When starting out a business, you may be more focused on keeping things cheap rather than taking into account the scalability of the products you’re buying.
If you expect your business to grow within the next few months, now is the time to consider if your systems and workforce are up to the challenge. Will you need to invest in more space? Where’s the first place you’ll start spending money?
Read on for the three basics of a successful scale up…
When you’re growing there will be certain areas you’ll need to focus on first in order to keep the whole company from collapsing under your feet – a couple of wrong moves and it’s easily done!
The best way to identify these areas is to meet with your team. Prior to the meeting ask them to write down all their ideas for growth and how they think money could be spent to improve the business. This is better than asking people to think it up on the spot, as they will have time to consider what isn’t working for them.
Meetings aren’t just important for discussing where investments should be made, they’re also important for keeping an open line of communication with staff as you navigate through growth.
Staff will find it easier to communicate issues and obstacles with a boss who’s open to new ideas and welcomes conversation, rather than keeping an idea bottled up and watching the company suffer as a result.
Don’t get distracted
Spending money on shiny new software might seem important, but if your current software isn’t hindering your employees, there might be better areas where you can invest it.
If a software is stopping you growing your company effectively, or becoming an obstacle, it’s time to upgrade. You may also need more desk space for future employees, so weigh up priorities before you make any big purchases.
However until that time comes, keep focused on what you really need to spend money on before you go ahead and buy new ergonomic chairs and desks along with a flat screen and sofa.
Having a good relationship with your accountant will be invaluable here as you’ll not only need business advice, you’ll need to know the ins and outs of your financial situation too, so you’re aware of where you can afford to splash out a little, and where you should be saving.
Keep employees front and centre
When you start recruiting new employees, who will be doing the interviews? What kind of attributes will you be looking for from your employees? Will you train interns or take on apprentices to save some money? What’s your limit before you’ll need new offices?
All these questions are ones you should be considering when you’re business is starting to grow, as your workforce will be the most important aspect of the business, and will keep it driving forward.
Thinking about their future with the company will also create a more loyal workforce who will be able to visualise a long career with the business, so keep their needs at the top of your list when the business starts growing.
Are you scaling up your small business? Leave your stories and experiences in the comment section below!