With a new year upon us, you’ll want to get up and running as quick as possible on your personal and business goals. What happens when you get up and running and start to get successful, you’ll find that your biggest hurdle yet is right ahead of you.
We’re talking about taking the leap and scaling successfully. The majority of startups that don’t make it beyond their second year fail because they fail to scale right. So, here’s how you make sure you’re the nimblest navigator in that thorny process.
Supply and demand
The first thing you have to know intimately is the resources available to the business. What can you bring with you as you scale and what needs replaced? How much money do you have, where did it come from and can you get any more? Then you need to create a budget and figure out where you really need to spend it. What sections of the company need more employees and what will work best with the current team? Who are the best suppliers as your needs grow? It might not be the same people as when the business first began.
Keep compliance a priority
A business might grow because of agreements between certain parties. You might have to negotiate a buy-in or a merger with another business. Getting another head in the business can be an opportunity for learning as well as great collaboration. But it can be a legal minefield that could be navigated away from your best interests. It’s a good idea to have someone more experienced in these matters fighting for those interests. To find corporate and commercial law solicitors please click on this link and see if you can find any areas you might need some assistance in.
Dive deeper in the marketing pool
Your consumer base is going to have to grow with the business. Otherwise, it might have a problem sustaining itself. As well as looking to new markets, you need to know how to expand your existing base and keep them coming back. Look at marketing strategies that can both boost your exposure and build an enduring brand of knowledge and expertise, from starting a blog for content marketing to getting into some video production.
Get ready to let go of the wheel
Just as you’re starting to get on top of all your current responsibilities, it’s time to let a lot of them go. If you want to scale successfully, you can’t be pulled in a hundred different directions. You need to delegate. Look here to start learning on what you’ll need from managers, whether you hire them externally or promote those from the team that’s carried you thus far. From now on, you’re going to have to get a lot more focused on the big picture as opposed to the day-to-day.
Scaling properly requires more and less involvement at the same time. You can’t spend all your time on the details as you once did, now you have to learn the responsibilities of running and improving the business. If you can meet those responsibilities, your business has more than a fighting chance.