Is Your Business Scalable?

October 31, 2017

 

 

Start with a Scalable Idea: The best example of scalable product is a software application. A hosted software application is scalable because companies need not spend money on producing something new every time they sell it. Once the software has been developed, companies can produce its unlimited clones, without having to incur additional costs. Similarly, you can begin with a scalable idea and find out any gaps in the industry where there is an opportunity for your business to grow.

 

Concentrate on Big Picture: If you start with a small idea, your progress will not turn out as expected. So step back, concentrate on the bigger picture and think long-term. Remove yourself from the daily grind of running your business. Even if your idea is compelling but your targeted audience is small or you are not able to produce in scale, it will not work. Either you will not achieve complete success, or your business will not scale effectively. Thus, you are required to see the bigger picture when working on scaling your business.

 

 

Keep Improving: It is not always feasible to scale your business based on original product or pricing model. You must find out additional ways to provide your business with multiple revenue sources. Sometimes, it just takes a while before you come up with the perfect solution and an ideal business model. All you need to do is continuously work on improving both. You may have to experiment with several business models before you find out the right one for you. Have the patience to go through different processes and learn from each. Find out what works and what doesn’t and understand how you can improve it.

 

 

Develop a Scalable Business Formula: To build a scalable business, you need to develop a scalable formula. And so, it is important to find out metrics that are crucial for your business model to prepare for growth. The best example of a scalable formula would be spending more on marketing to bring in more leads that keep converting at an increasing rate. It’s easier to scale when you have a core scalable formula like this, and you just need to invest resources into it to multiply the growth exponentially.

 

 

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