How to Scale While Saving Time and Money
Are you looking to expand your business boundaries but the thought of all the money and time that will be spent is holding you back? One of the biggest challenges, especially for startups, is scaling without spending much time and money. So, today we’re going to help you do just that.
So, why is scaling so tricky to master? Many succeed in reaching a certain goal, but their sustainability falters, especially if a venture capital group doesn’t support them. It’s no secret that most businesses fail to scale due to the owners’ lack of experience in implementing effective business strategies.
Extending a business does not have to take forever or break the bank. With the right combination of tools and proper utilisation of data, you can be on the road to success and join the 8%. Here’s how to do it.
Keep your goals realistic
As a business owner, you’ll likely be tempted to set ambitious targets and hold your staff accountable for achieving them. But, this can work against the expansion and success of your company.
Instead, you should aspire to learn everything there is to know about your market and the requirements for your company. Reworking the company's skewed goals, objectives, and ambitions can help build a robust growth framework for your business.
One of the best companies (when considering sustainable growth, anyway), is Walmart.Walmart chose to focus on the local markets in the demographics of the Midwestern states rather than racing after major cities for a quick increase in sales.
The supermarket tycoon was able to compete with strong marketplaces like K-Mart while conserving energy and resources by selecting winning prospects.
Many small steps are way less risky than one giant leap.
The key to scaling your business is to create a system that works for you even if you’re not there. The right tools and services will help you achieve your goals. And one of the best ways to do that is using AI-driven software.
“Scaling individual digital solutions can generate revenue increases of 9% to 25% and cost savings of 8% to 28%.” - Boston Consulting Group.
These apps are both cost efficient and save time and energy, streamline your procedures, and generate more leads and revenue. They can be used for various tasks like scheduling meetings, sending emails, or generating content for your website. 66% of enterprises worldwide have increased their revenue by adopting AI technologies.
AI can help you automate repetitive tasks like data entry, content generation, and customer service. It can also help you save money on marketing by generating personalised ads at scale.
Don’t fear the data
Many business owners get into trouble because they believe raising expenditures will raise income. Profits frequently stagnate or even decrease because of this. Don’t let this be you.
Collecting and analysing data can help you better understand your clients and business. Forbes reports that 59% of companies use data analytics in various ways to improve decision-making and boost productivity.
A thorough analysis of your data can help reveal unnecessary spending or point up strategies for increasing profits without making a big financial commitment. You can demonstrate how, for instance, raising expenditures for one program affects your whole budget. You can then simulate other scenarios and more accurately predict the effects of that decision.
Implement a flexible staffing model
Startups all too frequently recruit workers too soon after receiving funding. The smart thing to do to have an A-team is to hire slowly and fire fast.
Outsourcing, an industry worth billions of pounds, is crucial for corporate expansion while attempting to keep costs down and save money. Without a team, no one can experience exponential development. To be successful, though, a full time crew isn’t needed.
“Keep your sales pipeline full by prospecting continuously. Always have more people to see than you have time to see them”- Brian Tracy.
Outsourcing to a third party organisation or a freelancer is a terrific method to complete the task at hand, without having to worry about the overhead of staff salaries or other costs. You can find most of the products and services you require through outsourcing.
Keep a check on your expenses
You need to keep track of every pound of income your business generates and how effective it is. Think of each expense as an investment, and calculate the return you may expect. The ideal course of action is to occasionally get assistance with the tasks that others perform more adeptly so that you may concentrate on the tasks that are uniquely yours.
You may increase your profits by using leverage and investing. You can raise extra cash without leaving your organisation by redeploying misappropriated or inadequately allocated funds.
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Capitalise on your USP
Most businesses aren't aware of their position in the market or what sets them apart from competitors. You should identify your competitive edge since, without one, customers won't have a compelling reason to support your business. Knowing your USP allows you to add a unique twist on how your product or service is provided.
For example, the owner of an auto parts store figures out that he is better skilled at providing car maintenance than selling car parts. The store owner then directs his focus on staff maintenance and specialises in all tools and techniques required to fix the broken parts that come his way.
A company's ideation phase is where scaling a firm really starts. You need to be clear about where your company will be in ten years. You’ll generate more revenue by using the funds in your company's accounts, the expertise of your staff, and the right technologies—all without increasing your spending.
As an aspiring business owner, you need to acquaint yourself with implementing the best scaling practices without making your cash flow worse. With Accountancy Cloud, you'll get an online accountant that works with your budget and adapts as you grow.
We're here for the long haul, so contact us today!