Allman Johnson CPAs & Advisors is now Jayd Advisors - Same tax-smart financial strategies, different name!See the new brand!
5 best practices for scaling your business
Successfully scaling a business requires intentional and strategic planning, from implementing repeatable processes to hiring the right number of team members to setting both short- and long-term goals. Here are five best practices to keep in mind when you begin planning to scale your company.
1. Create realistic goals
When first thinking about scaling your business, you want to start by setting clear goals and expectations for your team. If your team isn’t aligned on your goals, it’s likely they won’t be motivated or have the proper tools to meet them.
While you may be eager to focus primarily on short-term goals, you need to play the long game to scale your business successfully. Setting long-term goals allows you to break them into smaller, manageable goals to track progress better.
Use the SMART method when goal planning. Set goals that are Specific, Measurable, Achievable, Relevant and Time-bound. Doing this ensures that your objectives are attainable within a specific timeframe. Also, communicate these goals to your team, so everyone’s on the same page.
2. Standardize and automate processes
It’s important to implement repeatable day-to-day workflows to help streamline processes among your team. This will ensure that your company is saving time and costs when it comes to daily tasks. Document business processes and ensure each team member is aware of— and follows—these outlined processes.
Leverage technology and cloud applications to help streamline workflows. When tasks are automated, it saves valuable time for your team and makes scaling your business easier. Consider tools to automate your accounting and payroll, customer relationship management, inventory management and appointment scheduling, just to name a few. Many applications can integrate with one another, making processes even more streamlined and easier to control, allowing you and your team to focus on scaling the business.
3. Build a high-performing team
Scaling up your business means having the right team on board…and this could even include outsourcing or contract work. Review the goals you’ve created to grow your business to determine which areas will need additional staff. Is it customer service, management or sales? Don’t make the mistake of hiring too many employees too quickly, but do make sure you have a plan to hire when needed.
Also, consider the outside vendors, suppliers or partners you work with that will be part of your overall growth. Depending on your business, think about current issues you may be facing with external relationships: Are there supply chain issues? Is the vendor reliable? Are their services cost-effective? Make sure the team you’re working with—both internally and externally—is the right fit for scaling your business.
4. Connect with your customers/clients
Without customers, well…your business can’t scale. No matter your type of business, you’ll want to focus on the customer experience and serving customers the best way possible. Now is the time to build and maintain those relationships, because upselling and cross-selling to your current customers and clients is much less expensive than selling to new ones.
Of course, you still want to target new customers or clients. After all, scaling your business means increasing revenue. It’s important to focus on your customers’ needs so that you’re able to evolve your offerings over time. Doing so will help you retain loyal customers and clients...and scale your business at the same time.
5. Remain adaptable
The business landscape is constantly changing. To successfully scale your business, you must continuously reevaluate and adapt to the changing needs of your customers or clients—and the ebb and flow of the market. Don’t change just for the sake of change, but focus on sustainable growth and making intentional changes that will help you meet your goals.
Review and update your strategic goals consistently so that you can make adjustments and adapt processes or objectives that may not be working. Be mindful and focus on the long-term success of your business.
Keep these best practices in mind when you’re ready to scale your business. And remember what’s important: to focus on the long-term success of your company. Here’s to scaling to success!Back to issue