Operational Insights

8 TOP TIPS FOR COMPANIES WHO WANT TO SCALE

We talk to businesses every day who are seizing the moment, post-pandemic, to take their businesses to the next level. But how do you take an existing successful business and elevate it to its next chapter of growth?

We share our three top tips for scaling up your business:

1) Set a clear direction

So many businesses know they want to grow (and by how much!) - but they are not so clear on how they will get there. Goals provide focus and set clear priorities for everyone involved in the business and enable you to monitor and track success along the way. And don’t forget that goals must always be S.M.A.R.T – Specific, Measurable, Actionable, Realistic and Timely.

2) Get your finances in order

Scaling a business doesn’t come free – it requires investment and commitment to your chosen goals. Consider what funding options are available to you – do you have cash reserves or will you need to finance your growth? Are there any grants or subsidised loans available to you? Can you raise capital from an investor? Choosing the right funding minimises your exposure to risk whilst giving you the cash injection you need to grow.

3) Invest in technology

Having the right tools and technology in your business is essential for growth. They enable you to operate effectively and streamline your business to deliver on your growth plans. Invest in systems that facilitate a better, more efficient service to your customer – and always ensure that they are fit for purpose and can scale alongside your growing business.

Growing a business requires much more than cash and technology though – it can feel scary to make investments for longer term reward and it can be tempting to be cautious or reign in your plans. Be bold, stay true to your vision and surround yourself with the right team and business advisors to help you make sensible, focused investments for growth. It will be sure to pay dividends for the future.

Hayley Parker and Richard Neale are Founders/Directors of OPS-BOX Group. OPS-BOX provide a range of support services to help business of all size and type to grow and succeed.