Some people dream bigger. Instead of a small business, they see a large global brand. They envision their business being a household name, but imagining it isn’t the same as achieving it. You can’t approach a global brand with the same focus as a small business. It takes big-picture thinking and scaling strategies that work in high-growth situations.
That’s not easy if you’ve never done it before. Luckily, it’s less complicated today. There are guidelines to follow and forward-thinkers to guide you along the way.
According to the IFA 2023 Franchising Economic Outlook study:
- Franchises will increase by 1.9 percent
- Franchises will add 254,000 jobs, a growth of 3 percent
- Franchise businesses will add $860.1 billion to the economy
With a strong business system in place, the sky’s the limit. To scale your business effectively, you need a strategic plan, the right people, and a toolkit to help you succeed. It starts with a few critical strategies.
Growth vs. Scaling: Move Into Scaling Mode
Many entrepreneurs start businesses hoping to expand, but they don’t initially realize that there are two mindsets: growth and scaling. There is a difference.
Growth comes from building an existing business bigger. If you have a service-based business with 5 clients, what will it take to grow to 10? As you bring on each new client, you can grow accordingly. It might take a new employee, resources, or office space. Expenses track revenue, so you work harder to support your growth.
Scaling is about making the most out of what you already have. It’s about making the most of your current resources and expanding while minimizing additional expenses. You look for ways to make each day-to-day process as refined as possible without increasing costs.
What It Takes to Scale Your Global Brand
In most cases, growth refers to increasing revenue. The biggest problem with constant growth is that it can put a strain on the business. If you’re always striving for the next customer, it can take resources from many directions: employees, office space, advertising, production work, and so on. While there is no clear path to scaling, there are strategic ideas that can help you as you build.
Start With a Strong Foundation
Scaling is about making the most of what you already have in place. The stronger your foundation, the easier it is to move your business forward. Review each part of your business and correct issues. Each area of the company needs to contribute its best to the bottom line. If you want steady growth, work on solidifying your base before you start scaling it up.
Rely on Technology
No matter what area you’re trying to improve, let technology be your guide. Look for new software, programs, or digital services that can help you be more efficient every step of the way. Freeing up even a few minutes at a time allows you to spend those minutes more productively. You should never continually perform tedious or repetitive tasks. It’s a sure sign of an area where technology can improve things.
Build Your Team
Global branding is all about the realization that the power is in the team. Having the right team in place is the easiest way to scale successfully. While this starts by finding the right employees and franchisees, it also involves critical training. Do you have clear-cut roles mapped out for everyone in the business? Have guides in place that take away the guesswork and provide reliable, detailed information for every function throughout the day. If you want a bigger global brand, it starts with honing in on people’s roles.
Keep Your Team
It’s easy to start dreaming once the money comes in, but you’ll create diminishing returns if you skimp on your greatest strengths. Reward team members when they take on additional responsibilities or create a “win.” Raise salaries or implement bonus programs that provide fair compensation. Spending time on your employees is a much more cost-effective approach to growth than consistently looking for the next hire.
Create Strong Customer Loyalty
While your team members might be your ticket to scaling, you can’t do it without loyal customers. This is where loyalty programs can also play a role. Regularly post on social media. Prioritize communication every step of the way. Create email campaigns to make sure your brand stays in people’s minds. Give every customer who walks through your door a reason to come back. Ensure they understand your brand and have an easy way to spread the word.
Build Locally While Thinking Globally
Franchises grow their global brands one location at a time. It means fitting in with the local community, no matter where in the world it is. People worldwide want to work with people, not corporate brands. Your new staff members will also be local community members and have a reason to make the business work where it is. Provide exposure and resources to stay a part of the community. Consistently train on how to stay local even as the next location opens.
Build With the End in Mind
Every business starts with a single location. Solidifying the process at one location makes it easier to move to the next and the next. Franchising is a business and must be handled like an independent business. Then you can scale up to build your brand.
That takes resources and partnerships with those who have experience and expertise. InnoVision Marketing Group has the expertise and knowledge to help you build that brand. They’re partners you can rely on no matter how big you see your idea becoming.
Today’s reality is that not everyone is meant to become a global brand, but the barriers to entry are getting smaller all the time. It’s time to take a hard look at your goals and see if your vision matches your reality.
Is it time to play big?
