NCET explores business and technology
By Estella Hunt
Now that your business has benefited from incremental growth in sales and product brand awareness in your target markets, it is time to consider where do you go from here? How will you grow your business? One option is to maintain the status quo by conducting business as usual while earning a steady stream of income from your existing customers.
However, if you want to boost relevancy in your target markets thus outpacing the competition, consider scaling up your business. This option has its risks but on the upside, it has its rewards. Since this is uncharted territory for you and your team, it requires a new plan that addresses the knowns and many unknowns. What does exponential sales look like for you and your team? And, how will rapid growth impact the dynamics of your business model and business processes. Here are three pointers for scaling up your business.
Map – Allocate uninterrupted time for you and your team to map out a few scenarios for scaling up. There are many factors to consider and some are sales volume, cash on-hand and product fulfillment. Does your existing team have the capacity to execute a plan to scale up? You will need to identify the current strengths and weaknesses of both the existing team and the company’s business processes. Any gaps you identify should be addressed. Your team needs to have the skillset, mindset and commitment to execute the plan.
Mobilize – Time is of the essence and you must mobilize your entire staff and key resources. Your map must have a framework and the processes that are easy to understand. Will your staff know when they are accountable? Will they know how their role impacts others within the company? The lines of communication need to be open, clear, and in sync. You want to avoid low customer satisfaction ratings? Aim for your staff and key resources to execute the plan as planned.
Measure – Performance tracking is critical to gauge successes and to navigate through periods of uncertainty. While some objectives and activities must be monitored weekly, monthly or quarterly, be ready to pivot. Respond accordingly as you gauge the company’s performance against the metrics you and your team developed. Do you need to revisit the metrics you and your team developed? Identify and resolve any pitfalls that prohibit you from achieving your goal. You want to resolve any pressure that is placed on all aspects of your business such as your staff, finances, customers and operations.
Scaling up has its benefits and rewards. It requires that you flex with the forces that are both for and against your company’s success. According to a quote from Charles Darwin – “It is not the strongest or the most intelligent who will survive but those who can best manage change.”
Estella Hunt is Managing Director of Pivot Partners and NCET’s VP of Analytics. NCET is a member-supported non-profit that produces educational and networking events to help people explore business and technology. This column originally appeared in the Reno Gazette-Journal.