In this white paper, Bryce Young, Marketing Coordinator, details the importance of scaling from a corporate level and how to successfully do so.
Please click on the video to the right to learn more about the author, hear his insights on this white paper, and learn what motivated him to write about the significance of scaling.
To discuss this white paper in detail, please contact Bryce using the information provided at the bottom of the page.
The ability to grow is a trait shared by all successful firms, although there have been many varied trends and management approaches attempted over time. Scaling is the process of allowing an organization to expand without being constrained. Planning, personnel, financial support, appropriate technology, and operational systems are all necessary for scaling.
Growing and scaling are two distinct processes, though. To scale, you must be able to capitalize on rapid, continuous growth while minimizing risk. Ask yourself if your organization is growing year after year, consistently increasing revenue, hiring, onboarding at quick rates, and reducing risk via analysis before you say, "We are a scalable company."
Data analysis is a vital component of all effective techniques, and its popularity and utility as a tool for corporate advancement have increased over time. For scaling to be successful, precise data analysis and comprehension abilities are required. In today’s competitive environment, organizations around the world easily access and utilize data to further their company’s performance.
Data analysis has created an entirely new way to comprehend and facilitate growth. It enables organizations to have access to information that reveals patterns, correlations, and other perspectives that lead to the intended outcomes. Today, data plays a vital part in the growth of enterprises. It also enables organizations to create attainable objectives; without it, they would have to rely on gut feelings or intuition to set goals and make decisions. Setting goals that are not attainable or supported by facts may result in setbacks and ultimately failure. Having goals that are attainable and based on predetermined data sets provides your company and its employees with something to pursue.
It is important that data collection, and the analysis of that data, is performed correctly to capture the appropriate key performance indicators that will propel your company toward success. In order for information to be correctly analyzed, you need a workforce that understands the industry, comprehends your business workflows, and can make educated decisions based upon the information at hand. Most organizations rely on the CFO to accurately assess statics and then make sound business judgements. There is concern having only one person managing data and making decisions because, if their calculations and evaluations are erroneous, their actions will be detrimental to the company's success. A team must be assembled and provided with the necessary training required to review data and draw educated conclusions about intricate business principles. To make the best decisions, team members must be aligned, and have business analytics that support the direction toward which the team intends to move.
The acquisition and rate of customer onboarding is another significant component in scaling. Without the ability to successfully onboard clients, neither growth nor income will be feasible. A business must be able to onboard consumers in a timely and efficient manner to be scalable. To onboard clients, you must have sufficient resources; otherwise, they will be dissatisfied, and you will lose clients and revenue.
It is essential to understand the limitations of your internal operations and what they can physically handle at any given point in time. Initially, small customers are key to growth and easier to onboard with fewer resources. However, as the business continues to grow, it is essential to recognize that small clients can consume a large number of resources, making it difficult to onboard larger clients that will in turn bring a larger revenue stream.
The onboarding process is the very first opportunity a customer has to see how smoothly a company operates. For a deeper understanding of the distinctions between properly and improperly onboarding a client, data plays a significant role in this process and past onboarding experiences will aid in determining future best practices. The graph above demonstrates this reality. In most instances, new clients look to be onboarded and operating quickly, while delays in onboarding will not only create an unhappy customer, but will also impact long-term revenue. Within a 90-day timeframe, there is potential to lose 90 percent of customers if onboarding is not moving along smoothly. This is enough to demonstrate the importance of a well-defined and supported onboarding process. Without solid onboarding metrics or a well-defined process, the chances are high of creating an unhappy customer.
Before onboarding small or large clients, consider the following:
Despite the fact that many businesses believe they have the appropriate structure and process for onboarding and scaling, the numbers indicate otherwise.
According to McKinsey & Company, only 22 percent of new enterprises founded during the past decade have expanded successfully. To have a deeper understanding of the issues encountered, 200 new companies from around the world were analyzed.
The research they presented showed scaling can be difficult, especially for young companies that believe they have the resources and processes necessary for success but usually fail.
Scaling a business is like making a pie. Everyone knows how to do it; some can do it well and some fail. Often it comes down to the ingredients and processes used that make it exceptional. It will definitely be challenging, and conditions must be right, but the result will be worth all the effort put into the final product.
Vee Healthtek works with customers to collect, interpret, and utilize data to make educated decisions that will allow their organization to scale. By aligning all stake holders with a shared mindset, we help create the foundation necessary for expansion. This fosters a scalable environment built on mutually beneficial goals that are driven by analytical research. With our customers’ goals in mind, our teams at Vee Healthtek continuously monitor and analyze data to create an environment ripe for scalability, creating a long-term path for future success.
Berger-de Leon, M. (2022, February 2). How good are you at business building? A new way to score your ability to scale new ventures. McKinsey & Company. Retrieved July 15, 2022, from
https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/how-good-are-you-at-business-building-a-new-way-to-score-your-ability-to-scale-new-ventures
https://tallyfy.com/customer-onboarding-between-sales-and-customer-success/
