Nikola Iliev aka Nickarth is Anatolia Cafe (record labels and media press companies).
How to accelerate growth with limited resources? This is the million dollar question young companies in every industry must answer.
Here are seven strategies for using the resources you have to improve your chances of becoming a successful company and beyond the startup stage.
1. Create a business map
As a business owner, you no doubt have an expansion strategy in place, but have you mapped out your business?
A business map is a deeper, more practical, and surefire way to map a business’s current state, future path, and potential consequences. The perfect business map starts with answering the following question: In which sector of the economy do you really work? What brought you to the door of the business world in the first place?
Your business map should also include ideas about how your company will increase sales and how its culture will change as it grows. Such documents can help you make decisions about the future of your company and can also serve as a source of inspiration when you get stuck.
2. Determine the goals of the organization
Before you start selling your product or service to consumers, you first need to have a clear understanding of why you are offering it. In what ways do you want to improve your customers’ lives, and what specific challenges can your product or service help them overcome? Once you address these issues, you can start building customer loyalty.
Conversely, if you fail to discover and explain to your colleagues and employees the “why” behind your company, any plan you implement to expand your company will ultimately fail.
3. Become an expert on your products and services
It’s impossible to be commercially successful if you don’t test your ideas and learn how to scale them. Why?
If your product has a problem, of course no one wants to use it. But even if you have the greatest idea in the world, it won’t succeed unless you can communicate that value to other people in a way that grabs their attention. So before you scale your company, make sure you have a strong, high-quality product or service that you know inside and out, and that converts customers at a high rate.
4. Establish optimized methods and procedures
This is one of the most important considerations on the list. It can take years for companies to develop procedures and operations optimized for their needs.
Providing a smooth experience for consumers during their interactions with your company should be your primary motivation for developing smart and repeatable programs. Because you’ve put so much effort into acquiring customers, the last thing you want is inefficient business processes that will cost you those customers.
In the early days of your company, your processes may be perfect, but as your company expands, you may find that you need to modify or even replace some of them.
5. Educate and recruit new team members
Training and developing your employees so they can adapt to the changing environment of your company is a necessary step before scaling up. When you decide it’s time to scale your company, you’ll need adaptable and growth-oriented employees.
The adoption of new programs requires flexible learners who may prove to be an important part of expanding programs in the long run. This applies not only to the individuals working for you, but also to your company’s business partners and other stakeholders.
6. Invest in the latest technology
Technological developments have made it possible for us to have this conversation. Writing this article is a waste of time without technology to help businesses scale.
Investing in cutting-edge technology that simplifies tasks, eliminates unnecessary steps, and increases productivity is one of the surest ways to scale your company’s operations.
Paying close attention to customer relationship management (CRM), marketing automation, sales management, inventory management, manufacturing, accounting, human resources (HR), shipping, and other technology applications are effective strategies for addressing workload and productivity issues.
7. Prioritize sustainability
One of the most important things companies can do to improve their ability to manage development is to pay more attention to environmental responsibility. When you focus on the long-term viability of a job, you’re fostering a culture of innovation and keeping your company running well.
As a leader, you can build a sustainable culture by finding solutions that benefit both people and the environment. It’s not enough to state that you will be sustainable; you have to demonstrate it through your actions.
If you want to go faster, you need to slow down first. Focus on mastering the basics and truly understanding your customers’ needs. This step will show you where to focus your efforts to realize your company’s full potential.
Once you have a clear understanding of the nature of the problems plaguing your customers, you can work on addressing them; then your company will expand on its own.
The Forbes Business Council is the premier growth and networking organization for business owners and leaders. Am I eligible?