How to Scale a Small Business in India?

This has been one of the most searched term on the internet, as several people start business every year, but they struggle to scale it, in the course of time due to technology change, consumer behaviours and increasing costing. Apart from this, there can be more challenges for small businesses. Therefore, we have brought this blog in order to help you out to scale your small business into big. Read carefully to understand how to scale small business in especially country like India. We have covered all the necessary steps, because starting business is not as much tough as scaling it and maintaining, many of the entrepreneurs often fail at this phase. 

What Exactly Scaling a Business is?

In general terms “scale” often means growing a business operations or sales. Growth can also be the right word to use, it refers to increasing revenue at the same time also adding up new resources such as team, technologies and capital etc. While scaling a company setting up company goals are necessary, for that you can prepare a smart framework that can look like this:-

1. Specific: First of all, you clear need to define that what your goals are or what you want to achieve.
2. Measurable: Prepare a criteria to measure the process or success of a goal.
3. Achievable: Make sure your goals are realistic and they are relevant to what you want to achieve.
4. Time-bound: You need to set a timeline for obtaining goals.

Common Business Scaling Mistakes

There are some common business scaling mistakes that most of the businesses make such as:-    

• Scaling too fast
• Giving priority to short term goals over long term goals
• Lack of focus
• Prioritizing quantity over quality 
• Overlook into the process and systems to drive efficiency
• Not having ability to move quickly 

Top Strategies for Scaling a Business

1. Increase sales

Increasing sales should be the top priority of the company in order to scale a business. It can be done in two ways, one either you can add new customers or increase the average revenue with existing customers. The best practices you can perform to expand your sales are:-

• Targeting right audience
• Understanding customer behavior
• Addressing customers feedback
• Adding skilled salesperson in the team
• Building effective marketing plan
• Using AI tools for automation and software for solving every customers query

2. Invest in Technology

It is one of the necessary things to do as of now in order to expand your business, as tons of business are talking help of AI to be more productive and manage their tasks. Investing in technology means driving more business therefore you should consider in investing technologies such as:-

• AI tools friendly team members onboarding
• Invest in accounting and payroll
• Invest in customer relationship management
• Choosing project management

3. Expand team as per requirement

If there is a requirement to expand team as there are more customers to serve, then you must add new and skilled team members to serve clients. Identify the gap in teams and which skill is missing from your team, then acquire new talent as per marketing needs such as:-

• Clear define job description and technical details
• Conduct practical tests to evaluate skills
• Observe behavioral interview questions to find soft skills
• Company culture fir evaluation

4. Create plan for realistic goals

You need to create a plat that is realistic and yet challenging to achieve, consider conducting meeting with your team about setting goals. You can follow some tips like vision, goal prioritization, acting planning and monitoring etc. Apart from this to achieve goals you can take significant steps: -    

• Time-based short-term goals, break goals into monthly or quarterly
• Progress measurement, identify key metrics that will show progress
• Divide resources and use them in efficient way
• Allow flexibility as you progress and learn with the time

5. Develop management skills

Management skills are one of the key skills for any businessmen you must have to expand your business. Without management skills any business can not survive in the market. The more effective management is, the more growth business catch. The management skills can include: -

• Individual with critical thinking
• Strategic planning to grow business
• Time management skills to manage tasks
• Leadership ability to lead team 

6. Enhance Financial Management

Enhancing financial management is must for any business, because it is necessary for scaling business. Analyse the balance sheet of the business, the number of assets and liabilities, profitability over time and cash flow. You can seek for venture capital, business loans, angel investors for boosting finance of business, apart from this to attract investors you can do is to prepare unique and compelling pitch that includes: -

• Market opportunity and target the right audience
• Business model and revenue streams
• Financial projections and funding needs
• Team qualifications and achievements

Conclusion

You must have come to know strategies that you can adopt in order to scale your business. Building clear strategy is must for any business. If you need any further assistance on how to scale your small business in India, you can contact CRSPL, we can help you in managing your legal compliances, registrations and more, so that you can focus on business growth. Our business experts can also advise you and guide you with effective strategies to grow.