Launching a start-up is an exciting prospect for any entrepreneur, one that will have them working to ensure the venture gets going in the right direction. Once the start-up manages to navigate the initial challenging phase of getting off the ground, it’s not long before the business will need to think about how to establish itself.
The transition to becoming an established company requires the start-up to consider the adoption of aspects such as corporate policies, a structured approach to financial management, project management methodologies and customer service. Making these changes can be quite the challenge for entrepreneurs; some may embrace the change and move along with it, while others might prefer to pursue a new vision and exit the company. Regardless, the transition has to be well considered and planned to make it a success.
When the transition is handled well, the result is an established firm that can compete against other players in its industry. Thomas Noel Collister Jackson, a UK-based solicitor has advised many entrepreneurs who have gone through the process and come out at the other end better off.
The following are some aspects that entrepreneurs should think about as they consider scaling their businesses.
Embrace Long-Term Thinking
To help speed up the process of scaling, entrepreneurs need to adopt long-term thinking in the work they perform. This kind of attitude helps shape the decisions they make early on, including hiring the right people to whom they can delegate work. Big picture thinking also ensures entrepreneurs keep their focus on gaining the right type of work (and customers), and it helps them set timelines for achievements and projects. Setting timelines raises a sense of urgency in the business, something that can help generate the right momentum for business growth.
Craft the Right Company Culture
The right culture can provide opportunities for growth, both within and outside the company. A culture that empowers employees and encourages them to grow, innovate and collaborate is one that can build the energy needed to take the business higher. Scaling requires a lot of mental, physical and emotional strength and intelligence, and having a culture that promotes the right habits can boost motivation for all involved.
Establish Processes
As an entrepreneur, clearly define the best way to pursue the growth opportunities that present themselves. From there, seek to establish the processes and systems that will allow for measuring and replicating progress consistently. Understand the aspects of the business that have a positive impact and focus on making them even better.
Realise also that pushing the company to higher levels also requires challenging beliefs within the team about how big the start-up can grow. Believing in an attainable goal pushes the team to work smarter and do more to help achieve the dream.
Consider Automating or Outsourcing
If there are aspects of the start-up that are particularly labour intensive, the entrepreneur must consider automating or outsourcing these aspects to make processes more efficient. This means finding ways of automating billing and payroll, having training videos ready to fasten the onboarding process and even automating some of the marketing tasks. Where automation is not an option, outsourcing should be considered. Tasks like office cleaning and design work can be outsourced, and only when the business has scaled comfortably can consideration be made for having them performed in-house.
Show Restraint in Key Areas
While scaling means expanding certain areas of the business, there are some key areas to show restraint:
- Hiring – Aim to stay lean as you grow and don’t take on too many people as this can take the focus away from the start-up’s core business.
- Spending – Avoid the temptation to get loose with money, and only spend on areas that grow the business.
- Product Development – Before adding new features to the service or product, make sure it does a few things better than the competition.