The procedures and strategies they followed may also work for your business, and may in fact “be one of the keys to a more successful operation,” Seeley says. Of course, there are some things that humans will always do better than software—and for other things, you may simply need more hands-on support (e.g. taxes). For those tasks, consider hiring freelancers, part-time workers, or experts (like an accountant).
Our easy online application is free, and no special documentation is required. All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout how to scale a business the program. No, all of our programs are 100 percent online, and available to participants regardless of their location. We offer self-paced programs (with weekly deadlines) on the HBS Online course platform.
Research your target market.
If your staff is already involved in other projects, you can only handle the new client by adding staff. Instead, they help the organization understand how to sell better. Would your demos be more qualified if you had a discovery call first?
Nail down where your business is right now, as well as where you want your business to go. Use the resources below to get started and consider the next steps in scaling as you create your plan. To achieve an increase in bookings, Skok recommends making early access sales, ensuring customer success, identifying a predictable, repeatable strategy, and making that strategy profitable. A risk reducer is any company attribute that reduces risk for investors or customers.
Develop a localized strategy.
The founders can’t be involved in every detail of the business once it scales. It’s important to recruit seasoned leaders with specific skill sets or develop employees who can thrive in environments with more specialized roles. Sally has over a decade of experience in print and online journalism. Previously she was the senior editor at SmartAsset—a Y Combinator-backed fintech startup that provides personal finance advice. There she edited articles and data reports on topics including taxes, mortgages, banking, credit cards, investing, insurance, and retirement planning.
Once you have evidence of product-market fit, it’s important to stop and assess how fast you can, and should, grow. Here’s a closer look at what each area means and its potential impact on your growing business. “Find managers who can make thoughtful yet authoritative decisions quickly,” Kolodgie says. He adds that it’s crucial to have a trusting relationship with those managers, since you’ll be handing off a big chunk of your current role to them.
How to Write a Business Proposal [Examples + Template]
Shared values represent a company’s culture, and are what defines how employees interact, solve problems, and work with one another, according to Rayport. As individuals encounter challenges and learn how to collectively address them, particular patterns are reinforced and ultimately coalesce into shared values and beliefs about how work gets done. On the downside, “by raising external capital you lose some of the ownership and liquidity of your business should you want to sell your company. You also have a fiduciary obligation to external stakeholders that you don’t have when operating bootstrap,” Dalagelis notes. His mission is to help 1 MILLION business owners 10X their success. Combining these techniques and resources enables the business owner to make informed decisions and adapt to evolving market dynamics.
- You’ll know your sales organization is thriving when bookings begin to increase.
- If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice.
- Discover whether your business is ready to scale and how to harness actionable tips to elevate your brand, increase revenue, and move forward sustainably.
- Scaling up means a higher volume of sales and your supply chain needs to be equipped to handle that.
- Remember, building strong partnerships takes work, but when done right, it can supercharge your business’s growth.
- Here’s how to know when to scale your business and seven tips for doing it effectively.
- If hiring is part of your scaling strategy, you should hire where an extra person would be most effective.
To foster innovation and creativity, integrate continuous learning and experimentation into your company culture by investing in team growth. Provide regular training sessions, workshops, and access to resources to keep your team updated with industry trends and tools. When scaling, you need every aspect of your organization to run smoothly to reduce bottlenecks and inefficiencies.
Recognizing and addressing cultural nuances and other factors that may impact your business is crucial when entering new markets. This involves adapting product offerings to suit local preferences and ensuring compliance with local regulations. It’s also important to analyze the competition and identify gaps your business can fill to give you a competitive advantage.
