2017-04-05 00:00:00 Scaling English Scale your business with a growth strategy that minimizes risk and spending while maximizing long-term profitability. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/owners-review-company-growth-plans.jpg Scalability: Plan Your Growth Strategy

Scalability: Plan Your Growth Strategy

1 min read

Scalability is the ability for a business to increase profitability while minimizing long-term expenditures. For example, a company that sells a digital download such as a game or mobile application is scalable, as expanding doesn’t require increased spending on labor or materials because the product is already finished and ready to duplicate. Of course, if nobody is interested in purchasing that download, it doesn’t matter if the business is scalable. To implement a scalable business model successfully, you want to test your business ideas before committing. Start small, and gauge the reception of your product or service. If your audience responds positively, then you can scale up. So how do you test your product for scalability? Online surveys and social media questionnaires can provide excellent insight. You can also have in-person meetings with potential buyers, perform phone surveys, and poll your current customers. If you really want dependable facts, you may want to consider hiring a professional market research firm to conduct focus groups and poll your target demographic on a larger scale. When you’re confident there is legitimate interest in your product or service, you can start expanding with minimal risk. Your goal should be to keep business expenses as low as possible, so consider doing it yourself and implementing automation when able to reduce staff, marketing, and labor expenses. Minimizing spending in the present time forms positive habits for the future, so think ahead. You’ll be glad you did when it is time to scale up.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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