Your product is all ready to hit the market, and in few months you would start gaining traction as well.
Well, you need to widen your customer base and expand business operations on international grounds. To achieve this goal, there are two options waiting for you; growing or scaling.
These two factors are extremely different from each other but are hugely mistaken to be one. To give you a closer look at both these factors, and which option is best for your business, this post will guide you further…
Let’s read this article further…
There is a HUGE difference between these two aspects.
Curious about what all differences are there?
Keep reading this post further…
Growing is a process, where a company’s profit increases since there is an investment involved in human resources and technologies. In this process, the profit totally depends on the amount of investment made. For instance; a restaurant business to grow further, there has to be an inclusion of more staff to meet the demands, which further involves money investment to bring more revenue.
Now the question comes, that what is Scaling. So basically scaling is the process, when a company enhances its revenue without much investment. Scaling is more dependent on automation and is less expensive and least time-consuming.
Henceforth, scaling is the best option to make your startup elevate on the success ladder. Let’s find out further about the scaling process…
Ways to scale a startup
The next big thing that comes is to understand the ways to scale a startup. This cannot be done with a random approach, but there has to be a step-by-step process to move ahead on this journey.
Keep raising funding
In the run to scaling process, there are many steps and one of the most relevant ones is the funding process. You need to understand that there are different funding rounds, and to raise the right option you need to reach out to investors. You must explain your project to them and must have a clear idea that how much money you need to scale your business ahead.
Be flexible enough
The world around us is changing at a rapid-fire speed, this means your business needs to be ready always to embrace the changes. In other words, being agile will open a flood gate of opportunities to your business, and will help you to market yourself as an industry and thought leaders.
Keep a balanced approach of hiring and firing
Ouch that hurts!
Do you find it an insane approach?
Well, you should know that there are many employees who fail to move forward with your business, due to numerous reasons. Unfortunately, this type of employee set needs to be removed, to avoid the slow-down process of your business anymore.
Marketing is an investment
Don’t think marketing is an excessive cost to you, but it is an investment for your business. Just like you, there are many other businesses in the market already, and many new entrepreneurial ventures are rising exponentially. In such a dense competition, your business needs to mark its presence through efficient marketing initiatives. There are fair chances for your business to scale ahead with the organic approach as well.
At a scaling level, you need to pay closer attention to the internal operations and what other processes to be included to bring an efficient chain of operations. To make this work and stay effective, outsourcing is one of the best ways to stay effective at the scaling stage. When you outsource the tasks to external teams, it saves you time and money, which can further be involved in the strategic tasks further.
There are many challenges which every entrepreneur has to go through. Here we have listed some of the common challenges while scaling a business…
Indeed, scaling is more based on automation, but still, you require some funding from the investors to move ahead. Getting an investor is one of the most prominent challenges faced by entrepreneurs.
Every business has to go through the data collection process to evolve further, and as the business grows, there is more need to process and manage data and operations. This process can only run smoothly with the help of different software such as CRM, ERP, and many others.
A business is nothing without its employees, and to scale ahead in our business, your employees must feel comfortable and trusted. You need to understand their needs and what improvements can be made to ease down the road further. This helps them to stay motivated and interested in doing their job.
On an honest note, time is the key player and
decides the success of your startup. To scale too early can lead to some
uncontrollable disastrous consequences. Therefore, you need to pay attention to
this part very carefully…
1. Ensure your product is market-ready
First and the foremost before initiating the scaling process, you need to identify a few aspects, such as:
Once you have all these three factors ready, you must jump on the gun and start the scaling process. In the absence of any or in the process can ruin the game.
2. Your customers MUST need your product
It is a very fair concept to understand that a growing flow of customers is an indicator that your product is in demand. Once you know that your product is in demand, you are all ready to scale your business with confidence.
3. Last a right team is the secret ingredient
Your team is the backbone of your successful future. Here you need to invest your time and money to pick the best resources. A team member who shares the same values as your company will help you expand your services and business out of bounds.
Well, you need to understand one fact, that scaling your business is not a cakewalk in any given situation, and is a challenging task. However, it’s possible to make this process smoother and less stressful, if you decide to proceed ahead with the above-mentioned strategies.
To help you ace the scaling process at Techugo, we hold experience and expertise, so you can automate and streamline internal processes and scale successfully.
Get in touch with our team today!