Listen to this story
Ready to scale? Chances are that if you run a business, you very much want the answer to this question to be a resounding yes. However, when it comes to scaling a business, there are a few key lessons that every leader should know in order to grow better.
Optimise around the consumer
Historically speaking, it’s been standard practice for a business to optimise for a specific function, like revenue, rather than optimising around the customer. This siloed focus creates bad handoffs, and exposes consumers to an organisation’s structure, as well as any cracks in it. Business silos create gaps in the customer experience that are painful for customers to navigate, challenging for businesses to resolve and get in the way of growth.
However, embedding an ethos of optimising around the customer, particularly while scaling, will compel a business culture that is inherently customer centric and will have a positive impact on both business and the customer experience. Neglecting to recognise the role customers have in enabling a business to scale is risky business, with data confirming that a 5% increase in customer retention can create at least a 25% increase in profit.
The importance of implementing the right tech to support growth
CRMs are often looked at as a sales tool, but that’s a dated and restrictive view for any business to take, particularly a scaling one. CRMs are a business tool, there to align your customer facing teams around the customer while also providing a single view of the customer.
There are lots of powerful sales acceleration and enablement tools on the market, and when these tools are integrated with a CRM and paired with automation, the end result is a tech stack that becomes incredibly influential in a business’ ability to scale.
Automated lead scoring and machine learning models are being used to improve accuracy in the sales’ decision-making process, while the data collected by CRM tools can be used to improve and automate various aspects of demand generation programs. This typically results in better lead quality and a higher close rate, which naturally improves the relationship between marketing and sales, as well as the business’ bottom line.
By using technology to improve the handoff between business and consumer, your future customers are only ever having contextual, timely and helpful conversations with your salespeople. As a result, you create a purchasing experience that is frictionless, personalised and delightful for the buyer.
Never overlook the importance of culture
Cultivating a culture of transparency is not just important for scaling businesses, but for businesses of all sizes and stages. Most leaders would agree that it’s our people and teams that create a memorable customer experience, and transparency is one of the biggest enablers for fostering a strong culture.
It’s always important for business leaders to communicate business activity, progress and challenges with the wider team, especially when you’re going through periods of high growth and rapid growth. Many leaders fail to do this, resulting in uncertainty from the team. Honest and open communication within the workforce often helps to disarm people and is generally reciprocated very quickly.
As a business leader, the learning never stops. When it’s time to scale your business, keeping these few critical lessons in mind will help your business to run better and thereby grow better.