According to experts, before you scale your business, you need to ask yourself, do you need it? Keep in mind that consultancy that provides ideas to companies and firms do not need to scale up. Instead, the work profile should ideally be small and lean. So, it is all about whether you have reasons enough to scale up your business processes.
How to scale – The Mike Giannulis way
When you are looking to scale up your firm, there are several considerations that you need to keep in mind. On the one hand, you have the amateur way of doing things, and on the other side, you have the most efficient way of scaling up, according to Mike Giannulis. When it comes to doing things the right way, here are the essential components that you should concentrate on while scaling up your business.
Improve the systems
When it comes to scaling your business, the first challenge is identifying and managing all the bottlenecks, friction points, and other labor-intensive tasks. Ask yourself the questions about what aspects need improving and what elements you can do without. Optimize and systemize; these are the two things you need to smoothen the processes and workflow. It will free up the workforce time to focus on the strategy, growth, and understanding of the market environment. Make sure that you systemize and standardize all the processes, including bookkeeping, marketing, and finance.
Go for automation
Once you have made sure of the tasks and the repeatable systems, the next logical step is automating all the processes. The more you leverage software and technology, the better it is for your business’s efficiency and productivity. With automation, you are essentially reducing the time it takes to complete tasks. Automation also allows for the sophisticated analysis of all the business data to plan, keeping in mind the demand-supply situation and the prevalent market condition.
People are a resource
Businesses depend on people, but this doesn’t mean you need to go overboard with recruitment. Your workforce should ideally comprise high-performing individuals who harbor the firm’s best interests in the heart. Keep in mind that your crew will also experience increased workload, working hours, and scaling scope. The workforce will also need to learn newer systems and processes to add to its overall value.
Focus is the key
Distraction is your enemy, and therefore, it is a great idea to concentrate and focus solely on opportunities and ideas. Develop products that are in demand with the mass. Suppose you are developing products in demand within a certain fraction of the customer base without re-sell value. In that case, you need to consider changing your operation protocols.
When it comes to scaling a business, the final crucial point is the aspect of leadership. As a leader, you are responsible for understanding and forecasting what your scaled-up business will look and operate like. A forward-thinking vision is a key to business success.
It would be best to scale up these aspects when you are looking to boost your growth and profit numbers.