It is a good feeling when you notice significant progress in your business. However, you must evaluate to determine whether you are doing all you can to reach your fullest growth potential. There may be an area of concern that you are not aware of. So, while it is amazing to see your business grow, if you do not check every area of your business, get feedback, and stay abreast of the competition, then you may find your business losing steam and start regressing.
Scaling is the same as sizing. Businesses can negotiate favorable terms, volume discounts, and exclusive dealings with other organizations by leveraging up with sizing. With the business scale, you will optimize the efforts that go into the operation of your business (Source: Josh Lowry). It will focus more on the optimization and not the duplication of your efforts. There may be some duplication of areas that are tremendously helping your brand, but after a while, you must adjust or eliminate those areas to stay abreast of the competition.
Businesses using scale possess operating leverage. Revenue growth is greatly possible with little to no increase in operational costs. Operational costs include sales, administrative fees, advertising, and more.
One major way these days to scale your business is by using social media platforms. One thing you should do to set goals for your social media growth is to use platforms that your target audience frequently visit. “When deciding which social media platforms to focus on, it’s important to do some research on where your customers already are. If the individuals you are targeting congregate on LinkedIn it might not make sense to put a lot of effort into a Facebook presence and vice versa” (Source: Podium)
Once you discover which social media sites to use, you should set the following goals for your social media marketing:
The end goal of social media marketing is to have conversions. You can build on your community as well as do some soft selling. Do this by maintaining the social aspect while also making customers aware of new products and services.
Another important aspect about scale includes the fact of rapidly adding revenue while also incrementally adding resources (Source: Edison Partners). To accomplish this, you must do the following:
Once you do all the steps above, it is vital to check to see how your business is doing. You can use different metrics, such as Google Analytics, to accomplish this. You can also use Excel to keep track of your sales and whether they are increasing.
As you go through your business journey, realize that everything will not always be an even and steady ride. Even Fortune 500 companies had some rough times. When you look at their graphs, you will notice how they either stayed at a certain level or declined during some periods. However, they still grew to astronomical levels as time went on.
In addition to implementing these steps, you must know when to scale your business. There are signs that signal when it is time to scale your business for new revenue streams, new customers, and more brand recognition. Additionally, you should scale your business when there is an opportunity to expand in an atmosphere with minimal risk. First step in scaling a business is making sure your website is capable and ready for increased traffic, customers, or sales (Source: LinearTech)
To maintain your growth and keep growing to maturity, utilize all of the above tips. You will be amazed at how far your brand will expand. The bottom line is that you will maintain expandable growth by utilizing scaling efforts.
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