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Published on June 9, 2021 |
Scalable growth involves balancing the increase of your profits against the increasing costs of manufacturing your products or delivering your service.
If you can ensure the most efficient systems and processes for what you’re selling, the more profits you’ll see and the more scalable your business will be.
If you can improve your business’s ability to do more internally, such as speeding up production and increasing the efficiency of your systems and processes, you’re going to reap the rewards in terms of manageable growth.
Conduct a review of your current operation and decide how you’re going to improve it. Think about:
Increasing your capacity, while improving the efficiencies of your systems and processes, means you’re successfully scaling your business for growth – and you’re going to notice it in your profit margins.
While it’s important to maximize your internal resources, scaling your business for growth almost always involves adding to your operations in terms of staff, equipment, facilities and finance.
It’s also crucial to have the staff you need to meet increased demand. If you’re manufacturing coffee tables and your orders are increasing to the point where your current staff can’t keep up, then it’s definitely worth hiring another staff member.
If you’re looking to increase production of fifty coffee tables per week to five hundred, it’s likely that the location you’re in and the facilities you’re using won’t be adequate to meet the new demand.
Take into account:
Review your customer relationship system, possibly upgrading so you can track buying behaviors and preferences, maintain contact, and develop customer loyalty programs.
Remember, your customers are the most vital component of your business and to its growth, so engaging with them, listening to them and rewarding them is essential, no matter how large your business grows.
Don’t forget that ‘scalable’ means increasing all parts of your business to cope with extra demand, and ideally, it’s ‘manageable’ growth.
Reviewing your internal system and processes to ensure maximum efficiency is important, but even more so is making sure you have what you need in terms of staff, facilities, equipment and capital to achieve that growth.
If you’re planning to increase output or offer expanded services, then making sure you have the capacity to actually deliver is essential.
Note: This article is for information purposes only and is not accounting or investment advice or an offer to lend.