The benefits of scaling your business and how BPO can help you grow easily
Scaling your business is critical for sustainable growth.
There are several benefits of scaling up.
BPO plays a critical role in business upscaling.
Scaling your business and Business Process Outsourcing (BPO) go hand in hand for businesses seeking sustainable growth. BPO helps businesses scale with minimal effort and overhead costs.
Scale-ups are more productive, make more money, and create more jobs. We’ll share seven top benefits of scaling your business and how BPO makes it a smoother process.
What is a scaleup?
First, let’s define what a scaleup company is. Put simply, scaling up is a phase of company growth and a scaleup business is one that seeks continual growth, achievement, and increased revenues without a substantial increase in resources.
How does it differ from traditional business growth models? Significantly! Some businesses think of growth from a linear perspective. Here, a business brings in new resources like technology, capital, and people to increase revenues.
Inversely, scaling up your business happens when your revenues increase without increasing resources in equal proportion. Here, revenue-generators increase without adding more costly efforts. Revenue-increasing processes can go on en masse without additional resources.
For instance, if your business generates USD $10,000 by sending marketing emails to a list of 100 people, scaling would include adding 100 more people to the email list and generating USD $10,000 more dollars. Here, you don’t spend extra money sending the email to 100 more people. However, your revenue doubles Simply by expanding your automated mailing list.
Google is a great example of a successful scaleup company. The tech giant has a staggering amount of paid and free users while keeping costs at a minimum. It has over one billion active users and only around 88,000 employees.
The benefits of scaling your business
Businesses can reap many benefits from scaling up such as increased growth and revenues. Here are seven benefits of scaling.
1. Sustainable growth
Scaling your business sparks sustainable growth. Businesses that don’t grow sustainably can topple their structure internally.
Scaling up is especially important for startups. Founders, employees, and investors need to know that the startups they are committing time and money to can grow quickly over a long period. In other words, can the company keep the wheels on the wagon while growing at 100 mph?
2. Increased job generation
Scaling up makes your company a responsible corporate citizen. Scaling companies provide many apprenticeships, internships, and work experience opportunities for youths. Additionally, they create an achieving work atmosphere that spurs productivity.
3. Improved operational efficiency
Operational efficiency is another benefit that businesses enjoy when scaling. Operational efficiency streamlines an enterprise’s operations and its ability to serve its customers and strategic partners better.
4. Tap into greater innovation
Our modern competitive environment necessitates innovation. If your business doesn’t tap into it by being proactive enough to scale up, it will lag behind and could even ultimately fail. Lagging companies must fix defective systems that won’t accelerate their market competitiveness.
5. Enjoy competitive advantage
Scaling up enables your enterprise to handle the competition-based challenges that it faces. It sharpens your competitive edge to remain afloat and thrive.
6. Enjoy a secured future
Scaling up is a proactive measure that future-proofs your business. It prepares it for all the possible challenges and opportunities the future holds.
7. Increased adaptability
A rigid tree is more likely to break than the one that bends when strong winds blow. Adaptability helps you make relevant adjustments to accommodate what you can’t or shouldn’t change.
Change is not always good. Thus, adapt and position your business strategically to benefit from it. Use disruptive technology to combat it.
Steps to scaling up your business
Do you want to scale your business and enjoy the multitude of benefits but don’t know how to do it? Here are five simple steps to help you do it correctly.
1. Assess and strategize
Start by assessing your business to see which areas need scaling and if you are ready for those upgrades. Next, strategize how you will achieve those milestones. The adage, “If you fail to plan, you plan to fail,” should guide you in this stage.
2. Invest in the appropriate tech
Technology is an indispensable upgrading component. Thus, harness or adopt relevant technology to help you upgrade your enterprise. Think about essential areas like business automation and system integration. Examine how these technologies can benefit your core business operations and invest in them wisely.
3. Create a budget and secure the funds
By now, your planning stage should have shown you how much money you need to upgrade. Now, look for ways to fund all the strategic moves you need to upscale.
4. Get the sales
You must prioritize sales because you only remain in business when customers buy from you. Formulate a vibrant sales structure to generate more revenues and profits. Examine areas like:
A stable lead flow for generating more sales leads
A marketing system for tracking and managing leads
Competent sales reps that follow up and close leads
A stable infrastructure for managing sales orders
A good billing system with a receivables function for following up and collecting invoices on time
5. Build a strong team
Lastly, build a strong team of employees to help you follow through with your upgrading project. Remember, plans need implementers and their failure or success depends on implementer quality. Most likely, you will need fresh talent on your team.
Here, a BPO company comes in handy to save you time and money. Outsourcing means you won’t burden your current full-time employees performing short-term tasks. Don’t forget the mantra, “Teamwork makes the dream work.” Therefore, build an excellent team to make your upscaling dream work.
Start scaling your business with DOXA
As you can see, there are myriad benefits to scaling your business. It increases revenue, builds sustainable growth, and makes teams more productive.
So, what’s the next step? BPO can help you scale with minimal extra effort and resources. Doxa7 helps small to mid-size businesses build high-performing, scalable, global teams. We are a global business firm, structurally aligned to deliver better results for small businesses. Interested in working with us? Contact us today for a free consultation.