Learning how to scale a successful business effectively can be challenging. Many companies will likely reach a point where it requires more capital for new hires to optimize performance, yet it may not yet be feasible to do so with the current state of growth and sales. This will require one to find additional ways to scale, or rather grow, the business despite such limitations. Avoiding common scaling mistakes will significantly increase the opportunity for success.
Understand Customer Actions
From where are sales and growth originating and from who? In certain circumstances, the target demographic around whom all marketing initiatives were centered may turn out to be entirely different for the product after several months. Step away from what the product is to be used for and who would use it to determine from where and to whom you are selling. Use analytics and metrics in a variety of areas to help, including customer feedback, a CRM system, social media and search engine analytics.
Listen to the Repeat Customer
Sales are strong and countless hours have been spent developing the product. However, does the team listen to the customer to ensure growth is inevitable? To achieve long-term scalability, focus on listening to existing customers about their wants and needs. Consider the 80/20 rule that states 80 percent of sales come from only 20 percent of customers. Listen to those who actually make purchases to scale successfully.
Hire and Develop the Right Employees
It can be challenging to find great employees for your business that will stick around. When searching for new candidates, it is essential to speak to the desired skills and qualities along with the job description. New hires will want to be aware of growth potential and should receive an extensive onboarding and training for their new role. Develop an open source of communication and sense of trust early on to retain and motivate new employees. Continue to monitor employee engagement and training opportunities when scaling your business to prepare for any opportunities in growth or position changes.
To scale a business for years rather than months, listen to repeat customers, train and develop your employees and understand from where revenue originates. With these steps, any business can avoid the pitfalls of those who have failed and develop a thriving business for decades into the future.
Kelly Hoggan has over 30 years of experience in aviation security, operations, and technology. He is the founder and principle of H4 Solutions, which provides aviation security consulting.