2020 is turning out to be a year of complete and also partial lockdowns to avoid the spread of the COVID-19! The global pandemic has shut down many businesses and also has stunted the growth of several companies. Across the globe, people have lost jobs, incurred incremental losses, and also couldn’t respond to the crisis due to lack of savings and also many more. Currently, the government is relaxing the lockdown rules to work, and also the economy can recover the losses. Right now, it’s essential for companies to scale-up operations keeping in mind the existing conditions.
EJ Dalius’s tips for scaling a business during the pandemic
Business plans will take time to get fulfilled in 2020! COVID-19 has impacted the demand and also the supply of services and also goods. Rushing to make aggressive changes or sales is not the best decision now. Companies should plan their expansion strategies smartly and also have back-up plans as well. EJ Dalius, an entrepreneur, has studied the current market condition and also suggests a few steps to scale-up business.
- Have a plan ready
You can’t scale your business without a plan! The pandemic would end one day, and also then companies will have several opportunities to expand, as life goes back to normalcy. It’s essential to analyze your business and also check whether you want to grow. It will help you to know if you wish to plan something different.
Go ahead and also make a plan to maximize sales, but don’t get too aggressive about it. Know that your business orders will double as and also when the pandemic ends. Do you have the bandwidth to address new requests? Failure is not a good result. You need to think of a correct business plan that will help you to fulfill the objectives seamlessly.
2. Source the capital
Scaling your business during a pandemic is not free of cost! Your effective growth plan might need new technology deployment, hiring expert staff, investing in new inventories and also advanced devices, tools, and also developing report systems to manage and also evaluate outcomes. Are you thinking about how to find the capital to fund the growth? If yes, you can opt-in for bootstrapping, but it takes years to develop and also cater to your needs. Another smart way is to resort to interested investors who want to invest in your business.
3. Secure sales
Scaling the business means you need to sell more. Hence, you need to finalize a sales structure to witness more income. You need to check the sales on an ongoing basis and also analyze, do you have:
- A rock-solid system for managing sales orders?
- Adequate lead flow for generating the required number of business leads?
- Ample sales representatives for closing and also following up leads?
- Correct marketing systems for managing and also tracking leads?
- A billing structure, along with receivable functions, to make sure that invoices get collected timely?
Last but not least, investing in technologies is essential. Advanced business automation tools can help you operate a business at a lesser price. You can reduce the manual work as well. The other critical area for enhancement is system integration. Companies today do not run-off of one system but has many methods. And also the systems must work cohesively; else, it will lead to silos that will multiply the management and also communication issues as the organization expands.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com