At Inc & Co, I get the opportunity to work with a large group of businesses in different industries ranging from sports analysis (Skylab) to the creators of the world’s most comfortable sofas (Maker&Son). As I have witnessed every business has to start from somewhere, which can be a difficult task if you don’t know how to handle the pressure.
Once your company is up and running you can begin to think of the processes, you’re going to make to ensure your company can reach its maximum potential, or at least try.
After years of experience and tons of trial-and-error scenarios, I am going to share my top tips on how to scale your business, from someone who has ‘been there and done that’.
Find your Target Audience and Niche
Every business startup needs to know who they are marketing to, and why they are marketing to that specific demographic. Having a clear structure and definition of your target audience allows you to adapt your content and business to make it even more appealing and stand out from the crowd. Once you have decided who you will be targeting, you are able to focus on tasks beyond your product, which leads me to the next top tip.
Identify your Business Strategy
Having a clear and decisive business strategy allows you to perform tasks that will benefit the business’s growth and progression. Things that need to be accounted for are where you would like to start, where you see the company in the future and what are the goals and objectives of the business to get there. Once those decisions are made you can begin to think of a plan for how you will reach those goals and bring the company to success. A business strategy is crucial, and it doesn’t have to be on paper, as long as you know where you need to go, and how you’re going to do it. Sometimes your initial strategy won’t work, and it hasn’t always for me, so don’t be afraid of adapting and fine tuning your plans.
A Trusted Team
Having a strong and trustworthy group that can execute the business strategy correctly and efficiently will benefit your company massively. That is because they will all have a large understanding of what you expect from them and how you want the business to progress. I have found that with trusted people within my inner circle, I can discuss and rely on them to bounce ideas, talk about bad decisions and hear that they think. If everyone in the team is on the same page, you will notice a massive difference throughout the entirety of the business.
Building Strong Partnerships
Once you have begun to see the company flourish, it is always the right idea to keep expanding and reach new markets and audiences but do this slowly at first. Building strong partnerships and relationships allows you to promote your product or service across multiple channels, which has recently been tested with Maker&Son who are the headline sponsor of the ‘Ideal Home Show’ from the 22nd – 26th of November, this event brings in over 100,000 keen furniture enthusiasts across the UK into one area.
Expand, Expand, Expand
Following from the previous tip, you want your business to continuously grow and achieve more. Reaching new audiences and markets across different countries and continents allows your business to sell more products and increase the company’s sales. Be mindful of different markets though, tone and messaging might be perceived differently depending on which language is spoke in your target country.
Finally, Building a company is more than selling a product, it is building a brand that can have the potential to be around for multiple generations and it all begins with structure and resilience. When you have everything planned out, be prepared for changes, though as that may come throughout the process, where you need to take a step back and find what is working and what isn’t working.
Failing along the way will be guaranteed, but share your experiences with your teams, your close circle and learn from what others think about how to get better, after all, you won’t be the only expert in your team.