Starting your own business is indeed a dream come true. And if starting your very own start-up venture is challengingly hard, scaling it up is equally a difficult task too. And the old quote saying, "Becoming successful is one thing, maintaining the success is another," is actually true in the business world.
As entrepreneurs, our start-up businesses are like our babies and we want them not just to grow but to be productive as well. While there are a lot of opportunities to learn how to scale up the business, the proper and successful way to do it is a challenge. So, if you want your business to become a market leader in the future, here are 5 scaling up tips to make your start-up business more productive.
1. Think of the company or business in terms of WHO, not what
This is probably the most important scaling up tip of all, businessmen and entrepreneurs should always remember that people determine a company's success, they make the organization. According to business guru Verne Harnish, invest time and money into the hiring process to find the best and qualified professionals to take the company to the next level. But screen not only their skills and knowledge, look also for their personality and how well will they fit in your business' mission, values and culture, Entrepreneur noted.
Oftentimes, businessmen tend to neglect the fact that the people are the backbone of every successful company. So, hire the best talent, treat them well and motivate them to their best work. Also invest in their growth and development because when people grow and develop, so does the business.
Always remember: "At the end of the day, in a small business, it's the team that makes or breaks the company." - Adecco
2. Strategize and look for bigger and better opportunities
Businesses requires a strategy in order to succeed. However, skip the complications and lay out a simple strategy and stick to it. Concentrate on the plan to keep the business on track and moving toward the goal. The strategy should also include the strengths, weaknesses, opportunities and threats of the business, the company's core values and mission. To do this, set goals for each quarter, year and targets for a few years down the road, including short analysis of the market and a short pitch for investors.
Moreover, always be on a lookout for bigger and better opportunities. Don't be complacent and think of plans and ways to bring in more business for your startup. Learn more about specific challenges and find opportunities to solve problems. Once you did, shift the company towards the most meaningful areas and never look back, as per Business Insider.
3. Build relationships, not just connections
In the business realm, relationship with investors is strictly professional most of the time. And the purpose for this is simple -- to raise funds for your company. As a matter of fact, it's the primary motive behind getting an investor and a smart move would be to treat them as your ally. Update them regularly as to how you're treating their money and reassure them their money is in safe hands. Once you've earned their trust, you can always ask them to put you in touch with other people who might be interested in using your services, Parse.ly CEO and co-founder Sachin Kamdar suggested.
4. Find multiple sources of capital
If you're planning to make your company grow, you'll need funding. And while a start-up might not need much more than a couple of thousand dollars and the drive of a visionary entrepreneur, scaling up is a whole different game. According to Regus, it will need much more capital and it might be far quicker and easier to get if you piece it together from a few different sources. Aside from smaller sums, finding winning funds from different can really be an advantage.
5. Spend Wisely
Spending wisely is important in scaling up a business. If you're planning to scale quickly, there's a good chance you're going to need some outside investment to help you get there. And who would want to take on any more debt than you need to scale? So, be cautious about spending practices. And the best way to plan your spending is to determine your cash flow, Grasshopper reported.
Scaling up a startup business can definitely be a meticulous task that involves a lot of perseverance and patience because working hard is not enough. But always make sure that you're ready to strike when the iron's hot.
