Nothing is more rewarding than watching the business you started expand to the next level. Every entrepreneur’s dream is to scale their business and gain more visual presence in the online world.
However, when a business scales rapidly, customer service and work quality can suffer, leading to unhappy customers and clients. This guide will help you learn how to scale your business while still providing top-notch products and services.
Define Your Ultimate Goal
You can’t get to where you’re going if you don’t know where it is. In other words, define your endgame. Tiff Ferriss, an extremely successful magnate, discusses this in an interview with Entrepreneur. It’s critical that you understand the big picture when it comes to your business.
Planning a strategy to scale your business requires you to know your ultimate goal. Ferriss provided the examples of scaling for a business that sells a product versus growing a company that supports a specific lifestyle. These examples require two different approaches.
Understand How Businesses Scale Rapidly
Ferriss also explained that the next vital step is identifying what strategy will help you reach your ultimate goal. While finding investors may seem like the next logical step in this strategy, Ferriss advised caution in this area.
Investment is the most expensive option as many investors require a return of 10-fold. This places even more stress on you and makes you give up valuable equity in your company.
Here are some alternatives to investment.
Tactical Advice
Eventually, you need more direction on how to scale your business. To keep your work top-notch, Ferriss says strategic advisors instigate growth and reduce your learning curve. Advice of this nature includes logistics, financial expertise, product development, and scaling hacks.
Bootstrapping
By far the most popular choice and where many new entrepreneurs begin. Crowdfunding is a great option these days because it doesn’t require you to take a huge risk financially and lets you quickly prove your idea.
Investment from the Outside
The next step is to develop outside financial sources to level-up. A venture capital company is an excellent choice for this stage for the needed resources and cash.
Outsourcing
Outsourcing is vital to ensuring that your quality of work, products, and customer service remains high. Outsourcing cannot be emphasized enough. So many small business owners want to cut costs by doing all of the work themselves, but more customers means more demand. When you start offering more services and products, the amount of emails and calls grows exponentially.
By outsourcing, you can delegate projects and tasks so that you can focus on the core business concepts and the quality of your offerings. For example, if you are creating supplements and are just starting off you may want to look into outsourcing your production to a softgel manufacturer as they will already have the machinery and materials readily available to start production. You’ll have less stress and be able to concentrate on the areas of the business that makes you money.
Delegating your customer service is another task to outsource. Customer service is critical. Create a process that includes hiring good freelancers, training them specifically for that job, and upgrading the company’s infrastructure to accommodate these changes. Additionally, you may also consider utilizing a Philippine Call Center, as they are currently the global hub of customer service, to streamline your operations and enhance the customer service aspect of your business.
Yet, you can’t just hire any warm body. It is essential that you use freelancers that you can trust. Developing relationships with freelancers you can trust means you always have someone loyal and trustworthy to help keep your best business interests at hand. Obviously, you have a budget but remember quality comes first.
Make sure they are correctly trained just like your in-house staff. Treat the like part of your team, even if they are remote. Freelancers can really help your business when you accept that outsourcing is necessary to keep your work top-notch and for your company to scale effectively.
Handling Cash Problems Creatively
Cash is critical for scaling as you need it to fund your growth strategy and help you take action. Luckily there are creative sources you can look into before giving up equity in your company. You can create new revenue streams. Look at Kickstarter and crowdfunding, bank loans, selling your invoices, or joint ventures.
Final Thoughts
Keeping work top-notch is a critical part of your plan to scale your business. Agencies that offer SEO services in New York such as Hook Agency can help scale your business quickly allowing you to keep providing high-quality services and products. Three significant elements of the scaling process are outsourcing, defining your end game, and understanding how companies scale rapidly and successfully.
