Scalable Business Market Research: 7 ways to build a scalable business
Creating a new business is always exciting. However, you will also face some challenges. One of the issues is, while your focus is on creating a small business now, it will grow once everything goes well. A scalable business is one that can maintain or improve profitability when the volume of sales increases. So, how can you build a scalable business? Here are some tips to help you with the process.
The importance of Scalable Business Market Research
To scale your business, you must perform Scalable Business Market Research. This type of market research is one of the best ways to investigate and discover how you can make your business more scalable. It will help you figure out what approach works for you. It will show you fast, easy ways to put things in place to improve your scalability.
Importance of exponential growth (vs. linear growth)
Linear growth comes with a set of pre-determined steps. Some of these steps might work for your business; others might not. Make sure that you opt for an exponential growth model. With this model, the growth rate of your business becomes more rapid as its size increases. You will need to study the market and look at trends. You can then identify any ideas that are helping your business grow at this particular time. Exponential growth requires a lot more research and work, but it can give you amazing results. Linear growth is not a function of what your business is all about, as it’s only a generalized solution. Scalable Business Market Research analyzes the industry and your company. The aim is to give you the best and fairest approach to taking your business to the next level.
How can you create a scalable business?
1. Create a wiki for your employees
To scale your business, all your employees must understand their tasks. They also need to know the procedures for completing these tasks. A business wiki will document all new jobs that employees need to learn. You can also have a handbook for new employees that showcase all the rules. As things evolve, you will have much better results, and your return on investment will improve. The wiki can include organizational information, structure, and internal services. It can also describe what each team needs to do, what software tools they can use and so on. Staying organized as you grow your business matters a lot and this is the best way to do it.
2. Automate solutions
First, you need to identify each business process. You then have to figure out what you can automate and what’s not suitable. The great thing about Scalable Businesses is that automation helps save employees’ time. Also, since automation is software-based, you can always update it as your company grows.
Use different solutions and systems for every major task
Using different solutions and systems gives you complete control over a single task. It’s easy to replace that solution if something new or better appears. You do need a CRM or ERP solution as a solid base. However, you can separate tasks like order management, time tracking, and financial reports. It’s easier to keep things under control, and you can upgrade a solution if you have to. If you ignore this step, you will have lower-quality results, because the primary solution might not upgrade a particular feature.
1. Create a comprehensive recruiting process
You can use software for this if needed. The idea is to nail everything down and keep adapting it to the job market. A comprehensive recruiting process will give you a strong pool of applicants. It offers proactive strategic alignment with company goals and accurate qualification screenings. As a result, your company will have high morale and reduced turnover.
2. Document all processes
You can’t grow as a company without documenting everything. You’ll also need solutions to help you track all those steps and documents. In doing so, you will have immediate access to every procedure, and you can identify the problem, then correct it. Documentation helps boost your growth in ways you would not imagine. Moreover, the return on investment is extraordinary all the time, which is what you need in a situation like this.
3. Skip sending emails to your team and instead use cloud collaboration or IM apps
The reason behind this approach is simple to understand. Sending emails all the time makes things very hard to track. With cloud collaboration tools like Slack, for example, things are way easier. You can create groups for every team. This step makes it easier to see the file and communication history. It’s the best way for workgroups to share equal space, receive updates and see all the information. It’s the same with IM apps: they make communication way better, and will help improve you results.
4. Outsource menial or very repetitive tasks
When you want to focus on growth, one of the main things to avoid is spending tons of time on menial tasks. A scalable business should always be ready to outsource repetitive tasks when needed. It’s simpler than ever before, and it will make it easier for you to achieve the results you expect.
If you’re looking to have a robust, scalable business, then it’s important to focus on market research. You’ll also need to do strategy research. Market research will help you decide what approach to take to get the best results. Preparing your company for growth and profitability early on is worth the effort.