If you want to scale your business, then you are already taking a step in the right direction. Scaling is the best way for you to increase your profit margin while also boosting your general industry presence. If you have been trying to scale but have not had much success, then keep on reading.
This is a contributed post. Please refer to my disclosure for more information.
Founder Issues
As a founder, you may find that you can sell your product in a lot of different ways. It may be that you are passionate about it, or that you have the contacts and connections required to close those big deals. Either way, knowing how to sell your product is great, but if you focus too much on control then this will work against you. You have to be able to trust your team and you also need to let your sales staff work independently to sell your product. Even if their process is different to yours, that doesn’t mean that it’s not going to work, so be open and always trust in the people whom you have hired.
Wrong Team
Your team may have been great in the founding stage of your company, but if they cannot support you during the scaling stage then this will work against you. Founders are often blind to the fact that they have to upgrade their team as their company evolves. As a company owner, you need both a strong and diverse team of people so you can steer your business through any potential challenges that may surface as time goes by.
Lack of Investment
If you do not inject money into your company then this is also a major mistake. You have to make sure that you are investing in your company and that you are making things easier for yourself. During the first stage of your operation, you might have been able to handle your books yourself, but as you start to make more sales, you should be thinking about getting an accountant. If you don’t then you may find that you end up suffering in the long run and this is the last thing you need. It may be that you look into financial tech, or payment support too, so you can facilitate accepting more payments safely. If you work in the adult sector, it may be that you look into credit card processing for adult entertainment, as an example.
Lack of Process
If you don’t have a solid process or a solid procedure, then this will also work against you. You may find that you end up bottlenecking your service and this can make it difficult to expand. One way for you to work around this would be for you to make sure that you have a solid system in place and that everyone knows where they stand. Your team need to know their roles and they also need to have their responsibilities defined. If they don’t then you may find that customers fall through the cracks, and this can make things difficult for you.