Knowing how to scale your business effectively can be challenging. Here, we explore key difficulties companies are often faced with when scaling their business, elaborating on ideas for effective scaling, including the advantages of nurturing an automation-first mentality and implementing scalable processes and digital document extraction technology.
What Are the Key Challenges for Business Scaleups?
When it comes to scaling a business for long-term success, some of the most common challenges or setbacks for companies include:
- Getting substantial investment. Investment is the most obvious prerequisite that most new companies need to obtain to scale up.
- Implementing scalable processes. Investing in processes that enable efficient and effective development is essential for businesses looking to scale. If a business grows too quickly as a start-up without having internal processes optimised for scaling, it can end up impeding progress in the long run.
- A stagnant business culture. While start-ups begin with a mindset for growth and change, longstanding companies can become set in their ways. When it comes to scaling and developing a business, if your company lacks a vision, or the vision and values aren’t shared by employees, it can be difficult to implement changes.
- Balancing employee autonomy with managerial control. During a scaleup—with new processes being implemented and the onboarding of new employees—managers and HR teams may have less visibility over their team members, and likewise, for teams gaining new recruits, they may find it harder to get support from HR.
How to Scale your Business
While there is no secret strategy that works for every business, there are things that every company can do to optimise their business for scaling. For one, being ready for an increased customer demand as your company grows is vital. If a product has consistent sales year-round and doesn’t usually experience waves of demand, it can be challenging to prepare for an increase in demand when it happens.
Through investing in business scaling solutions, such as nurturing a culture that embraces change, and promoting an automation-first mentality within the company, organisations can successfully prime themselves for scaling. Some things to consider include:
Investing in company culture
To scale a business, first scale the culture. By implementing an automation-first work culture and hiring new employees that not only fit your company dynamic but also have an automation-first mentality, scaling your business will be much easier.
Defining responsibilities for everyone
As a company develops, ambiguous titles and job descriptions can make it more difficult for employees and employers to perform their roles and carry out tasks effectively. Defining specialised jobs and responsibilities (especially in larger organisations) is essential to ensure progress is unimpeded.
Investing in scalable tools and software
To scale efficiently, it is very important that the technology a business uses fit the needs of the company and the requirements of the industry. For example, implementing document capture software that is highly accurate and efficient in lieu of human data entry staff is especially important for organisations looking to scale, and particularly for those that process high volumes of data daily. For these organisations, it is essential that the digital document extraction software they use can scale to meet the processing demand.
How Can You Tell if a Processes Should Be Automated?
There are some tell-tale signs. Tasks that are repetitive, time-consuming, essential, and have a low value-return are good candidates. Many financial processes tick all these boxes. By automating finances, such as internal payroll, client invoicing, and vendor payments, businesses can free up their capacity and redeploy the time to more high-value tasks such as insights and strategic analysis. This, in turn, can help your organisation to scale further with greater efficiency.
Talk to the team at Xtracta to find scalable business solutions for your company
Xtracta’s receipt, contract, and invoice OCR solutions are designed for seamless integration with your organisation’s software. Unlike fixed resources such as data entry staff, Xtracta can easily scale to process a high volume of incoming documents. Additionally, by integrating your software with Xtracta’s public or private cloud, you can centralise management through a single platform.
If you’re interested in discovering the benefits of intelligent document processing for your organisation, get in touch with the team at Xtracta today.