In today’s business world, with the increasing number of competitions, it is known without a doubt that business growth is the prerequisite for the survival of any entrepreneurship, startup, or Small and Medium-sized Enterprise. Otherwise, sooner or later, companies will be perceived as laggards, as they trail behind their opponents and run the possibility that they get replaced. To achieve sustainable growth, experts and dedicated advisors always recommend that firms should scale up their businesses. Since scaling up can be challenging for business leaders in enabling this process, this article aims to provide some illuminating recommendations on how to scale up your business in the Digital Era.
The interpretation of “scaling up your businesses”
First of all, it is necessary to have a clear view of what “scaling up your business” means. In terms of business concept, the meaning of “scale up” can vary from one source to another depending on different context. Overall, “scale up”, also known as “expansion” or “development”, may refer to the ability to operate with different amount of required work while maintaining or enhancing its efficiency. A company has the capability to successfully scale up their business can be recognized as the ability to cope with an increased workload in an efficient, cost-effective manner.
Please note that companies should not attempt to scale up their businesses unless being a thriving second-stage venture, which has grown past the startup stage but has not yet developed into a matured business.
How to scale up your business?
Here are three important steps of a successful scaling practice that every enterprise should not omit from their business plans.
1. Define Business Aspiration
At the very first stage of scaling businesses, it is essential that the figurehead of the company must have the desire to do so. Aside from this, leaders must also be aware if scaling up is a strategy their company can afford to pursue. Scaling up must be something that top management of the company is comfortable moving towards. Inevitably, scaling up in a competitive marketplace will never be easy. Aside from the cost factors, scaling up is predominantly challenging and requires great dedication and clear objectives from top management. Thus, determining the exact direction for development, having a will to surmount challenges and being wholeheartedly committed to achieving growth ambitions are crucial variables to facilitate successful scale-ups. A top management team with a great fortitude will play a fundamental role in seizing valuable opportunities and in invigorating their whole company during the scaling process.
2. Determine Competitive advantages
Once the decision has been made to embark on the journey, businesses should prioritise and clearly identify the competitive edge and core competencies in their action plan. By enhancing the focus on which aspects distinguish the company from other competitors in the eyes of customers, businesses will be able to capitalise on and deploy their current resources and capabilities to fuel these areas that will be the company’s competitive edge. It also enables the company to make efficient budget allocations and to decide whether they should outsource one or more of their functions.
3. Automate Operation System
Last but not least, the automation of operating systems is of paramount importance for businesses who are keen and fixed on scaling-up. A business with an effective management system can stimulate employees’ efficiency and profitability through standardisation and delegation. This phase will contribute tremendously to the scaling process in eliminating unexpected costs incurred due to inefficient manual practices, human error, which all hinders company growth. In order to stimulate sustained growth, and for companies to grow from strength to strength, it is recommended that companies look towards automating tedious process regardless of the industry they are in. As Singapore progressively evolves into a Smart Nation and is moving towards embracing digitalisation, it is important for businesses not to ignore digital disruption. Many businesses have tried to fight digitalisation but it has been futile.
How Synergix E1 ERP System aids successful scale-ups?
As the leading cloud Enterprise Resource Planning (ERP) solutions provider in Singapore, Synergix Technologies’ mission is to help automate local enterprise’s business operation through a fully-integrated, web-based ERP System. Synergix E1 ERP System offers an operation management platform with customised modules for various industries. We believe that with our innovative ERP Software, paired with our excellent support service, businesses will prompt to successfully gain enormous benefits from the scale-up progress.
As a pre-approved vendor for the Productivity Solutions Grant (PSG) in Singapore, local companies keen on embracing digitalisation and standardise the operational processes with an ERP software will be eligible to receive up to 70% subsidy on selected solutions.
Contact us to streamline your operation for expansion and get assisted along the way in applying for Government Grant today!