Scaling up a business isn’t an easy task, but it can be made easier. Our business acquisition process often involves how we’ll scale a newly acquired company and typically we use some, or all, of the following strategies to help with that.
Acquiring Other Businesses
One of the easiest ways to expand and scale your business is simply to buy others that are in the same field or industry as your current company. They don’t have to be independent of your competition either, you could acquire the business of one of your competitors for mutual success based on both of your services or products.
Acquiring other businesses can also provide opportunities to use their services as a platform for even more rapid growth as well.
Creating a Sales Funnel
Managing a business takes a lot of time; any tool, strategy, or technique that will save you even minutes can make a big difference in scaling sooner than later. One of those key strategies is setting up a sales funnel.
A sales funnel is the process of turning someone interested in your business to an actual customer or client through marketing and turning their awareness of your company into action taken on purchases. This process can be refined over time, but setting one that’s straightforward and clear can reduce headaches managing what marketing efforts actually worked.
Setting Up a Customer Management System
Speaking of managing, stop having to go through every one of your transactions with a fine-tooth comb. There are a multitude of customer management system (CMS) software tools out there like SalesForce or Quickbooks that are worth it to set up and save time.
You’ll also have a much easier time scaling since you can just check in on your customer transactions as opposed to managing invoices manually.
Leveraging the Appropriate Platforms
With the online space so active, finding ways to bring your services or products online can improve your sales and help you scale accordingly. This could mean adding your products to easy-to-access online sites like Amazon or adding your services to service-based online platforms.
Looking for New Opportunities
Scaling your business is also about looking for opportunities for new ways to reach your audience of potential customers. For example, you could start offering an additional service that complements your existing ones to provide a more seamless experience for customers or building an audience.
Overall, scaling a business needs to be done carefully as there can be serious growing pains if there are current issues that aren’t addressed before trying to go bigger. Following the above strategies and tips, you’ll be able to expand quickly and effectively.