Growth vs. Scaling
Let’s dive into the main differences between the two terms.
Growth is when revenue increases as a result of an increase in resources such as employees, technology, or space.
Scaling Scaling is when revenue increases even when the resources slightly increase or remain the same.
Here’s another way of looking at it. Scaling means being able to increase revenue without increasing the costs of production and resources while growth is an increase in revenue at the same rate of increasing costs.
When it comes to scaling, it is all about two things: capability and capacity. Are you capable of executing the changes that come with it? Do you have the capacity to meet the increase in demands?
Now that you know the difference, how do you scale your business?
7 Steps to Scaling Your Business
Here are the seven steps you need to take in order to successfully scale your business.
- Evaluate Your Current Situation
- Begin With The End In Mind
- Plan A Strategy
- Learn From Others
- Establish Your Team
- Focus On Quality
- Utilize Effective Processes
Take a step back and look at your current business situation. Note your strengths
and weaknesses and see if you are able to grow. Then analyze potential results in
sales as a result of scaling. Think carefully if you and your team are capable of
incurring more work without losing revenue or if it’s reasonable to outsource.
Doing this step will help you avoid making costly mistakes that are difficult to recover from.
Related article: 3 Signs It’s Time to Outsource Your Business Writing
This is a direct quote from Stephen Covey’s book 7 Habits of Effective People.
It is essential to establish what you want your business to be and where you
want it to go. Setting this precedent will enable you to determine an effective
A plan without an objective will make it hard for you to measure success and it can even be detrimental to your growth. So have a clear goal in mind when it comes to scaling.
Once you’ve determined your present and future business objectives, it’s time to come up with a plan to get you there. Consider which resources (employees, technology, etc.) will help with your growth. How should you spend your money? What needs to change?
Study entrepreneurs who successfully scaled their businesses. Take note of the
actions they took to get to where they are now. Carefully look into HOW they
scaled to give you a better idea of how it can be done.
Another tip is don’t be afraid to ask for advice. Asking for help is not a sign of weakness, but rather a sign of initiative and ambition. It’s a team effort and not everyone can do it alone, so reach out to your connections for their wisdom.
Crafting a team of passionate and motivated employees is vital to scaling.
You want people on your team who hold the same values and visions as you.
If they are in alignment, then the rest will follow.
But remember to also value your employees as they are carrying out your vision. Invest in them with benefits and perks such as dental and fitness. It lets them know that they are appreciated and will therefore work harder to produce quality output.
Your company offerings are your bread and butter. If they’re not perfected or properly developed, it can turn customers away. You want to provide buyers with quality products and services. Fix any problems or issues with your products before scaling. It’s better to remedy any problems now rather than later.
Creating an efficient and repeatable process assists in establishing a stable
workflow. You want to come up with a system that is something your team can do
regularly and easily to ensure operations and tasks run smoothly. Then you
should tweak it and alter it as your company grows to adapt to any workflow
changes. Flexibility and adaptability will be key here.
The use of technology comes in handy here as there are many tools and programs out there to streamline your internal operations.
Ready to Scale Your Business? People First Content Can Help!
Business scaling is something that, when done right, will catapult your company
to new heights. It’s a process that requires you to be deliberate and strategic.
Once you do all the hard work, you will begin to see the fruits of your labor.
Thinking about scaling? Don’t go at it alone. Contact us for your content marketing needs. We can help you scale by handling your content writing while you focus on the rest of your business.