Companies often experience rapid growth in their early years, which can lead to a need for larger physical space and infrastructure. In order to keep up with the increased demand, it’s important to have an understanding of how scaling affects your business and its performance. This post will introduce you to what scaling is, how it relates to your company’s success and steps that you can take in order to prepare for it.
Why should I care about Scaling?
One of the first things that most enterprises learn when they grow is that they start running out of space. It may be a little misleading to compare tiny startups with large established companies, but you can still get a sense of how large your company is by checking out its physical location. If you’re one of the many startup entrepreneurs who often find themselves stressing about all of the extra space that needs to be created, understanding where your space is going will help you better prepare for it. You should also realize that these resources can be used in other ways as well and if you are already using them appropriately, scaling up will not require much additional expense.
What do I need to know about Scaling a business?
If you’re currently renting or using shared office space, you will probably need to know about scaling before deciding on a location. Maybe you’ve already moved your startup into a larger building at this point and it’s time to move out. You may have already taken the next step and decided to find a bigger office building with an available lease and permanent location in mind. Either way, if you’re thinking about the possibility of growing your business, sooner or later you’re going to have to consider how much larger space is going to be required by your company. You should also realize that different companies will need different types of physical locations depending on their specific needs.
A Day in the life of a scaling entrepreneur:
At the core of scaling a business is the management of supply versus demand. This can be difficult to manage when you’re initially trying to predict how much space your business needs, or how many employees it will need at various points in time. For example, you might have two possible scenarios for scaling up from an office to a building: adding another floor or adding additional areas on each floor. Which scenario is going to be better for your company depends on its particular needs and time frame. When making decisions about resource allocation, most startups do not take into account that these resources could be leveraged in other ways over time and actually cause more business value than if they’re being added at this particular point in time.
You’re starting to get more work than the resources around you can handle. You need to get more talent, fast — maybe call another freelancer to help you and your team finish a project in time for an important deadline. When you add this new person, the workload is distributed more evenly across your entire team. Now that there are more hands-on deck it becomes easier to get back on track with the project, but everyone is feeling the pressure of staying on schedule. With everyone working together and keeping each other focused on moving forward, you help each other achieve your goals and complete a successful project.
Full-Time Virtual Assistants — A perfect fit for scaling:
Filling your office with virtual assistants (VA’s) is one of the best ways to scale a business. Coupled with remote collaboration, what VAs bring to the table can save you time and money while streamlining your business processes and increasing overall efficiency. When it comes to the cost-benefit analysis, VA’s are often one of the strongest tools in a scaling entrepreneurs toolkit.
On one hand, they can be used to create an additional value proposition for you as a small business or startup. If your company grows at an exponential pace, by scaling up on remote professionals there is less need for expensive offices and expensive real estate that could otherwise be steered toward expanding product development and improving customer experiences.
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Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
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Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”