Scaling a business is not easy, especially in a post-Covid-19 business environment. High demand is great, but one of the biggest pitfalls for new companies is the inability to keep up with growing demand. If you lag behind in servicing your customers, you will find that those customers won’t be there tomorrow, vendor relations may break down, and the hype surrounding your company will disappear.
It is imperative that businesses be ready for growth, but it is also just as important to know when to scale ones business. Scaling is simply a plan to support and sustain business growth, but time, planning, data, execution, and proper tools are everything.
Here are a fey key identifiers for scaling and how it can be done.
Utilise data to find opportunities
In today’s digital world, a company that fails to collect and leverage data will find themselves struggling in an uphill battle. Data reveals the best time to scale, future outlooks, and insights on what you need to achieve effective growth. Successful scaling requires resources, and only data analysis can reveal the crucial information you need to meet projections.
Optimise sales and marketing
It is pretty much a fact that if you want to make money, you need to spend money. However, reckless spending will get you nowhere. The right investments are crucial for growth. Businesses with skyrocketing demand, brand new startups, and struggling companies must optimise sales and marketing strategies to effectively scale at any stage.
When you’re in a rush to grow sales, it’s easy to rush the hiring process. Likewise, sudden high demand can also lead to rush hiring decisions. Unfortunately, rush hiring can kill your growth strategy.
Work with your marketing department to develop a targeted strategy that converts leads into clients. You need the capacity to handle an influx of new prospects, identify the best conversion opportunities, and nurture leads.
Take advantage of going viral
Going viral is an opportunity of a lifetime. Social media is king in today’s business environment. When such an opportunity presents itself, this is a surefire sign that you need to scale, and scale quickly.
Viral campaigns can spur incredible demand overnight. Many SMEs don’t have the inventory on-hand to keep up with the first influx of orders.
Talk to your financial institution about receiving a fast infusion of cash to fulfill future orders. This is also a good time to think about outsourcing to keep up with growing demand.