4 actions entrepreneurs need to take to scale up quickly
So, you think your startup is scalable. You’ve looked at your turnover, you’ve studied the market and you believe your business could handle a bigger piece of the pie. That’s great, but growing your business successfully requires not only a shift in operations but a change in mindset.
With all the research and speculation that goes on in the business industry, you can be sure there are known habits and practices that successful entrepreneurs adopt to grow their business. We’re going to share a few of them with you to get you started on your road to success.
Scale up your startup with these great business tips
1) Visualise success and set a deadline for it
The first step to getting where you need to be is to visualise success for your business in practical terms. Try asking yourself, what does my business look like at double or triple the value? “Scaling up” is a nice idea and a handy phrase to throw around when talking to investors, but it doesn’t come with a guidebook tailored to your business. The good news is that you know your business inside out and you know what resources are available to you. Use this knowledge to drive real action that contributes to business growth. Visualise what you want to achieve, give yourself a deadline to get there and then design a map. As with any goal, the deadline is crucial, so don’t be tempted to skip over that part!
2) Stop micromanaging and start delegating!
We’re sure you’ve heard this one before, but the question is, have you actually put it into practice yet?? There is no understating how important delegation is when it comes to growing your business. As an entrepreneur, you’re used to wearing many different hats and taking an all-hands-on-deck approach to everything you do. It’s this trait that makes the entrepreneur who they are, but you need to recognise when the time has come to take a step back and work on the business rather than in it.
To use the cliché, a healthy business is like a well-oiled machine, meaning it can run on its own. Your role needs to change from a management one to a leadership position so your business can have true value that exists beyond your name and your personal network. It’s time to create a strong senior management team that you trust to make important decisions on a day-to-day basis. When you have successfully done that, the next thing to do is to take a holiday. Yes! That elusive thing people with extra time do! If the business can run itself for a week or two, then pat yourself on the back because the value of your business has just increased.
3) Outsource the nonessentials
We recently wrote a blog covering this topic in more depth to help entrepreneurs decide if outsourcing is right for them or not. Have a read of it, and if you find it does make sense for your business, then we advise you to get going on it! Outsourcing is a fantastic way of getting access to high-quality skills at a cost-effective price. By outsourcing the nonessentials, you can focus on what you do best, streamline your processes and invest in the areas that really matter for business growth. As for those areas you can’t afford to outsource, automate them as much as possible.
4) Share wealth and opportunities amongst your team
We have already recommended that you should delegate by building a strong senior management team. However, if you’re going to invest in doing this, then you would want to make sure these key employees stick around for a while. For any business looking to grow, a high turn over of staff is a killer and a clear sign that something has gone wrong at the heart of your business. Hard working, loyal and talented people who want to help your business grow are vital to the lifeblood of a business looking to scale and you simply won’t compete on an international scale without them.
It’s a good idea to share wealth and opportunities amongst your key team members. This means not only paying your employees what they’re worth but incentivising them in other ways, such as offering them opportunities for self-development, investing in team bonding (whether that’s on-site or off-site), creating a pleasant workplace that has its own distinct character and perhaps even offering them shares in the company. Finding star employees is hard and so is keeping them, so it’s worth taking the time to make them feel valued because they are essential to the growth of your business.
If you’ve just finished the New Frontiers Programme, you might be wondering what comes next. If you’re looking to scale, you should definitely keep an eye out for the next Competitive Start Fund call. Providing access to fantastic one-on-one mentorship opportunities as well as funding, you’ll get all the support you need to take your business to the next level!