When it comes to building your business, solely having an excellent business concept does not guarantee success. To complement your business idea, you’ll need business acumen and the ability to think ahead. From the beginning, you will need to build a scalable startup and take steps that will prepare you for the process of growing your company.
Constructing the foundation for sustainable scaling is one of the many demands of our role as business owner. In consulting business owners and running a small business of my own, here are four lessons I’ve learned about building a scale friendly business:
1. Know Your Business’ Mission
Everyone consistently emphasizes the importance of setting goals and objectives. Although this advice can sometimes sound cliché, it is important as you build your startup. If you establish a vision, backed by broad goals and SMART objectives, you’ll naturally build a business that can scale efficiently. Although you may not need a detailed business plan, having something written down dictating the direction of your company will help you form a clear picture of where you’re going and how you’ll get there.
Related: Setting Smarter Goals
2. Invest in Your Team.
To create a business that will flourish and cope with the demands of your business’ growth, you will need to arm your startup with individuals carrying ambition and expertise and a drive to perform the business’ mission. Now, realize that you’ll likely struggle to bring in many veterans at the very beginning, so be willing to invest in and develop some people with potential. Expansion can be an unpredictable process so feel free to outsource as needed until you find the right people.
Related: Building Your Dream Team
3. Hire Help.
Getting help from experts in critical growth areas of your business will take worry out of your hands. Two main growth areas include your business’ operations and human resources. You will need an expert to oversee the scaling process and an HR expert to manage the needs of your workforce. While most entrepreneurs are hesitant to put these particular responsibilities elsewhere, it’ll give you, the business owner, more time and energy to pour into building your business. And don’t worry…you will always be involved in all significant hires and big operational changes. It is important to know that as your business grows, you will need to be willing to delegate responsibility, or you’ll risk damaging your startup and yourself.
Related: 7 Ways a Business Coach Can Help you
4. Embrace Cloud-Based Software.
If you haven’t already, it is important to implement cloud software throughout your operations. Cloud software can make scaling easier while cutting potential costs. I recently had a client who stored all of their documents on their laptop and USB fobs. One day, her laptop crashed, and her main fob was not recognized on another laptop. Thus, she lost lots of vital material. Not only will you be able to ensure you have access to you information anywhere but cloud-based software services also offer systems and pricing packages that can be cost efficient in the scaling process.
Realizing your potential for growth is considered the holy grail of managing a successful business. However in the initial stages, where minimizing costs and improving profitability is crucial, it is important to set yourself up for success by building a scalable startup. For help taking your business to the next level, strategize where small businesses go to grow.