Scaling your Business

To scale a business we simply make it bigger, especially in operations, leadership and revenue. Of course, growth comes at a price, but an increase in revenue and profit should offset those costs. So what is needed to scale a business? There are three critical areas that one will need to focus on when positioning a company for mass expansion or growth.

Operational foundation

Solid foundations can remain for decades and centuries to come, while frail foundations usually end in ruin. Two important aspects of a business’s foundation are automation and technological advancements. Most companies are no longer just based in storefronts with reliance on walk-in customers. Some companies are now remote. Those who want to grow will need to experience the paradigm shift of using technology in structuring the foundations of their organization. This can be in the form of electronic meetings, flexi-schedules, improved software and automation or in business processes. Too long have we rejected new technology in fear of the possible mass redundancy that could result. If a company acquires Artificial Intelligence (AI) or software to replace a department or certain jobs, retaining those persons in areas where they strive is a definite option. Retraining displaced workers is also a great way to update our workforce.

Human Asset Development

Organizational and leadership development are the next important factors. We characterize organizational development as developing the human assets in an organization, they are the most crucial asset after all. This is not just where leadership or management gets trained. Every individual within the organization should go through mandatory training. Often we see where leaders in a company are impeccable and meticulous then downward spiral persists like a downward negative slope from middle management to front end customer service employees. Training leaders is important, thus an appropriation of 55/45 is not a bad goal for companies. Leaders receive 55% of the training budget while all other employees benefit from 45%. Once a company focuses on the development of leaders and employees, that company is set for growth as employees become better decision-makers and there is no more need for micromanagement.

Innovative Campaigns

This final strategy for scaling a company is one of our favorites. That is, finding your next innovative campaign. It involves doing something big that will attract new clients and retain existing ones. Jamaican readers would likely recall the Mother’s Patty Company commercial that showed their different patties on stage singing. This is an example of a vibrant and innovative ad campaign. The commercial was entertaining as it emulated Jamaican musical culture and as a result informed and spoke to a wide cross-section of the population. This campaign also had scores of customers wanting a taste of their flagship ‘Power Patty’. It also promoted their meatless offerings while assuring customers that the long-standing products containing beef, chicken and cheese were still there to their liking.

In order to come up with your next innovative campaign, your goal, audience, motive, budget, collaboration and launch date need to be clear to you.

• The goal is what we want from the endeavor. The audience is who we are speaking to and want to reach. You would need to target a particular demographic. For instance, Redstripe would market to persons 18 or older within the Jamaican diaspora.
• The motive should consider the desires of the company and its target audience. What do you want to accomplish from the move? Which of your customer’s needs can you address?
• Consider your budget. It is important to know how much money you would be willing to spend on the venture. Budgetary constraints will also need to be considered. Perhaps you may need to secure additional capital.
• Collaboration is also a good tool for innovative campaigns. Perhaps you lack expertise in a particular area you are considering entering. That is perfectly fine. You can consider hiring a specialist in that particular area or several areas. It may also be helpful to hire an outsourcing firm who can do research for you and find the resources you need.
• Finally, you would consider launching your next innovative campaign. Sometimes you may need to be strategic on when to launch. This is something to consider carefully.

We will go into more details in future articles.

Author: Razzio Hall Editor: Amanda Myers