Entrepreneurship is part of what holds the Canadian economy up. While big businesses may offer a significant percentage of job openings, small businesses are just as important to the fabric of society. If you are a business owner, there are many responsibilities on your shoulders, and one of the hardest tasks to manage is when those responsibilities increase due to growth.
Scaling up your company is an important stage in the lifecycle of a business. You have reached a certain level where production is solid, and it is now time to consider how to bring in more revenue and increase the scale of the operation.
However, scaling up without a plan in place could have disastrous consequences. If you take on too much, your team may become overwhelmed with the pace of growth and end up collapsing. Here are a few tips to scale up your business the right way in Regina, Saskatchewan.
Building the Team
People are your most important resource as a business owner. You may have all the automation and artificial intelligence in the world, but these technologies are useless without human ingenuity backing them. If the company is ready for growth, then it makes sense to start with growing your team to manage the larger operation that lies in the future. Before you hire any new employees, it could be time to optimize your recruitment practices. Consider listing job opportunities on high-traffic sites like Indeed to increase the size of the talent pool you have access to. Learn how to ask great interview questions to get to know the traits and strengths of the individual to determine how much of a fit they are. A stronger team can manage growth when the company is ready to scale up.
Acquiring Property
In many cases, growth means opening a new location for a store or office. The original workspace of your company can only accommodate so many people, so scaling up may require additional space for people to work. Finding the right property is a complex process that must be thoroughly researched. To make the best use of business resources, your goal is to get a good deal on a business property. Finding commercial property for sale in Regina may sound easy, but your ability to compare property prices and get a good deal will affect the company’s profits for years to come. Make sure you are balancing the need for space now with potential growth in the future.
Building New Spaces
If a pre-existing building is not able to meet the specific needs of your business, then it may be worth it to build a new space. Though it can be an expensive endeavor, the investment could pay off if the company continues its trajectory of success. There are a few things to consider when building a new structure for your business. What materials will make the building last longer? What energy-efficient technologies can be incorporated to keep utility costs low? What amenities will make your workers more productive and create an attractive property that could sell in the future? You will also need to find a quality construction entity to build the structure the right way. Building a new space is a huge step, so only consider this scaling strategy if the company has the financial means.
Outsourcing to Free Up Your Team
Perhaps you do not have enough resources to hire new workers or acquire a new property at the moment, but you still want to accommodate the growth that is happening for your business in Regina. One smaller step you can take is to outsource certain tasks to third parties that will free up your tea to focus on more important projects. For example, if your business receives a lot of customer calls with product questions, a call center service could cut down on the time spent on the phone for your team. If your website needs work, or a new mobile app could benefit your customers, hiring a digital marketing service or development company could save your team a lot of time. Outsourcing mundane busy work will create more time for your employees so they can focus on growth-related initiatives.
Stay Ahead of Business Growth
Though it may sound counterintuitive, many small businesses fail because they grow too quickly. The structure of the business or its leadership could be overwhelmed by the pace of growth and make poor decisions that are purely reactionary. This is why it is important to have a plan in place for the possibility of scaling up. When you plan sufficiently, you can quickly implement various strategies so that business output can keep up with the growing demands of your customers. Consider the four steps mentioned above and start forming a plan for your Regina, Saskatchewan business.
