With the ever-increasing competition and dynamic business environment, entrepreneurs have to keep their mind, body, and eyes open to seize the opportunities and to differentiate themselves and their business from those present in the market. Scaling up the business is what differentiates a small business and a startup from the rest.
However, everything is easier said than done. Scaling up your business does not happen overnight, you need capacity and capability for that. Also, your team and your business need to have the capacity to grow and accommodate the growth.
Blincventures.com in collaboration with Ke Chha ta podcast recently released its limited podcast series joined by Nabin Maharjan, co-founder of Blue Waste 2 Value to talk about Business Scale-up.
Here are three critical steps to consider when scaling your business:
Accurate and proper Assessment
There is always the right time for everything. Sometimes you’ll need to jump right in but sometimes you’ll just need to wait for it. This is now scaling up exactly works,it can be a make or break for your business. Thus, a good assessment of the purpose of what you are going to do with the company is vital to understand whether your business needs a scale-up or is it a mirage you’ve created.
Once having decided to scale up is a necessity, you will need to start planning. You will have to develop and prepare step by step timelines and schedules on how the scaling up will move forward. An entrepreneur should never rely on luck, proactive actions need to be taken.
Get the resources
You will need resources to move ahead with your scaling-up journey. Scaling a business is not a free lunch. You will have to hire new people, deploy new technology, add new products and services, all of which require additional funds while taking into consideration the legal requirements and the market.
Prepare your Team
You’ll have to prepare your team for the scaling-up process and the changes that will be driven by it. Infrastructure, finances mean nothing if the team is not ready for the change. They are the catalyst that is going to make your scaling-up process smooth and efficient.
Thinking and planning about scaling up? These are the four things to consider when scaling up your business for more detailed information check out our podcast with Nabin Maharjan here.
Article by Trishna Shakya