5 Things to Consider When Scaling a Business
Is your business ready to grow? Find out how Cox Business Cloud Solutions can help scale your business and take you to the next level.
Expanding your startup or small business doesn’t happen overnight. Every company starts out as an idea that grows through thoughtful planning and dedication. Scaling your business requires the right people, experience and financing. Find out how you can scale your business without too many growing pains.
What Does it Mean to Scale a Business?
A lot of factors must align for your business to reach its full potential. Many of today’s top businesses found success through trial and error. Luckily, you can learn from their experiences. Here’s what needs to take place to help scale your business:
Difference Between Growing and Scaling a Business
Growing a company is contingent on your ability to maintain quality and meet higher demands. For example, if your sales increase rapidly, can you still deliver a product that meets your customer’s expectations?
Scalability refers to whether your business has the capacity to reach its growth potential. It means having a strategic plan that allows for expansion without added strain. Scaling your business for growth requires a lot of thorough planning, financing, technology and experience.
How to Scale a Business
While many startups feel the pressure to grow quickly, scaling your business takes time. The more customers and employees you have, the more resources you need to meet the demand. Here’s how you can begin to scale your small business:
Take inventory of where your business is today and what areas you’ll need to adjust to grow. Consider the following:
Think of everything you might need. The more specific you can be, the better you can prepare to scale your business.
Scaling a business requires incremental funds. Based on your growth plan, consider the OpEx (operational expense) you'll need to maintain regular business functions, such as administrative fees, subscription-based services and rent, as well as CapEx (capital expense) expenditures, like purchasing IT equipment.
3. Invest in Employees
Your employees are the backbone of your business, and as you scale, you’ll need more support. Determine where you’ll need assistance, like hiring additional staff for customer service or more managers to oversee productivity. Consider creating new positions necessary for growth, such as a marketing or public relations team.
Retaining top talent is also essential to your company’s success. People are more likely to stay committed and evolve with your business if you invest in them. Create a work culture where employees thrive, and your company will grow.
4. Meet Customer Expectations
While attracting new customers is important to any business, retaining your current customers is even more so. Before you can grow, make sure you’re delivering quality interactions, products and services to satisfy your customers. Then create a plan for delivering the same standard your current customers have come to expect.
5. Invest in the Right Technology
Investing in technology helps streamline processes and save money on labor. The products you choose to scale your business should:
Scaling your business means thinking ahead and planning for any potential roadblocks, like security breaches..
Safeguard your business to help protect your data and applications from malicious hackers or unpredicted events, such as natural disasters. Cloud-based solutions help connect employees across various locations and offer business continuity to keep operations running. Cloud solutions to consider are:
What can Cox Business Cloud Solutions do for your business?
We provide reliable, innovative and secure services to move your business to the next level of IT productivity and profitability.