SCALING YOUR BUSINESS

Many business owners are unaware that growth and scaling are not the same. Growth is defined as an increase in capacity, operations, and revenue, but this increase comes with a concurrent increase in costs for the company to earn more money.

Scaling entails gradually and steadily expanding a business to sustain its growth over time. Your company is scalable if it can handle increased customer demand without significantly increasing its expenses to meet that demand. With scaling, you sacrifice less to get the same results.

How do you scale your business?

1. Automate processes

If there is anything that the current pandemic has taught us as entrepreneurs is to learn how to be innovative. We were forced to leave our comfort zones. We had to convert some of our services or products sales to be obtained online. We learned to be more virtual. Some companies have also realised that they do not need staff full time at the office. Which became beneficial for both the employer and employees. Employers save in terms of office consumables, employees can now work flexible time and are able to spend more time with their families as they wouldn’t spend most of the time stuck in traffic traveling to and from work.

2. Offer skills and support programmes to your employees

In as much as customer retention is important to our businesses but the most important stakeholders in our organisations are our employees. Equip them with more tools and resources so that they can perform better. Keep them engaged and interested by facilitating with more skills and development to be effective at their jobs.

3. Have a plan to reach your target

When you have all your goals written down and plans on how to achieve them, you need to revisit them as often as possible so you can remain accountable. Scaling is an excellent time to be in check of your progress and reflect on the new direction your company is taking.

We need to speak about growth and scaling as soon as our businesses start operating. Often we glamorous being small business owners long enough. Let’s allow in opportunities to expand.

Happy trading!

Compiled by Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting. Dikeledi is a registered Business Accountant, Tax Practitioner and Business woman.

To book a consultation with her please email her personal assistant on PA@matsobanemetja.co.za

Scaling your Business

Published by Matsobanemetja Business Consulting

Business to business service company that provides exceptional quality to its clients and maintains accurate & professional Bookkeeping, Accounting, Taxes, Consulting Services, Business Coaching & many more.

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