Running a business while raising the future
Business Wisdom
How to scale your business
26th April 2023
by Holly, with Dell Technologies
Right then, ready to make more money? Then it might be time to scale your business. Let me show you how to expand your brand, reach more customers and increase your sales without losing your small business magic — with thanks to our friends at Dell Technologies.
Scaling your business your way
Lots of founders reach out to me to ask how they can scale their businesses (and as you can imagine, it gives me great pleasure to help businesses grow). Yet when I ask them what scaling looks like for them, they are often confused as they haven’t given themselves time to really go there. For me, scaling (or scaling well I should say) means expanding your business in a way that maintains its unique essence and value while increasing its revenue, reach and impact. Are you ready to do that? Well there are lots of signs to look out for. Firstly, you might find yourself constantly turning down new opportunities due to a lack of resources or (wo)manpower.
Secondly, you might notice your sales are consistently growing (thank your lucky stars), which means you have the potential to expand. Thirdly, you’ve realised you now have a really clear vision for the future and are ready to take calculated risks to push your business boundaries further. If this is the case, then scaling your company may be the right move for you and you can do this in different ways.
Scaling might involve…
- Making more of what you’ve got. How could you physically create more of the products or services you offer? What would you need to do in order to increase generation? Invest in new equipment or technology perhaps? What kind of tech could help you become more efficient or streamline your processes? (The experts at Dell Technologies, can help you with this as they specialise in finding the right Dell solutions for small business). Or will you just need a bigger team to fulfil orders? Whatever you decide, it’s important to ensure that any changes you make don’t compromise on quality.
- Creating new product lines or services. This means investing in innovation and allowing time to do less of what you are currently doing now in order to focus on this. Will you need to add new skill sets to the team perhaps? Or commit more time and budget to researching competitors and so on?
- Targeting new markets. This might mean opening in new locations — either permanent bases or pop-ups — or targeting new customer segments perhaps. Which untapped geographical regions might offer fresh opportunities for growth for you? Think how you can reach new audiences too, through expanding or mixing up your advertising channels, for example.
For me, scaling (or scaling well I should say) means expanding your business in a way that maintains its unique essence and value, while increasing its revenue, reach and impact.
The secret to success is your mindset
I started notonthehighstreet from my kitchen table, so I understand what it takes to scale a business, and let me tell you, it all starts with your attitude. Our mind is like a garden — if we want our businesses to flourish, we need to tend to it. So…
- Prepare your mindset because guess what, scaling a business is not for everyone. It takes passion, risk, and a determined belief in the business product you are selling. Prepare to ask yourself the hard questions, and decide what your negotiables are, and what the non-negotiables are.
- Lose your ego. Never let your ego get in the way of how much you really need to scale. Focus on working smarter, not harder, and be sensible with your hires. Does that role really need to be full-time or would some temporary freelance support be enough?
- Define what success looks like to you. This will shape the decisions you make along the way, from funding your business to how much you grow it. Having clear goals will guide you on your scaling journey and help you make smarter investments.
The strategy behind scaling
There are no right or wrong ways to scale your business, but let me share some golden nuggets that will help make your journey easier.
- Know your targets. Keep an eye on the prize — the more focused you are, the more likely you are to reach them. Create targets that resonate with your team too and celebrate when you achieve each one. Enjoy the journey and help people recognize that they have made a difference.
- Choose quality over quantity. Never compromise on your product quality or customer service in a bid to scale. Retaining your loyal customers is the secret to scaling with success.
- Embrace technology. This can help you boost productivity by streamlining processes, automating tasks and improving overall efficiency. It can also help ensure you deliver exceptional customer experiences from personalised marketing campaigns to user-friendly websites and top-notch customer service tools. Plus, it can provide the necessary infrastructure to scale your small business effectively from cloud-based solutions to e-commerce platforms and safely too, with good cyber security in place to protect your customers’ data (read Dell’s article on seven cyber security tips if you need a steer on this). Actually, Dell can recommend some fantastic options and you can talk to a Dell Technologies Advisor to learn more by emailing their team or visiting www.dell.co.uk/smallbiz.
Embrace technology. It helps you boost productivity by streamlining processes, automating tasks, and improving overall efficiency.
- Remember, cash is queen. There is nothing that will stop your business in its tracks faster, let alone prevent scaling it, then running out of cash. Be mindful of sales and cost savings, and understand the amount of funding you need to take the next step.
- Find funding that works for you. Understand your finances and be clear with yourself about what you need the money for. Is it to help with your working capital, stock and cash flow, to fund a new product line or maybe buy a piece of machinery or build some infrastructure or tech, for example? This will help you work out your options and which route to go down. Taking on external investment could be via bank loans and grants, angel investment, or venture capitalists. The latter will generate funds but for a share of your business. Remember, finding the right investor is just as important as securing the investment itself. Look for investors who share your vision and are interested in the long-term success of your business. If you’re not ready to take on external investment, there are other options to consider such as loans and grants or crowdfunding.
Key takeaways:
Scaling your business is a journey, not a destination. It takes time, effort and dedication to take your business to new heights.
- Your mindset matters. As you embark on this exciting journey, remember to keep believing in yourself, embrace change and face challenges head-on.
- Technology plays a vital role when scaling your small business. It can boost productivity, enhance communication and deliver exceptional customer experiences. Make sure you’re set up correctly before you scale.
- Keep your overall goals in mind when considering the best way to fund your growth. Accelerator or incubator programmes; angel investors and bank loans are all viable options but the BEST option depends on your ultimate vision. I wish you all the luck!
Images:
Stitched notebook, by Make & Mend Company
‘Think Big’ pencils, commissioned for Holly & Co
‘Passion and purpose’ necklace, by Sarah Lawrence Jewellery
Barometer of success, by Vinegar & Brown Paper
‘Grow’ terracotta pot, by Curly Kale Design