a long lease on expensive office space. A virtual office provides you with a cost effective way of establishing a presence anywhere in the world. Another way of keeping costs low is to establish a fully remote workforce. This allows you to keep office costs low. And you can encourage your employees to use a coworking space, private day office, and meeting rooms whenever they need to.
By implementing these key elements into your growth strategy you can make the process a whole lot easier on your whole operation.