Nov 15, 2022

Scaling your business: The biggest challenges

Running a stable and structured business is the ultimate goal of every business owner, but what happens once you have reached it? Some will have the ambition to increase the size of their company, some will want a higher revenue or a new market to operate in, and what they all have in common is that they’ll want to grow.

Let’s first define scaling, i.e. business growth. Scaling is a stage of the business journey in which your business is ready to expand and explore new ways of generating more profit. There are several different forms in which you can scale, including entering new markets, introducing a new product/service or extending the existing ones, partnerships and mergers, etc.

Whichever form fits your business intentions, the process of reaching it is complex and challenging.

What are the biggest challenges for scaling?

Understanding your business condition is your starting point for any decision-making process. Goals and ambitions aside, you need to exactly know what your company is ready for and capable of. By thoroughly looking into all internal and external factors that influence your business, you can identify, evaluate and minimize the potential risks. Regardless of how simple and obvious this may sound, many businesses overlook this step and, eventually, fail to ensure long-term results.

The second challenge is to find the right opportunity for growth. Growth often doesn’t come naturally, yet it is a pressure that every business owner has on his back. To stay viable and competitive, your business needs to evolve. The ability to recognize the right opportunity and time for change requires extensive knowledge and skillset within the industry you operate in.

There are various techniques you can use to address these challenges, including business health assessment and marketing assessment, which have proven useful in understanding the current business state and mapping out the roadmap for the desired one.

Once you have taken care of the “business” part of your scaling journey, it’s time to explore solutions that can technically enable your intentions. So, your next challenge is in choosing the right technology. With the vast availability of tools and service providers, it’s harder than ever to understand what is the best answer for your business needs. One wrong choice can do more damage than benefit, costing you time and money, and sometimes even the entire scaling opportunity. 

Let’s say you’ve picked the appropriate tool, made the purchase, and the only thing left in your scaling process is to successfully implement your solution within your organization. Here comes your next big challenge – making sure that the digital readiness of your employees is high enough to embrace this change and ensure the success of your scaling intention. 

Technology is as only good as how easy it is to use it, so consider this factor too when evaluating your options. Sometimes standardized solutions can’t offer you all the features you might need, so consider investing in a custom-built solution that is designed specifically for your business needs instead.

The process of scaling is timely and often exhausting. If you are running a small business or have a fear of the unknown, the best option for you might be to seek an extra pair of hands to help you go through this journey. Consulting companies like SEEBA, with industry expertise and experience in leading companies through the process of change, can be of invaluable assistance in reaching your business targets and also in ensuring the best use of your resources and market opportunities.

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