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Ready for growth? Tips for scaling your start-up.

Most business owners strive for long-term success and growth. However, to have a chance at achieving those goals, a strategy should be put in place for scaling. 

While ‘growth’ refers to the revenue and resources increasing at the same rate, ‘scaling’ refers to the process of identifying ways to grow more quickly and efficiently. 

By taking the initiative and scaling your business, you can ensure that your business grows at a more sustainable rate. 

Pitfalls of scaling 

Whilst scaling can be an effective tool for ensuring the growth of your business, it is important to acknowledge issues you could run into before you start planning. 

Common errors that businesses experience include: 

  • Scaling too fast 
  • Prioritising short-term instead of long-term goals 
  • Losing focus 
  • Hiring for quantity over quality 
  • Overlooking processes and systems 

These common pitfalls can be easily avoided with strategic planning and the help of an accountant. 

Planning for profit 

If your business is looking to scale, one of your top priorities will be to increase sales and profits. 

Your initial instinct may be to attract new customers, but it may often be more cost-effective to build relationships with your current client base. This can not only help to retain customers but also make them more receptive to any price increases you may need to implement. 

To ensure that you are scaling your business rather than growing, it is best to increase your profits without taking on extra resources. 

Some tactics include:  

  • Targeting a narrow market 
  • Gaining a better understanding of your customers 
  • Addressing feedback both positive and negative 
  • Building a skilled but not necessarily large team 
  • Develop a marketing plan 
  • Refine your message 

Structuring your team 

When it comes to scaling up, ensuring that you have the best staff on hand is vital. Qualified and experienced staff may require more pay, but they will also be able to take on more job responsibilities than someone who would accept less pay. 

To ensure that your team are right for your business, you should identify key hard and soft skills that you are looking for. 

These can include their customer service skills and qualifications that they may have. 

You should also consider if employees will fit into your long-term business goals, and if they are capable of driving growth forward. 

Investing wisely 

Part of scaling is about limiting resources where possible. 

Putting your profits back into your business should be considered carefully and strategically, with investment only going into areas that will increase efficiency. 

One example of this could be to invest in technology that streamlines your processes. There is software available that can help you to onboard both staff and clients, even improving your relationships with both. 

Another key component you can lean on technology for is keeping on top of your finances. Accountancy software can simplify the way that you access your business accounts, as well as open opportunities to automate repetitive processes. 

An accountant can help you to set up and maintain your online accounts, and even help you to ensure that you are staying compliant. 

Accountants are also a great investment, as they can provide data-driven business advice that can help drive the scaling of your start-up. 

Get in touch with our team today to find out how we can help. 

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