How To Scale Your Business

It is time to scale your business if you want to make more money.  In this blog we will show you how to expand your brand, reach more customers and increase your sales while keeping the essence of your business intact.

Scale your business your way

Scaling or expanding your business should be done in a way that maintains its unique essence and value while increasing its revenue, reach and impact.  If you find yourself constantly turning down new opportunities due to a lack of resources or manpower, then you are probably ready to expand.

You may be lucky enough to have consistently growing revenues, which is a clear sign you have the potential to expand.  Maybe you have a really clear vision of your businesses future and want to take a calculated risk to push your business further.  In these cases scaling your company may be the right move.

Scaling your company may involve...

• Define your goals. What do you want to achieve by scaling your business? Do you want to increase sales, expand into new markets, or launch new products or services? Once you know what you want to achieve, you can start to develop a plan to make it happen.
• Invest in technology. Technology can help you to automate tasks, improve efficiency, and reach new customers.  Consider investing in new software, hardware, or marketing tools that can help you to scale your business.
• Build a strong team. As your business grows, you'll need to hire more people to help you with the workload.  Make sure to hire people who are talented, motivated, and aligned with your company's values.
• Create a scalable business model. Not all business models are created equal.  Some business models are more scalable than others.  If you want to scale your business, you'll need to choose a business model that is designed for growth.
• Be patient and persistent. Scaling a business takes time and effort.  Don't expect to see results overnight.  Be patient and persistent, and you'll eventually achieve your goals.

Things you will need to consider when scaling

• How are you going to make more of what you already have.  Will this mean taking on staff, equipment, storage, or new technology.
• If creating a new product line or services, will you need to invest in innovation meaning more of your time will be spent on developing a new product or service.  Do you have the skill set, will you need to learn or should you take on someone else who does have the necessary skills.
• Do you need to open in new locations or are you targeting a different demographic.  You'll need to do some research as well as mixing up your advertising into other channels to reach different audiences.

Here are some additional tips that may be helpful:

• Focus on your core competencies. Don't try to do everything yourself.  Outsource tasks that are not your core competencies to experts who can do them better and more efficiently.
• Get help from experts. There are many resources available to help you scale your business.  Talk to other entrepreneurs, hire a business consultant, or attend industry events.
• Be willing to change. As your business grows, you'll need to be willing to change your business model, your marketing strategy, or even your product or service offering.  Be open to new ideas and be willing to adept as needed.

Scaling a business is a challenge, but it's also an opportunity.  By following these tips, you can increase your chances of success.

Your mindset is the secret to your success

DRA was started from my kitchen table until we eventually moved into our own office, then during COVID we moved into our home office which we have preferred, so I understand what it takes to scale a business, attitude is a big part of that.  Having a can do attitude and being positive draws people to you.

• Scaling a business takes passion, risk, and a determined belief in the products or the services you are selling.
• Do not make the mistake of letting your ego get in the way of success.  Focus on working smarter, not harder, and be sensible when it comes to hiring people.  If a job only takes half a day for you to do, then you don't need a full time member of staff, you can probably use temporary freelance support instead.
• Define what success looks like to you.  Having clear goals will guide you to the type of funding you may need, the type of staff you will hire, or new machinery and technologies you'll acquire along with the investments you will make.

The strategy behind scaling

There are no right or wrong ways to scale your business, but there are things that can make the journey a bit easier.

• Know what your targets are.  The more focused you are, the more likely you are to reach your targets.  When you hit a target celebrate with your team.  This will help you enjoy the journey and help the people around you recognise that they have made a difference.
• Always choose quality over quantity.  Never ever compromise on your product quality or customer service in a bid to scale.  You are nothing without your loyal customers.
• Embracing technology can help you to boost productivity by streamlining processes, automating tasks and improving overall efficiency.  It can improve your customer experiences by using personalised marketing campaigns to user-friendly websites and the best customer service tools. 
• There is nothing that will stop your business in its tracks faster than running out of money.  Keep good records and be on top of your sales and cost savings, and understand the amount of funding you need to take the next step.
• Understand your finances and be clear with yourself about what you need money for.  It could be to help you with working capital, stock and cash flow, to find or develop a new product line or maybe to buy new machinery.  This will help you work our your options and which funding route to take. 

Taking on external investment can come in the form of bank loans and grants, angel investment, or venture capitalists.  It's important to get out from underneath the bank as fast as you can by repaying the loan as quickly as possible.  Angel investment and venture capitalists will want shares in your business.  If you don't want someone else owning part of your business then a bank loan or grant would be right for you.  When it comes to venture capitalists you will need to make sure you like them and can get on with them, and that they share your vision of where the business is heading.  And of course there is always crowd funding.

Key takeaways:

Scaling your business is a journey that doesn't end.  It's going to take time, effort and dedication to take your business to new heights.

1. Your mindset matters.  Believe in yourself, embrace change and face challenges head-on.
2. Technology plays a vital role when scaling your small business.  It can boost productivity, enhance communication and deliver exceptional customer experiences.  Get your technology in place before you scale.
3. Keep your overall goals in mind when considering the best way to fund your growth.