Learn How to Scale Your Business
3 Tips for Smart Scaling
When it comes to scaling your business, the importance of investor relationships cannot be overstated. It underpins each and every decision you will make as an entrepreneur. The following 3 tips are by no means an exhaustive list but are vitally important to scaling your business the smart way.
Your network is the strongest ally in scaling your business, but it must be diverse. Make sure your network includes a variety of relationships such as B2B, future employees, supporting organizations, loyal customers, and potential investors.
If you’re able to work closely with another company and create a mutually beneficial relationship, then you have a powerful relationship that can be the source of inspiration, guidance, assistance, and even a potential acquisition.
Building and maintaining investor relationships are also incredibly important. Even if now isn’t the right time for VC money, there will come a day when you need to scale quickly and require an injection of cash.
Scaling properly is all about the relationships – make sure you’re networking with the long game in mind.
2. Build your Team
Everything exists in a balance – while it may be alright for your employees to proverbially “wear many hats” during the startup stage, you will eventually need to hire specialized talent in order to keep up with demand, growth, and customer satisfaction.
Sourcing the right talent is crucial, but must also be done strategically. Not every company can afford early on to hire a complete in-house team, which is why leveraging contract work can be extremely beneficial.
Fortunately, if you’ve built a diverse network then you’ll have no problem getting the best people in the position to help you scale effectively.
3. Creative Revenue Streams
With many businesses taking a huge hit in the “corona-conomy,” you must have an arsenal of creative (and potentially unorthodox) ways to generate revenue.
Even business giants aren’t immune – Walmart is launching Walmart+, a subscription-based rival to Amazon Prime that hopes to cash in on eGrocery sales, and Instagram now has a “shop” tab feature to boost revenue from in-app activity.
Think about new ways to offer what you already provide – could you benefit from MRR? Perhaps there’s money to be made in a joint venture? Whatever it may be, diversifying your ability to produce revenue will make your company that much more appealing to investors, thereby helping you scale your business the smart way.
Every entrepreneur benefits from continuing education. At NEXT Venture Pitch 2020, we have Educational Tracks designed to help you get funded, learn how to scale, and even how to craft the perfect pitch.
Sign up for our Virtual Conference today and be a part of keynote speeches, fireside chats, and a pitch competition you won’t forget. Plus, it’s a great place to build your network and refine your investor relationships.