Top 5 Tips To Scale A Business

Top 5 Tips to Scale a Business

by Alex Noah — 3 years ago in Business Ideas 3 min. read

What is the secret to companies that grow and others that stay the same throughout their existence? Imagine a company as a car.

The difference is that the first people, after reaching the limits of their potential, upgrade to turbocharged engines, add more fuel, hire top mechanics and drivers, and lighten the vehicle’s structure to take it to another track. The second group presses the gas pedal but does not make any changes.

Business scaling is a similar situation. During my many years of entrepreneurship, I’ve learned several principles that have helped me and my business partner to create and grow our businesses together in TECHIIA.

Top 5 Tips to Scale a Business

1. Delegate

As a CEO of my company many years ago, I was familiar with the entire working process and the activities of each employee, even the smallest details. It was very difficult to delegate management after that.

People also get used to talking to you. They believe that they can solve the problem faster with your help than their manager, at least initially.

This makes delegation more difficult. However, the authority must be granted sooner or later. It takes time to tackle strategic business development issues. There are many more tasks.

Consider these important questions: How valuable is my time? What is the return on investment for the business if I do my own work instead? Count your money.

Some cases require immediate attention. Define clearly when and how you will interfere with managers.

How do you find trustworthy managers? It is important to develop self-sufficient employees who share your values. If they can manage and respect their team, they will eventually become partners.
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2. Enter new markets

It’s a way to encourage business growth and a type of insurance. Consider what your business would do if there is a political or financial crisis in the market.

My partner and I had to learn this lesson once in a while. We then diversified our businesses to avoid being dependent on one currency, country, group of consumers, or language group. This has greatly increased the stability of both our businesses and their currencies.

There are many strategies you can use to grow your business. Consider the nearest neighboring countries that have a similar culture to ensure that there are no barriers to entry. You will also encounter many competitors when you look at rich markets such as the U.S. or Europe.

Entrepreneurs pay close attention to emerging markets like Latin America. In Brazil, for example, there is expected to be active growth in the near term. Economic growth is also predicted for the Middle East, North Africa, and Southeast Asia.
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3. Unite competencies

My partner and I had approximately ten business areas. We merged them into an international holding called TECHIIA in 2019. A holding is first and foremost the unity of expertise, which allows for mutual support of each other’s assets.

We know what to do when you launch a new business or bring it to a foreign country. The financial department of the holding handles all investment and banking procedures. The legal department handles registration, documents, and risk leveling. Marketing and communications create strategies for products or services.

When a company is growing in strength, it hires its own staff, which can always rely on the experience and support of its colleagues.

It’s easier to manage individual businesses than a whole group of companies. However, if you want to scale your business, you must change the way you manage it and its legal structure.

4. Monitor the funding

Compliance is the new standard in business. It is all about maintaining good relationships with investors and banks.

It is easy to understand why: International banks may not open accounts for your new territory if they don’t like something in the past money history of the owner or the business. Scaling is not an option in this situation.

TECHIIA does not deal with partners whose funds are uncertain. Clean reputations are expensive. Our compliance and finance services screen all potential partners.

Even if you don’t want to access foreign markets, it is important to consider your financial history. If they don’t trust you, potential clients (which may include international companies) might refuse to work with you.
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5. Follow market trends

It is important to realize that crisis will happen and be prepared for it. Identify the areas in your company that require improvement. Incorporate contingency funds. Follow the regulation policy. Be prepared for controversial decisions

One of our companies, WePlay Esports media, decided to not waste time and moved all tournaments offline after everyone was quarantined in March. We used a conservative forecast that the pandemic would last between one and a half and two years.

That’s why we decided to go online. WePlay Esports has seen its popularity grow several times and is now able to host the top events.

Alex Noah

Alex is senior editor of The Next Tech. He studied International Communication Management at the Hague University of Applied Sciences.

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