When you start a business, not only is growth expected, but it’s something that should be considered an aim from the get-go. At some point, you’re going to build a business to the point of scaling, and managing that scaling process effectively is crucial. However, there may come a point that, for one reason or another, you need to kick that scaling process into overdrive. Here, we’re going to look at how you can manage growth even when it’s coming too fast to be able to prepare as much as you would prefer.
Finding the funding that you need
In order to pay for the costs of scaling, such as your new employees, new tech, new premises, and so on, you’re going to need money. This money may not all come from the profits of the business. In fact, most businesses borrow when they need to scale but a business loan from a bank may well be too slow to help you reach the rapid growth that you need. To that end, you might need to look at things like small business loans from private lenders or even making use of business credit cards to maintain some of the smaller costs until you’re able to get things back on an even keel. Be ready to jump into the application process.
Know how you’re going to run the business
When you scale a business, you typically transform it from top to bottom. As such, don’t expect that it’s going to run much as it would before you start scaling it. One of the best ways to make sure that you reconsider every aspect of its growth is to put together a new business plan. Not only is this going to help you outline what you’re going to need in order to run your business to its new scale, but also where you might need to look at investing in, and how you’re going to get back to making a profit. Aside from serving as the new roadmap for your business, the plan is also going to help you win over any investors or lenders you might need, too.
Take a second look at your team
One of the most frequent ways you’re going to need to scale your business to meet new demands is to hire more people. If you’re in something of a rush, you might not have as much time to put out hiring advertisements and to go through as thorough a recruitment process as usual. However, you still want to make sure that you have access to the quality staff that your team requires. To that end, even if you may have to pay a little additional to them, you might want to look at working with a recruitment agency. Work with one specific to your industry to make sure that you’re gaining access to the skills that you need.
You have to scale your tech as well
When you recruit new people, you also have to ensure that you’re able to provide them with the tools that they need to work effectively. To that end, you should look at the prospect of rapidly growing the IT infrastructure in your business. Aside from making sure that your network is able to sustain more people, you have to look at using more tech workspaces too. If you can’t immediately afford all of the tech you need, then you may want to look into options like companies that let you rent a Mac Studio. Renting the equipment you need can help you fill the gap until you get the funding necessary to fully scale your tech arrangement.
Ensuring the working space you need, too
Your team needs not just tools to work with, but the space to work in, as well. To that end, you might not be able to find an office to rent that meets all of your needs immediately, so you should consider other options. This can include things like co-working spaces where you can host members of the team until you find an office or you can think about allowing some of your team to work from home. Remote working is becoming a much more common part of the modern business landscape, after all. It could become a permanent part of yours so that you don’t have to invest in a larger workspace at all.
Know how you’re going to keep growing your market
The chances are that your business scaled in order to meet rising demand from your customers or your clients. However, after you scale, you have a large investment that you need to make back. To that end, you can’t simply trust that more customers are going to keep coming, you need to work in order to earn them. To that end, you should look at the prospect of working with a marketing agency that can make sure that your message is reaching more people than ever and converting more new customers to help you grow your market share and find the revenue to make your growth sustainable.
Keep the business’s values in mind at all times
When you’re growing the business, it can become easy to find yourself becoming a little more ruthless. You need to quickly access resources and grow your market to become sustainable, which means that you can start thinking a lot more concretely along the lines of what you need to survive. However, if you forget the qualities and the values of the business that made it popular in the first place, then you can end up sacrificing elements of the business that your customers love. This kind of change can see your market shrinking, not growing, leading to serious risks when it comes to the survivability of your business.
Growing a business is always a challenge and when there’s timing to consider, it can be an even greater one. Hopefully, the tips above can help you manage those challenges if they come your way.