Oversaturating your marketplace becomes the equivalent of walking a tightrope — exhilarating and too risky for good business.
So, what does it mean to oversaturate the market? It’s like over-feeding an already full stomach, which starts to hurt. For example, Starbucks currently faces a cannibalism crisis. Starbucks cafes overlap to a point where growth began to hurt sales. Simply put, it’s bad for the bottom line.
This is where scalable strategy comes into play. In a business context, scalable strategy describes a company’s ability to grow without being hampered by its structure or available resources.
You know that priority list sitting on your desk? It’s time to take action. Let’s look at a few steps that will help you take control of that.
People, Process, & Tech
Make an evaluation of current resources. With your current budget, where within these three key elements can you optimize efficiency to begin scalable strategy? Consider the following steps:
Step 1: People
Continuously develop your team’s expertise. This includes hiring the right people and keeping motivation. Look for individuals with grit, integrity, and entrepreneurial drive. Hire the passionate professional, not the job seeker.
- Provide well-defined tasks with realistic operation management.
- Encourage open communication between yourself and all employees.
- Invest in education and training to promote healthy growth for your business.
Motivation occurs in many forms, Stop Thinking Like an Employee and Invest in Yourself provides several steps to boosting value in the workplace.
Step 2: Process
In a perfect world, business operations would run at high efficiency at all times. But, we know the world is far from perfect, so let’s take a look at a few tips:
- Create scalable goals and objectives beneficial to your business and market.
- Maintain constant communication with lower level workers to discuss process efficiency.
- Use several methods to test running operations.
Need inspiration? Check out this McDonald’s case study based on their operation management systems.
Step 3: Technology
Step away from Fireworks MX 2004, Sidekick 99, Windows for workgroups 3.11 or any other mega-outdated computer software.
That why-fix-it-if-it-isn’t-broken mentality doesn’t work too well for business advancement and growth. It’s time to move up in the world and differentiate your business.
- Boost efficiency by using the latest software to manage workforce operations.
- Drop standard emailing, and maximize internal communication with a system like Slack or something similar. Don’t just own a social media account, optimize it to get results.
- Invest in an advertising agency to aid challenges regarding differentiation.
At any stage of the game, business growth and boosting the bottom line remains high on priority lists. Find the time to increase efficiency by developing a scalable strategy.
Start by evaluating your budget in comparison to the three key elements: people, process, and tech.
Create several business models with the ability to adapt to consumer needs and filtering to business growth.