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Tips for Scaling a Business in 2024

ONE of the Midlands’ leading entrepreneurs has shared her advice on businesses looking to scale in 2024.

Daniella Genas, founder of the Be The Boss Intl, said: “For anyone who has put scaling at the centre of their plans for 2024, I’d urge them to start off by having a clear vision of what scale looks like.

“The vision has to be specific and outline the goals and actions which will be required to make it happen. Scaling by accident can lead to significant challenges. Intentional scaling is more likely to be sustainable.

“I’d also urge businesses to commit to continued Innovation. Innovation should be client/customer-centred and can be incremental rather than radical, focusing on consistent developments and improvements rather than a groundbreaking invention (although that would be great if you had one.)

“Ensure that you have clear Strategies for finance, marketing, operations, and growth, that are customer/client centred and based upon research, experience, and data. The strategies will be pivotal in helping you to achieve the vision.

“Aim to build the right infrastructure to support scaling through systems and processes. A scalable business cannot be reliant on the founder or key staff. Scaling requires an increase in revenues without a significant increase in output. Consider automations, efficiency and building a robust team.

She continued: “It’s vital to hold yourself accountable too by setting Strategic Objectives and KPIs that you track to determine if the business is meeting growth goals. External accountability through joining a mastermind or working with a coach/advisor to help ensure you meet your targets is also recommended.”

 

Outlining the challenges which next year are likely to bring, Daniella continued:

“There is no point denying that business is very difficult for many presently and is likely to continue into 2024. The cost-of-living crisis is having an impact and some businesses are still reeling from covid related losses. However, for those in business, it is important to remain optimistic as business is always full of ups and downs. Having a solid plan which also recognises variances, risks and threats is ESSENTIAL if you want to flourish in 2024. Be as ready for as many different possibilities as possible.

“The landscape is becoming more competitive as people and businesses are being more stringent with where they are spending their money. It is therefore important to determine and effectively communicate why your business is the best choice.

“Offering great customer service and consistently adding value will help to retain existing customers, which is much cheaper than acquiring new business. This should really be a priority.

“Effective financial management will also be key during these uncertain times. Hoping for the best in this area is not sufficient. Business owners will need to ensure that they are adequately forecasting and understanding their bottom line. Leveraging new and emerging technologies will also be essential for many businesses.”

Posted in Business Advice, News