The Art and Science of Scalability
Today, 88% of business owners are looking to increase their revenue in the next year; but that’s easier said than done, especially in small businesses with ten or fewer employees. Among these business, 50% say they struggle with hiring new employees, 48% have issues increasing profits, and 41% find it challenging growing revenue. The solution is scalability.
So what exactly does scalability mean? Known as a business’s ability to adapt and upgrade, scalability gives your business room and resources to grow. This means handling an increase in market demand, being ready for more customers, more data, and managing increased profit margins and sales increase. In so many words, scalability simply means the terms and conditions of a business plan. Understanding where your own business limitations lie is key to making a scalable change. Identify first how money flows through your business. Are you over or under-spending in any areas? Does your business have the cash reserves to support a period of growth? Consider the employee influence on your scalability as well by knowing when and where to delegate, how to relinquish responsibility to a competent team member, and free up your own energies to focus on growth, rather than routine decision-making.
Design your business to grow - not stagnate. Scalability means the difference between building the business you want, not the business you have. Take a look at this infographic for more on the power behind scalability, how to tap into it, and give your business the kickstart it needs for real growth.