Growing your business is exciting. If all goes well, your team, client base and revenue will grow. If done badly, you could end up with stressed out employees, a responsibility crisis and a whole load of admin. Here’s what to know before scaling up your business.
An analysis of your company and market is essential groundwork if you're planning to grow it. Do you have a proven business model? Is there increased demand for your product or service? Can you fill your company's skill gaps? If you're taking on debt or investment, have you planned how you'll spend it? These questions should shape your strategy.
Prep Your Team (And Yourself)
Scaling your company quickly will multiply the intensity overnight. The impact of your decisions will increase exponentially, and there'll be new pressure coming from customers, staff and investors. You need be ready for the extra responsibility.
Hiring the right people is time-consuming. If possible, anticipate the added demand on your team by recruiting beforeyou start scaling up.
High energy and growth are great business ambitions, as long as they don’t negatively affect your team. Pressure to bring in business and to turn work around quickly can create a high pressure environment.
As a manager, listen to your team. If they’re overstretched, they’re probably not happy. Be realistic about your resources.
Spring Clean Your Back Office
Make sure that accounting, HR, payroll and bookkeeping are in check. This prevents your company from being held back by admin, and allows you and your managers to invest time where it matters. If you don't have the budget for an in-house back office team, there are myriad softwares that can fill the gap.
Ultimately, scaling and growing is about calculated risk and preparation. Spring clean your back office ops, get your team ready, and perhaps most importantly, prepare yourself.