Starting a business is only step one for an entrepreneur. Running a successful organization for the long haul is a much more challenging course to overcome.
Nate Mell, founder and CEO of the tableware manufacturing studio Felt+Fat says that scaling a business takes multiple steps in the right direction, which could include hiring a PR firm for more brand exposure or using a cloud-based system. There are many different steps a business can take to grow to the next level, and Mell shares a few of them below:
1. Find funding
When it is time to scale up a business, entrepreneurs will need the funding to do so. Where funding runs short, business owners can turn to multiple options to fill the financial gap with crowdfunding, conventional term loans, short-term loans, and more.
2. Factor in highs and lows
To scale a business successfully, business leaders should predict both the highs and the lows during growth. Seasonal trends and slow times should be taken into account when planning business development.
3. Start with a power team
Starting a company from the ground up with the right, level-headed, adaptive power team is what will make the difference when it is time to scale your small business. Adaptability in all areas of a company is critical for smooth transitions forward.
4. Research how competition has grown
It is crucial to know who the competition is when operating a business. A more beneficial strategy is understanding how the successful competition that a company is up against grew to where it is now.
5. Meet a need competition is missing
While researching what companies a business is competing against, entrepreneurs should keep an eye out for consumer needs where competition is missing the mark. Scale a business by addressing consumer needs that no other competitor is catering. That way, your organization stands out as a brand that offers solutions to consumer problems.
6. Invest in the space
If an entrepreneur has the funds, investing in an office space that can grow with the business is a smart financial move. That way, moving and relocating is taken out of the picture when other significant scaling factors need attention.
7. Embrace the consumer experience
A business that can create loyal customers from the beginning will benefit in the future when giving attention to acquiring new consumers and maintaining them.
8. Implement daily processes
Once a startup has figured out what processes work, business leaders should establish a daily process workflow. A day-to-day structure will help entrepreneurs determine what aspects of the process can be automated through technology. When tasks are automated, workflows can focus on elements of scalability.
9. Develop a positive work environment
When acquiring more employees to meet a company’s growth, having a positive and inviting company culture helps build a solid team. An established positive work environment also helps the hiring manager better determine what candidates make the best fit for the organization.
10. Never forget the core of the business
When thinking big as a company visionary, it is vital always to remember the core of the business, such as values and ethics. A foundation of values is what helps when choices get tough.
About Nate Mell
Nate Mell is the founder and CEO of Felt+Fat, a ceramic design and manufacturing studio based in the Kensington neighborhood of Philadelphia. In 2013 Nate was asked to design a set of plates for what would become the award-winning restaurant ‘High Street on Market.’ Since then, the Felt and Fat studio and team have grown exponentially through Mell’s leadership to become a go-to manufacturer for design-conscious restaurateurs.