You have entered the market with a fantastic service and business is going so well, you just signed a brand new client. You want them to receive the same level of customer care that you have worked hard to earn a reputation for, so you hire additional personnel to help the business manage the workload effectively. However, your new employee is costing you more than the new client is bringing in. You might be growing, but you are not scaling.
SCALING A BUSINESS WITH GROWTH
When you scale your services, you design your organization in such a way that it can handle the growth of work or sales in a capable and cost-efficient manner.
In 2017, Google had seven products with over a billion active users each, while only employing 88,000 people. The tech giant was able to build its customer base while keeping costs at a minimum, which is the epitome of scaling growth.
IS YOUR BUSINESS READY TO GROW?
It is a question that could have your mind reeling with numbers, statistics, charts, and graphs. But scaling really boils down to two key questions: Is your business capable enough to grow, and does it have the capacity to grow?
To answer these fundamental questions, business owners are turning to data. The reams of data you have gathered could be overwhelming, but business intelligence technology (BI) will help you organize the key metrics you need to analyze important patterns. BI will also help you scale your growth by:
- Highlighting opportunities and market trends that were not previously identified and will drive new revenue
- Identifying problem areas that need to be rectified or eliminated as the company grows
- Compiling data on existing customers to create a strategy for attracting new and repeat customers
CUSTOMER FLOW MANAGEMENT: GAIN A COMPETITIVE ADVANTAGE
As your business grows, it is important to broaden your customer base. To do so, companies need to establish a competitive advantage.
According to Ramit Sethi, founder of Growth Lab, “To understand what people really want, you have to find out what their real challenges are.” The customer experience is the number one differentiator in a competitive market and management software is fast becoming the preferred method for transforming customer satisfaction.
This solution improves customer flow management and reduces room for human error and miscommunication, thereby advancing your service management.
ESTABLISH STANDARDIZED PROCESSES
Project management software is essential when a company starts to grow beyond a small office room. Technology has given us the tools to administer and monitor tasks through project management software that will:
- Organize task lists
- Track progress
- Open channels for communication
- Help with time management and productivity
To scale growth, managers need to implement standardized and measurable tools that automate the flow of work and enable delegation.
All growing businesses will eventually exceed the point where the founders can continue to manage the growth alone.
“Leadership and learning are two sides of the same coin, and to expand the company’s entrepreneurial horizons, leaders will need to leverage the expertise of strategic advisors or risk stalling and being overtaken by their competitors,” Brian Davis, president of CharityNet, explains. “For startups and non-profit startups especially, harnessing the knowledge of experts, rather than doing it alone, will not only accelerate the learning process, but it will also create a catalyst for scalable growth.”
Once growth has been fast-tracked, strategic advisors can help companies scale their expansion in areas like global payment processing. It wouldn’t make sense to walk five miles on a treadmill because you intend to get to a store five miles away. At some point, you will burn out having made it no closer to your end goal. Scale your services not just with the growth of your company, but to set the stage for the growth of your company.