11 Best strategies on how to Scale Your Business 2022
Last Updated on 3rd January, 2022 by Lachie Hiriart
How to scale your business? That’s a question we get asked all the time. And for good reason: scale of business is imperative to any business looking to grow and scale of business:
Here is our strategies on how to Scale Your Business 2021:
1.Formulate a scaleable business model:
A scaleable business model is one that can scale to increase revenue in accordance with the growth of a company. According to Li & Fung, scaleability also provides companies “with a good return on investment and fast access to foreign markets.”
2.Pursue GDP-growth Rate Targeting:
The government has a goal of seven percent average annual growth from 2016 through 2020 when it comes to gross domestic product (GDP). It’s been reported that for every percentage point higher that GDP grows, there are roughly about 1 million more people employed by 2025. In addition, Epstein predicts that if China reaches its targeted growth rate of seven percent, the country will add the equivalent of the entire population of Germany to its urban workforce by 2030.
3.Significantly Improve Your Social Responsibility Program:
It is important for CEOs to dedicate significant time and effort into their social responsibility programs because it could potentially lead to greater profits for their companies down the road, which is why many Chinese business leaders are now placing great value on environmentalism, employee satisfaction, philanthropy, and other initiatives that improve society and increase your business revenue potential .
The government has made it clear that they want all businesses to expand globally through mergers and acquisitions (M&A), so now is your chance if you haven’t already done so. Although M&A deals in China have decreased during this quarter, experts predict these numbers will spike in the near future as a result of international organizations trying to gain a foothold within China’s markets. One report suggests that 85 percent of companies are planning on expanding their business abroad and strategies to increase revenue.
5.Diversify Your Funding Sources:
In order to sustainably scale your company, it is important to diversify your funding sources. If you don’t, there is more risk associated with scaling your business because you could end up putting all of your eggs into one basket and then lose everything if that source dries up . To ensure stability, here are some ways for scaling a business with existing customers:
– Venture Capitalists: Investors who provide start-up capital in exchange for equity/shares of company or warrants (options to purchase a security at a fixed price)
– Private Equity: These are funds that invest in companies using their own capital.
– Crowdfunding: This is when entrepreneurs gather small amounts of money from a large number of people, usually online.
6.Implement Adequate Business Processes and Systems:
In order to scale your business successfully with existing customers, you should have proper business processes and systems in place because they will help you scale quickly and efficiently . By having the right business processes and system in place, scaling will not only be easier for your company but it will also allow your employees to grow within the organization. For example, if a sales team member who has been consistently performing well over the years decides he/she wants to be an intern manager, the current managers need to be willing to step back .
7.Improve Your Company’s Market Position:
You should keep in mind that scaling a business isn’t just about increasing revenue– it’s also about taking over your competitors’ market share because scalability is all about being able to scale up successfully through growth, which means being number one. It also suggests that scaleable businesses are better equipped to handle upset markets due to their diversified funding sources and firm grasp of the industry they are involved in .
8.Develop Adequate Human Capital:
Although finding highly qualified employees can be frustrating at times especially for online platforms, there are plenty of resources available on the where you could find people who have the skills that you are looking for. For instance, LinkedIn is an excellent place to look for talent if you want to scale your business and ways to increase revenue
9.Establish Robust Business Processes and Systems:
Having robust business processes and systems in place will enable you to scale quickly and efficiently , which means less frustration on the part of the CEO. However, it’s important to remember that these systems must be put into place before scaling a business because once everything starts moving at full capacity, problems are more likely to arise due to high volumes of emails, calls etc. If this happens, customer satisfaction will decrease significantly on your products and services because of long hold times or dropped calls/missed emails .
10.Attract Adequate Talent:
Attracting talent should not be a problem for scaleable businesses because this option is available to scale quickly . However, if you are currently facing issues scaling your business successfully because of constant shortage of staff , you might want to consider hiring contractors instead. This way, you’ll have the flexibility to scale your business at the speed that works best for you without having to worry about whether or not contractors possess certain skillsets.
11.Maintain Consistent Capital Infusion:
Capital infusion refers to any source of funding used by firms in order scale up/scale down their operations without accumulating too much debt . To scale your business efficiently, it is important to maintain consistent capital infusion no matter what because this will help prevent high levels of debt from accumulating which may result in company’s bankruptc .
In conclusion, scalability is all about being able to scale up successfully so the key is ensuring that your business has the right set of tools, equipment and resources that will allow you to scale quickly. As a result, scaling a business becomes less stressful for everyone involved because no one wants to deal with unexpected problems while operating at full capacity .