By Craig Malloy
Lalmch / Pixabay
Up and to the right.
This is the vision CEOs go to sleep with at night. We pour our lives into our business, hoping that our efforts — and the efforts of our thoughtfully chosen and loyal teams — will put our business on a steady path to success. You probably think that if you survived starting a business, it should be smooth sailing from here on, but it isn’t. Unfortunately, scaling a business is not always an “up and to the right” journey. In fact, most of the time it’s far from it.
I won’t beat around the bush; scaling is hard. It challenges every system, process and person that you have in place, forcing you to act fast or fall behind. At Lifesize, we are intimately familiar with these pain points, having reinvented our business less than three years ago and now growing our customer base at a very rapid rate.
Looking back at our experience — and ahead at the challenges we face — we recognize four areas to consider when scaling a business.
Set the right goals
Scaling a business isn’t an exact science, but you should know why you want to grow and make sure your executive team and employees are on board with the vision. It may be challenging to pinpoint exact growth figures, so in the early stages it may make most sense to set operational goals first (i.e., creating a new go-to-market model). Once you have your operational boxes checked, then you can set specific goals regarding revenue growth, customer acquisitions or expansion of existing accounts.
Explore all growth strategies
Take a critical eye to new customer acquisitions. Attracting new customers is not just one department’s job — it’s a collective effort. Evaluate your marketing and sales strategies to see how you can better capture and address new potential customers’ needs. Additionally, look for opportunity within existing customer accounts. Are your customers’ businesses growing or are they seeing great value in your offering in every day usage? If so, there’s a good chance your solution or services can grow with them.
Another way to expand is geographically, but you need to make sure your infrastructure and resources are in place so you can service your customers in all areas. For young or small companies, this is a very big step. Hiring sales managers outside of your native country can be challenging. Cultural norms, language, labor laws are all different in every country you wish to enter. Additionally, regional or country specific laws regarding data privacy or regulatory approval (as in the case of hardware) can be challenging to navigate and expensive and time consuming to implement. That does not even include finding the proper way of marketing, distributing and brand building for your product and services appropriate for each market. Expanding geographically can substantially increase your available market, but be sure it does not dilute your resources more than the uplift in sales it provides.
One of the biggest hindrances to growth is resistance to change Go to the full article.
Source:: Business 2 Community