The world of business revolves around the concept of “ Scaling “ and there’s hardly any business entity who would deny such kind of “ foundational “ fact. Since we’re dead sure for the fact, it’s important to keep our pockets full of strategies when it’s the time to appropriately scale the business. According to the recent survey, around 44% of the startups fail within 4 years of their launch which makes it worthwhile to hone the scaling strategy.
On the other hand, we can see the giant companies like Google, Apple, Facebook, and Amazon, they all started from home or to be more precisely “ Garage “ but eventually made themselves the giants of their respective industries.
Let’s just not waste any minute further and jump straight back to the 10 business scaling tips which are pioneered for 2019. These work for both the online and offline business models.
1. Employee Diversity Adjustment
What people often ignore when it comes to scaling the business is the diversity itself. The fate encountered by the famous company Reebok can help us understand this concept. When Reebok was blooming in its early days, the need to hire was so strong that all of the existing employees just invited 10’s of their friends. Since it was a start-up from 0, all were located nearby and we’re native Americans. The company soon had over 300+ employees and all of them had some background. The problem soon popped up when the cultural difference started rising and the product demands went incredibly low. That’s when Reebok decided to fire a significant number of employees and hire new ones with different backgrounds. When it comes to scaling, diversity should be kept in mind.
2. A Clear Vision
Million-dollar is cool, right? But you know what’s even cooler than million dollars? A billion-dollar company valuation. Although it might appear tempting to just put some brick on the growth pedal and let it accelerate towards success but it’s really important to have a clear sense of direction. If you don’t adore a billion-dollar, don’t strategize your business according to a billion-dollar business and if you want a billion-dollar valuation don’t scale it according to million-dollar strategize. As Robert Kiyosaki said, “ Small business does not operate with the same set of rules as big business “. It’s super important to be clear about the vision.
3. Avoiding the Hype
In 2019, there is a lot of hype. Almost every industry is facing some sort of fight or flight situation. In an interview with Gary Vaynerchuck, he mentioned the fact that Tik Tok could be the new Instagram and people went nuts over it. Everyone turned to Tik Tok and started deploying strategize which put Tik Tok to use. The question which is really important is that do you even need TIk Tok? For instance, If I own a construction company, should I be dubbing with Bob the builder ost or will that even give me new clients? In my opinion, my existing clients would stop working with me too with this kind of creepy strategy. It’s important to ignore some hype and always stay connected with the core of your business, by core I mean the values and the image.
4. Cultivating The Mindset
Make sure you have the mindset ready. There are a lot of things a person needs to learn before they could make their move into the business. Lucky are those who end up successful with their first startup but that too takes years. In those years when you are totally failing it all, you’re cultivating the mindset and that’s the most important thing. So the first few years of failure are crucial, they are in fact the part of success, just make sure you learn very well from them.
5. Appropriate Business Structure
There are many business structures to choose from such as a corporation, incorporation, limited liability company or sole proprietorship and one should be careful in this step as each one of the structures enjoys various benefits while encountering some bad parts too. Each structure has a limited potential to outreach and when it comes to scaling the business, one should keep in mind the right business structure because you can’t expect a board of directors with a sole proprietorship business structure.
6. Number of Employees
The dream of almost every startup is to have 5000 employees like the SpaceX because it just gives the notion of how big the company is. Many startups fail due to the fact that they have a number of employees than required. In business, most of the time scaling is considered as adjusting the number of employees which entirely is not the case but partially it is. Having the proper number of employees helps to scale the business in an elegant manner.
7. Office Management
Long gone are the days when you needed some investment to power your start-up as you can do it from your bedroom, there is no need of the office even to manage the team, one can hire people over the course of internet and keep an eye on the operation while paying no bills for electricity and rent stuff since it’s free over the internet. When scaling business to the extreme growth perspective, one could incorporate options like these.
8. Adequate Funding
If you had been active recently you would have seen Elon Musk starting some “ Boring Company “ where he sold a lot of flame throwers and since it was kind of a cool thing so many bought and t was a great success strategically. Basically that was a move to raise funds for the major companies such as Tesla and SpaceX which Elon Musk owns. To scale a business, funding plays a crucial part. These two are interrelated on each other and if you let your brain wander for some time you’ll see hundreds of reasons.
9. Invest in CFO
The hype is mostly revolving around the CEO but a good CFO goes a very long way. If you are the Chief Financial Officer of the company, make sure you know how to scale the company with a proper supply of cash flow. A local well established money focusing 85% of its budget on advertising just to secure it’s posting isn’t logical by all means. The goals should be discussed with the CFO so that they can fetch out the smartest plan.
10. Shape Work Hours Accordingly
Not every business blooms from 9 to 5 because every business has a different requirement. To scale it down appropriately you need to consider the psychology associated with the time frame and deploy it in the form of business hours.
It should be kept in mind that scaling might take years to come into practice. Although it appears pretty simple but the business dimensions are countless and failure could just pop out from any dimensions so patience should be kept in mind while deploying the scaling strategies.
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