If you are running a startup or a small business, you will have to think about scaling it at some point. Scaling can be a very rewarding step that helps your business optimize economies of scale to increase revenues, improve profit margins and reduce costs. While you may dream of becoming an overnight success, successful scaling is a complex process that often requires a hefty investment. Fortunately, several ways exist to grow your small business and improve processes without spending a huge chunk of your savings. If you are trying to scale your venture on a shoestring budget, look at the following pocket-friendly ways to grow your small business.
Use virtual spaces and workspaces
Virtual spaces and co-working spaces like Quest Workspaces offer cost-effective solutions for businesses looking to scale on a small budget. Traditional office rent requires one to commit to a long-term lease, which can be a significant financial burden for small businesses and startups. In contrast, co-working spaces offer several pricing options that can be customized to meet your specific budget needs. For example, Quest Workspaces allows members to leverage various pricing programs, including pay-as-you-go and monthly memberships that allow members to rent spaces as needed. This will reduce your business costs while still providing the space you need for your operations and productivity. Here are other cost benefits of virtual spaces and workspaces:
Reduced overheads: Workspaces can help you reduce your overheads as you don't need to worry about the costs of maintaining the office space. Expenses such as utilities, maintenance, and cleaning are taken off your budget.
Access to amenities: Scaling requires vast investment in office amenities such as high-speed internet, printing and scanning facilities, and more. Since all these amenities are already available at a co-working space, you will have full access to everything you need to work efficiently without paying for additional equipment, tools, and services.
Business agility: Virtual spaces and flexible workspaces offer small businesses the agility to respond promptly to market changes and business needs. It can allow you to scale up or down quickly without tackling financial and logistical implications related to moving to a new office space. This can be quite beneficial for any business growing quickly with fluctuating staffing needs.
Automate processes
A recent study reveals that an average worker spends nearly 40% of their day doing manual administrative tasks. Undoubtedly, automation technology makes it easier and less expensive to scale a business when needed. Automating repetitive tasks frees team members to focus on more valuable tasks and strategic priorities. Since automation helps drive productivity among the team members you already have, it reduces the need to hire more staff which translates to lower costs. When scaling a business, consider investing in the right technology to help automate tasks and processes like:
- Appointment scheduling
- Accounting and payroll
- Team member onboarding
- Project management
- Customer relationship management
Strategically outsource
As your startup grows, you will need more hands to do the extra work. Although technology can give enormous leverage, you will still need people at the end of the day. Unfortunately, adding more staff can be expensive and stressful for many small businesses amid the cutthroat competition for skilled personnel. If your budget cannot accommodate more employees, consider outsourcing some tasks or looking to partners rather than hiring internally. Third parties already have the staff, equipment, and systems that enable them to handle functions more efficiently. Identify the functions you can perform internally and find a reliable partner to outsource other tasks.
Equip your team with the right skills.
When building the team you need to scale your venture, a crucial first step is determining the skills required to meet changing business needs. Review your team's competencies and identify any skills gaps that your team might currently have. Up-skill your team with the hard and soft skills that may help your company better support customers and drive business outcomes. You should also consider your leadership skills. As a leader, your team looks up to you for the direction needed to achieve specific business goals. Some leadership skills to consider include emotional intelligence, delegation, problem-solving, and active listening.
Maximize scalability through Quest Workspace solutions
Although scaling guarantees significant returns, it has its share of challenges. Any business growth requires a substantial investment that could be out of reach for many startups and small businesses. The good news is you don't necessarily have to break the bank to grow your business. You can fine-tune practices and capitalize on opportunities already in front of you to accelerate your small business growth cost-effectively.
At Quest Workspaces, we provide tailor-made solutions to allow you to scale up and down your business demands with no capital requirements, no leases, and no risk.
Contact us today to schedule a tour in a location near you.
