When it comes to growing business, there are various perspectives and strategies, which proved to be effective. There are some key points you can benefit from in the process of scaling and growing for your company or startup. So, what is scaling? What should be considered? 

What is Scaling and Growing? 

Strategies that you have planned in order to achieve the incremental intended growth for your business is the subject of scaling and growth. Scaling is assuring either achieving growth by avoiding any obstacles when faced with an increase in demand or achieving profit by decreasing the volume. In other words, scaling is the protection of profit by providing flexibility of your business in different scenarios. Growth is a factor that follows the scaling phase. It is directly related to the increase in the rate of profit. That is why all entrepreneurs and business owners must give great importance to scaling and growth study to turn their business model into a more sustainable and organized model. 

What Should Be Considered During the Startup Scaling Phase? 

Different researches carried out proved that %70 of startups have trouble in the scaling process. At this point there are some methods that can be put into action to market his process easier. Here are some of these methods: 

1) Identify Your Target Audience 

 

One of the most frequently done mistakes in the business world is not identifying the target audience at the beginning. It is not possible to expect companies, who do not carry out a specific and realistic target audience study before anything else, to succeed in their long-term growth plans. Any company or startup who would like to grow, must carry out a target audience and personal study first. In addition, they must position the components of the company such as marketing, human resources, engineering etc. in accordance with this frame. 

2) Be Realistic in Your Growth Goals

Defining a strategy in accordance with the current state of your business today and the expected volume you expect in the future is one of the critical factors of a successful and professional roadmap. The first step, when identifying the growth target, is to collect tangible data, analyzing these with your whole team and exchanging ideas. You must take instantaneous potential data and the targets for all times together and in this sense should not deviate from consistency and principle of reality. All professional enterprises are unique within themselves and work in the best conditions within their scope. One of the most important factors in moving forward without the loss of budget, time or energy is to reach a consensus with your team on a realistic platform and take concrete growth steps. 

3) Try Out Different Strategies and Observe

 

Adopt a viewpoint that knows a single prescription that appeals to all business models that do not exist and keep an open mind to different strategies and be disposed to try them out. During this stage where you are building and growing your business or startup, there may be people or institutions that you follow closely and are inspired from. This might constitute a source of inspiration both for you and your team. However, you must know that every formula cannot be adapted to each business model or even adapted can guarantee growth. There is no magical resource where companies or startups turn to. It is necessary to update your road mad from time to time. You should design your growth targets accepting the fact that there might be periods where you will have to take risks. 

4) Build a Team with Shared Values 

Working with a solid team does not only bring productivity and success but at the same time the opportunity to have sustainable growth. Working with people who share your vision and who are competent in vital skills for your company will advantage your company or startup in the long run in terms of budget, time and creating value. A team created strategically and in accordance with the business frame is one of the core factors that facilitate growth. Employees with potential assure growth while keeping the motivation factor alive. Keeping these in mind whilst building a team in which the employees are sharing entrepreneurship and growth spirit, talented and with potential, will get you a step further in growing your business. 

5) Mind Social Media and Your Website 

It is a known fact that the habit of purchasing a product or service is closely related to social media. According to studies, before purchasing a product or service %54 of the customers carry out preliminary research on social media and then complete the purchasing process. Having a good social media of your product or service or a website that successfully represents you is one of the most vital factors that will help you stand out and grow your business. Identifying a well-designed social media strategy, carrying out SEO work that will improve your website traffic will be a correct initiative with this regard. 

 

In this article we discussed different growth strategies that you can follow in this ever changing startup atmosphere and adapt to your business model. Don’t forget to follow BTM for more tips that you can make use of in your business and check out our other content!