Matt scaled Hug Sleep while remaining with the same manufacturer in his home state of Wisconsin. In fact, a more local approach can help ease the stress that the COVID-19 pandemic has placed on global supply chains. “That was actually a really valuable part of the process for us—sitting down and saying, ‘Where do we want to be? If your company started as a hobby, like in Matt’s case with Hug Sleep, you may have just been going with the flow up until this point. It all comes down to your personal priorities, lifestyle, and financial situation.

Solidifying these is critical before scaling up, as they clearly define a company’s business model. To bring in new customers, start by understanding your target audience and their specific needs and preferences. Develop a comprehensive marketing strategy that uses various channels that you’re able to support — like social media, content marketing, advertising, and search engine optimization.

Resources

It’s the difference between getting a sudden spike in sales and every process falling apart, and getting a sudden spike in sales and handling every order smoothly with great customer service to boot. You don’t want to hire salespeople simply because one of your reps isn’t working hard how to scale a business enough. However, if your current team can provide all the additional consulting services to the new client without hiring additional staff, this is called scaling. As your company grows in scope and size, it also grows in complexity—which can be hard for any founder to navigate.

Studies show that employees with well-defined goals are 3.6 times more likely to be committed to their organization. In today’s business world, it’s possible that grit and determination can help you achieve the coveted 7-figure mark in revenue. But how to scale a business beyond this level becomes increasingly difficult without strategies and processes. Your scaling strategy needs to account for what you will need to accommodate growth. You may need to hire more employees, order more inventory, or step up your technology. Digital marketing and social media are useful because you can give your customers real-time feedback or support.

How Stability AI’s Founder Tanked His Billion-Dollar Startup

Inbound marketing is more passive — you distribute content as bait to lure in potential prospects. With outbound marketing, you initiate communication by reaching out to a targeted list of prospects or possible partners. You can research and attend industry events, conferences, or seminars to connect with other professionals and potential network members. Use online platforms, like LinkedIn or industry-specific forums, to engage in discussions, share insights, and build connections with like-minded professionals.

• She has also held various editorial roles at AOL.com, Huffington Post, and Glamour magazine.
• As you probably know from starting your business in the first place, the thoroughness of your planning is directly proportional to your shot at succeeding.
• Join 300,000+ entrepreneurs worldwide in learning the latest insights & tips
  you need to build a game-changing business.
• Businesses need to assess their growth constantly and adjust their strategies accordingly.
• Preparing for seasons of scale, like many other business decisions, can come with its own risks.

This can be done in several ways, such as increasing the number of employees, expanding the product line, or entering new markets. Along those lines, think seriously about your organizational structure, rather than going on a hiring spree. Carefully determine which employees will own which processes at which times. Failing to clearly define roles and responsibilities is counterproductive, and on an individual level, it can lead to burnout and resentment in your employees.

How to start optimizing your business today

Do they conduct consumer research on peer-to-peer review platforms? Build out your profile on prominent sites and ask customers for reviews. Do they educate themselves by reading blogs and industry publications? Would your demos be more qualified if you had a discovery call first?