Navigating business growth: from a small business to a big business
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Last Updated on by Noni May
There are two big challenges that define how well a business does. The first is getting it running and starting to make money. But out of these two challenges, that’s the easiest. After you start running, you have to see if the business has real legs. Scaling and growing the business is how you see whether you’re able to deal with long-term success. But it’s not about jumping straight into a much bigger world. You need to scale selectively to make sure it’s safe. Here’s how.
Make sure you have the resources
This is essential, but it’s a step that surprises a lot of the unprepared. Most businesses that don’t scale effectively fail to do so because they run out of money on the way. Give your assets a proper account and see if you can’t look into acquiring any more funding for the expansion.
Don’t take it all on yourself
Scaling a business also means you’re likely going to have a lot more business processes to deal with. Your administrative systems will have more of a burden. You might have to move onto a proper IT system. You might think this means you’re going to have to bring in a whole slew of employees. However, a more cost-effective way to ensure you’re ready for the workload is to give it to someone else instead. Business processes are commonly outsourced, so don’t fear passing the buck occasionally.
Upscaling your space
That said, there are going to be positions you need to keep in the business, which means hiring more people. You might also have to buy more equipment, which means you’re likely to need more space as well. However, that doesn’t mean you have to go full tilt with the huge investment that is a new property. To keep the business running while you get to that stage, you could instead look into rental options like Guardian Business Center.
Ensure your employees are happy
Your team is going to be undergoing a lot of changes. For the people that have been there since before the scale, that can be a scary experience. Change brings about suspicions that they might be one of the things being changed out. It’s important to assure them and keep them happy with the new demands. Get them on your side, understanding that the extra push right now will pay off for all of you.
Keep an eye on the results
With that extra strain, you need to be extra sensitive as to how it’s affecting the productivity of the workplace. Put into place simple processes of measuring productivity, from the amount of time it takes to do a task and what tasks people do in a day. Make it clear that it’s not out of suspicion of employee failure, but a necessary check to see if any extra steps need to be taken to improve their ability to stay productive.
Scale your business in a way that you’re sure you’ll be able to support. Hopefully, as your success continues, you can go all the way and take more direct responsibility. But you need to get to that stage first.
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