Every Fortune 500 company started as a simple idea from an ambitious entrepreneur. Thanks to the entrepreneur's ambition, dedication, and hard work, it scaled up over time. Of course, certain factors played a huge role in how the company grew and became successful – things like focus, the right time, having the right people, and working hard all were a part of the success of those companies.
Scaling a business has never been as equally challenging and as essential in today's world. The odds of succeeding are stacked against you. But there are still plenty of opportunities for your company to achieve success. The best way to scale up is to see what other successful companies did and replicate that and avoid the mistakes they made.
Today, we will be exploring some of those practical ways of scaling you can implement in your company.
Invest in Your Employees
Companies that invest a lot of money into their employees do it for a reason. Investing in talent both can help your company grow and attract top talent that will potentially help your company grow even more. Investing in your employees will help make them loyal to your company, and they will have a better and more fulfilling work/life balance, which will result in them working harder.
Many companies invest in their employees by paying for their courses and training. Some companies also pay conferences and seminars for their employees to attend. Another way that companies invest in their employees is by paying for their gym membership, or places in coworking spaces, as well as equipment for their remote setups. Some companies even pay the internet bill of their remote employees that are working from home.
When your employees know that you value them – and investing in them is one way to show you appreciation – they will share your company's vision and do more to help your business thrive. When employees feel valued, they will become emotionally invested in your company, and they will want to contribute more to the company's success.
Delight Your Customers
Customer acquisition is essential in any business, but retaining your customers is equally – if not more – important. The way your current customers perceive you can either make or break your business. If you want your customers to praise you, you need to deliver exceptional products, services, and experiences, and do everything that you can to delight them.
People trust the opinions and recommendations of their friends and family the most, which means that when you wow your customers and share their excitement with their loved ones, your business will likely grow.
To wow your customers, you do not need to make radical changes to your business. All you need to do is to cater to the needs of your customers and be there for them even after they have made a purchase.
To measure the satisfaction of your employees with your service, you can survey your customers. This is one of the best ways to exactly know what your customers like and dislike about your business and the products or services you offer.
Also, if you know that some of your customers are leaving you, you should survey them to find out exactly what their reasons are. You can then use this feedback to improve your business and your offerings.
Simplify All Your Processes
The main reason why you should simplify your processes is that complex processes take time. The more complicated a procedure is, the more meetings, back-and-forths, and more people it requires. This slows down your business and its ability to grow. The simpler your processes are, the easier it is for your employees to stay engaged with your employees.
Follow Your Progress
As you grow your business, you need to hire more people that can handle various tasks. As a business owner, you cannot be involved in everything, which is why you need to delegate your tasks to others and let them handle the work. However, this does not mean that you should tune out from your company. You still need to be involved, just not directly.
One of the best ways to stay involved with your remote company and your employees is to learn how to monitor work from home employees. The best way to monitor your remote employees is to use employee monitoring software like Insightful. With Insightful, you can keep an eye on everything that’s happening like your employees are sitting next to you.
By knowing how to monitor work from home employees, you will get proof of work, and you will be sure that your employees are still doing the job you are paying them to do, even though you are not directly involved. Not to mention that apps like these can help you improve productivity, discover bottlenecks and processes that could be simplified or automated.
There Are No Shortcuts
As your business starts growing, you may begin to wish to make a few shortcuts here and achieve your goals faster. However, this is going to cripple your path to success.
Every time you take a shortcut, you make compromises at the expense of your employees and your customers. This goes against the philosophy of scaling up and is likely going to cost you.
For most businesses, the path to success is in scaling, not growing the business. The right way to scale your business is to start at the ideation stage. You have to know exactly where you want your business to be in the next ten years.
Only by seeing the light at the end of the tunnel, scaling your business will make sense. With the right planning, hiring the right people, and a mindset that always pushes forward, scaling your business will not be a problem.