Scalability, the Best Measure for a Sustainable Business Venture
“We cannot solve our problems with the same thinking we used when we created them.” – Albert Einstein
Forbes explains that scalability “means that your business has the potential to multiply revenue with minimal incremental cost.” When entrepreneurs are working to acquire financing, it is essential they present a clear, concise product with a unique pitch deck and reliable business plan. We have compiled a list of the five best tools and tactics to create a scalable business venture:
Choosing the right team and individuals to join your business can be a difficult and daunting process; but making sure the right skills and personalities are at the fore front of the business can make the difference in reaching product development, marketing efforts, and sales goals. We suggest choosing individuals looking to grow with your business, with bubbly personalities ready to take on any task asked of them.
Entrepreneurs cannot waste any time in developing their products and moving business plans forward. By forward thinking, entrepreneurs are consistently preparing for the next step whether it be a post on a website, attaining new clients, or developing a new product for the line.
Entrepreneurial ventures all need a business plan, and with that comes creating and developing an innovative operations strategy that meets the needs of the growing business and breathes room for expansion. This strategy should focus on product development capabilities and whether the business will outgrow its current facilities, if the team is large enough to meet the goals set, and if current resources are sufficient.
Efficiency is on all entrepreneurs’ minds as this determines the profitability of the organization. Entrepreneurs must create automated processes, manage their team, and keep costs low. Creating automated processes free up the time and energy of both the entrepreneur and other team members allowing them to tackle other tasks. Managing a team is more than just watching what people do, this means actively engage with employees to ensure they have the necessary resources, time, facilities, and training. Lastly, entrepreneurs must work diligently to keep costs low; they must watch product waste, resource waste, employee hours and more to ensure they are not over spending.
Relationships between both businesses and customers are some of the most difficult things to come by and keep. Entrepreneurs who ensure processes to maintain relationships by dedicating time, resources, and employees are much more likely to succeed during scalability. If an entrepreneur plans to scale, they must also realize that more people will need to be brought on board to ensure that the same customer service and relationship management is used as with smaller sales.