TIPS FOR SCALING YOUR BUSINESS SENSIBLY

Scalability is the most important part of a business, it’s what makes it. Scalability is an all-encompassing company’s ability to handle a growing number of customers, orders, and requirements. Everyone starts with a hope of growing a customer base and increasing their sales revenue as soon as possible. And if the business does begin to grow, it will begin facing a completely new set of requirements or face losing the momentum. The only way to grow successfully is to create an infrastructure for scalability to accommodate your business needs.

The best way to take control of your scalability and ensure that your business has the best possible future is to start early. Proactively thinking about business scalability will make growth much easier when it happens. But if you have considered it, and have outgrown your initial predictions, here are some tips on how you can optimise your business infrastructure for your current users and prepare for new users.

CLOUD!

Cloud has truly become the innovation of this decade. In addition to being an accessible and considerably cheaper alternative to on-premise solutions, cloud gives the ability to access computing platforms and resources in real-time and much more efficiently than previously.

This drives organisational efficiency, increased resource performance and improved profitability. Additionally, the flexibility of cloud technology increases innovation, productivity and business competitiveness.

Another benefit of moving your processes to the cloud is that it allows your business to better prepare for the future eventualities, it will facilitate and adapt to change faster and help forecast your business financials. Also, cloud-based technology allows a business to scale faster and easier compared to traditional hardware requirements for scalability and often comes with minimal to no downtime.

ALWAYS BE PREPARED

Scaling too fast can be a huge problem when it comes to a smaller business, but even an enterprise can suffer significant damage if their operations spiral out of control. If you are anticipating growth, ensure that you have some form of forecasting available to you that will be able to accurately predict what impact certain business decisions will have on your bottom line. To avoid operational nightmares, make sure that every step your business makes is a calculated risk, measure each element of your operation as it scales and what impact any changes to it would have to your business.

EXPECT THE WORST

Business growth will inevitably pose a risk to your business. One bad move, one bad review, one decision that took your operations out of control and you are the thing of the past. Using business forecasting you can ensure that your business grows at a predictable and manageable rate. You will need to look after your business plan and alter it as your cash-flow and staffing requirement changes. Regular forecasts, that are enforced early on in the business, will help you to keep control over the changes of your business and in-depth business analysis will enable your business to prepare for the worst. Keeping a cushion to maintain your business and always ensuring that you have enough customers are coming through the door might just keep you afloat.

FOCUS ON THE CUSTOMERS

While scalability is a major achievement for any business, a firm will only manage to do so successfully by continually focusing on all aspects of customer experience. Every customer, user or client should have a uniform and consistent experience, from deliveries, customer services to the products or services you provide. Additionally, focusing on achieving a balanced customer portfolio is key in today’s fast-moving customer cycle. A now infamous example of Phones4U owned by private equity firm BC Partners, had to make a decision to shut its shops on mobile networks EE and Vodafone decision not to renew its contract. So ensuring that you still have a business after your core clients decide to move on is crucial for most of the business for their future.

By |2018-11-20T16:22:52+00:00November 20th, 2018|Cash Flow Forecasting|0 Comments