In modern business models, growth is not the only concept discussed among business leaders. Every time they face the same dilemma whether they want to just grow or scale? Well, the idea is pretty simple, if your business is developing at the same rate and requires rapid growth then scaling strategies are what it must opt for.
The concept of growth states the development of businesses at the same pace it adds resources. If a company is growing it means to gain more customers it is side-by-side adding more support, (like - more hiring, investment, etc.) that generates more expenses.
Now, the concept of scaling is all about getting more and more revenue while generating fewer costs. MNCs like - Salesforce.com and Google are the best examples of the companies who skillfully scaled their businesses. They focus on adding more customers while getting fewer resources.
Statistically speaking, 1 out of 3 businesses find growth as the most challenging factor. Execution is very important for growth but for that you need to have effective strategies in place.
The people who are new to the business, 55% of them when asked about how they find the motivation to take the organization to greater heights, said, they want to be the boss themselves and do not enjoy working under any other supervision.
Let’s talk about the strategies that will assist you in scaling your business.
Sometimes a company fails to recruit employees who are excellent product strategies or product-minded. When you recruit such people, you can get:
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SMEs suffer from a lot of work. Few employees handle almost everything in the business. A business has multiple departments, be it: Client-servicing, Marketing, Sales, Accounting and Finance.
Hiring new employees is essential but allowing automation in different business processes can help your employees to focus on their real tasks that bring more client satisfaction.
When businesses automate their repetitive tasks, such as - invoice generation, data entry, bill payments, email marketing, and more, it allows them to save resources and further use them efficiently.
Probably the most concerning issue with different organizations attempting to scale is that they see the quality of their product or client support to fall apart with an end goal to acquire new clients. You can't just play with principles that supported you in handling your first clients.
The quality of your products or services must consistently be your main point to remember. For constant scaling, the virtues of a company shouldn’t be compromised.
As per the study done by Invesp: Word of mouth brings annual customer spending of $6 trillion. You can assume how effective word of mouth is.
Spreading the word through your existing clients is an ideal approach to acquire new leads without any effort and expenses.
Give incentives to your existing clients to recommend your product or service to their family, friends or colleagues. You can give discounts, free trials or free service offers to lure them.
Outsourcing allows businesses to focus on their core activities. Startups mostly consider outsourcing their non-core time-consuming tasks to the agencies to free up their staff.
What can you outsource easily?
By outsourcing these departments, you allow experts who have been trained in these fields to handle your work with ease and accuracy.
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Core business values can be easily neglected while scaling and that is where businesses make an error. Good company culture is what defines your reputation in the market and your business will never flourish once the goodwill gets disturbed. Just focus on the above-mentioned strategies and fulfil your corporate social responsibility and you’ll see rapid growth.